May 22, 2024
Industrial Coatings Market

Industrial Coatings Market Trends Towards Sustainability by Growing Demand for Green Coatings

The Industrial coatings market involves coating formulations that are used to protect surfaces in various industrial and manufacturing facilities. These coatings provide corrosion protection, improve durability and increase the aesthetic appeal of surfaces. Some key types of industrial coatings include epoxy, acrylic, alkyd and polyurethane coatings. They find wide applications across the automotive, general industrial, heavy duty equipment, architectural and wood industries. Industrial coatings offer advantages like UV resistance, chemical resistance and abrasion resistance depending on the formulation. They help extend the life of machinery, equipment and structures while reducing maintenance costs for industries.

The Global Industrial Coatings Market Demand is estimated to be valued at US$ 47.23 Bn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period from 2024 to 2031

Key players operating in the Industrial Coatings are Abbott Laboratories, bioMérieux SA, Danaher Corporation, Siemens Healthineers, Bio-Rad Laboratories, Inc., PerkinElmer, Inc., Sysmex Asia Pacific Pte Ltd, Becton, Dickinson and Company, Sight Diagnostics, Horiba, and Nihon Kohden Corporation.

Key Takeaways

Key players: Abbott Laboratories is a global leader in industrial coatings with wide product portfolio. bioMérieux SA offers sustainable coating solutions for industrial applications.

Growing demand: Increasing infrastructure development and automotive production is driving the demand for durable and efficient industrial coatings globally.

Global expansion: Leading players are expanding their production facilities across Asia Pacific and Latin America to tap the growth opportunities in developing economies.

Market key trends

One of the major trends in the industrial coatings market is the growing demand for sustainable and green coatings. With environmental regulations becoming more stringent, industries are focusing on formulating coatings with reduced VOCs and lower toxicity. Waterborne and powder coating technology has seen increased adoption as they produce less air pollution during curing. Bio-based and recycled material-based formulations are also gaining traction in the industrial coatings industry. This shift towards eco-friendly coatings will be a defining trend over the coming years.

Porter’s Analysis

Threat of new entrants: New entrants cannot enter the market easily due to requirement of heavy capital investments and established supply chains of current players. Bargaining power of buyers: Buyers have low bargaining power due to availability of customized product options from existing players. Bargaining power of suppliers: Suppliers have high bargaining power due to limited availability of raw materials. Threat of new substitutes: Threat of new substitutes is low as industrial coatings have highly specialized applications. Competitive rivalry: Industry is dominated by major international players.

Geographical Regions

North America accounts for the largest share in the industrial coatings market in terms of value owing to presence of major manufacturers and end-use industries. Asia Pacific is expected to be the fastest growing geographical region for industrial coatings market during the forecast period due to rapid industrialization and infrastructure development activities in countries such as China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it