Global Industrial Coatings Market

Global Industrial Coatings Market Size, Share, Growth Analysis, By Type(Polyurethane Coatings and Epoxy Coatings), By End-User(Automotive and Aerospace) - Industry Forecast 2024-2031

Report ID: SQMIG20A2036 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 59 | Figures: 75

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Industrial Coatings Market size was valued at USD 95.50 billion in 2022 and is poised to grow from USD 99.13 billion in 2023 to USD 133.59 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).

The global industrial coatings market is highly competitive with the presence of several key players. These companies are adopting various strategies such as mergers and acquisitions, partnerships, and collaborations to expand their market share. The market is also characterized by intense competition based on price, quality, and performance. The increasing focus of market players on research and development activities to introduce new and innovative products is expected to further intensify the competition. Moreover, the growing trend of adopting sustainable coating solutions is creating opportunities for new entrants in the market, thereby increasing the competition. 'AkzoNobel N.V.', 'PPG Industries Inc.', 'The Sherwin-Williams Company', 'BASF SE', 'Axalta Coating Systems Ltd.', 'Jotun A/S', 'RPM International Inc.', 'Hempel A/S', 'Nippon Paint Holdings Co. Ltd.', 'Kansai Paint Co. Ltd.', 'Asian Paints Ltd.', 'Beckers Group', 'KCC Corporation', 'Valspar Corporation', 'Berger Paints India Ltd.', 'Teknos Group Oy', 'Tikkurila Oyj', 'Noroo Paint & Coatings Co. Ltd.', 'Diamond Vogel Paints', 'The Magni Group, Inc.'

One major driver in the industrial coatings market is the increasing demand from end-use industries such as automotive, aerospace, construction, and marine due to the need for protection against harsh environmental conditions. Industrial coatings provide excellent resistance to corrosion, abrasion, and chemicals, which increases the lifespan of the product and reduces maintenance costs. Additionally, the growing demand for high-performance coatings that offer aesthetic appeal and functionality is driving the growth of the industrial coatings market. The increasing focus on reducing carbon footprint and improving energy efficiency is also expected to boost the demand for eco-friendly coatings.

One key market trend in the industrial coatings market is the increasing adoption of eco-friendly coatings due to the growing environmental concerns and government regulations. The demand for waterborne coatings, powder coatings, and high-solid coatings is on the rise as they are low in volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) compared to traditional solvent-based coatings. Additionally, there is a growing focus on the development of coatings that offer better protection against harsh environmental conditions, such as corrosion and abrasion resistance, while also providing aesthetic appeal.

North America is dominating the industrial coatings market due to the presence of a well-established industrial sector, high demand for durable and long-lasting coatings, and strict government regulations regarding the use of eco-friendly coatings. The US and Canada are the major contributors to the growth of the industrial coatings market in North America. The automotive, aerospace, and construction industries are major end-users of industrial coatings in this region. Additionally, the growing demand for waterborne coatings and powder coatings is also driving the growth of the global in North America.

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