by Industrial coatings are paints and coatings used to protect surfaces and infrastructure from corrosion and damage caused by environmental factors. They include epoxy paints, alkyd paints, acrylic coatings, and polyurethane coatings. Industrial coatings provide a durable and protective barrier against moisture, heat, chemicals and abrasion and are extensively used across industries like oil & gas, marine, automotive, railways, construction etc. The growing construction industry across developing economies has fueled the demand for infrastructure development which in turn has driven the consumption of industrial coatings that protect structures like metal components, bridges, pipelines, industrial machinery etc from weathering and wear & tear.
The global Industrial Coatings Market is estimated to be valued at US$ 40.99 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the industrial coatings market is the rising preference for powder coatings. Powder coatings produce very less or zero volatile organic compounds (VOCs) during application and curing as compared to liquid coatings. They also provide superior aesthetic appeal, durability and eco-friendliness over solvent-borne coatings which is increasing their demand from sectors like architectural and furniture manufacturing. Powder coatings have high solids content which allows for extremely thin films while providing full hiding. They also offer advantages like low overspray losses resulting in high transfer efficiency and low raw material costs. Owing to stringent environmental regulations regarding VOC emissions, powder coatings are gaining increased acceptance and this emerging trend is expected to accelerate the growth of industrial coatings market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the industrial coatings market is moderate. The market requires high capital investment.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several well established industrial coatings manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials required for industrial coatings are commoditized and available from multiple suppliers.
Threat of new substitutes: Threat of new substitutes is low as industrial coatings serve specialized applications that cannot be easily substituted.
Competitive rivalry: Competition in the industrial coatings market is high with presence of major global players.
Key Takeaways
The Global Industrial Coatings Market Size is expected to witness high growth. The global Industrial Coatings Market is estimated to be valued at US$ 40.99 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030.
North America is expected to hold the largest market share in the industrial coatings market during the forecast period. Europe is also expected to hold significant market share in the industrial coatings market. Presence of a large automotive industry and stringent environmental regulations regarding VOC emissions are driving demand for water based and powder industrial coatings in Europe. North America and Europe are mature markets for industrial coatings however demand in Asia Pacific is expected to surge during the forecast period due to rising industrialization.
Key players operating in the industrial coatings market are Accenture, Teleperformance SE, Infosys Limited (Infosys BPM), WNS (Holdings) Ltd., HCL Technologies Limited, AMDOCS, CBRE Group Inc., Sodexo, NCR Corporation, TTEC Holdings, Inc., Wipro Limited, and Capgemini. Asia Pacific is expected to witness highest growth during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
