logo
logo
Sign in

The global industrial coatings market Growth Accelerated by Increasing Usage in Automotive and Construction Industries

avatar
naufan
The global industrial coatings market Growth Accelerated by Increasing Usage in Automotive and Construction Industries

Industrial coatings are used to provide protective and decorative finished to various surfaces and components. They protect surfaces from wear and tear, corrosion, and other environmental factors. They also provide excellent aesthetic finish to improve the overall appeal. The increasing demand from automotive and construction industries has accelerated the growth of the global industrial coatings market. The automotive industry utilizes industrial coatings to provide high-performance protection to vehicle bodies and components. The construction industry also consumes a large amount of industrial coatings for protection and decoration of infrastructure and buildings.

The global industrial coatings market is estimated to be valued at US$ 40.99 Bn 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:

The increasing demand from automotive and construction industries is one of the key trends driving the growth of the industrial coatings market. The growing automotive production across the world necessitates the use of protective and decorative industrial coatings. Additionally, the ongoing infrastructure development activities in developing economies are positively impacting the sales of industrial coatings. Water-borne coatings are gaining widespread acceptance due to their low VOC (volatile organic compound) content and eco-friendly nature. Stringent environmental regulations regarding VOC emissions are prompting industrial coatings manufacturers to develop sustainable water-borne formulations.

Segment Analysis

The global industrial coatings market is dominated by protective coatings sub segment. Protective coatings are widely used in industries such as oil and gas, infrastructure, manufacturing etc. to protect assets like pipelines, buildings structures, machineries etc. from corrosion and other environmental threats. It accounts for more than 50% of the overall market share as protection of industrial assets is highly critical for smooth functioning of operations.

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 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030.


Regional analysis related content comprises

Asia Pacific holds the largest share in the global industrial coatings market currently. Rapid industrialization and infrastructure development projects in China and India are propelling the demand. Additionally, countries like Japan, South Korea and other South East Asian nations are also witnessing sizable development which requires protective as well as decorative coatings. The region accounts for over 40% market share currently and is expected to progress at a CAGR of around 10% during the forecast period on the back of ongoing and upcoming projects.

Key players related content comprises

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. Accenture and Teleperformance SE collectively account for more than 15% of the global market share currently.


Get more insights on this topic:

https://www.rapidwebwire.com/industrial-coatings-market-insights-trends/

collect
0
avatar
naufan
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more