Industrial coatings are applied on machinery, tools, engines, buildings and structures to protect them from physical and chemical wear and tear. They provide properties like corrosion resistance, chemical and heat resistance. With rapid industrialization and growth in manufacturing sector, demand for capital goods have increased tremendously. The growing manufacturing output have led to increased demand for industrial machinery, equipment and infrastructure which requires protective and decorative coatings for enhanced durability and aesthetics. The global Industrial Coatings Market is estimated to be valued at US$ 47.23 billion in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend driving growth in the Global Industrial Coatings Market Size is growing manufacturing sector output in emerging economies like China, India Brazil etc. Rapid industrialization and economic growth in these countries have led to significant rise in manufacturing activities. For instance, manufacturing sector contribution to GDP in India has increased from 15% in 2012 to over 18% in 2020. This has boosted demand for capital goods, machinery, equipment, tools, infrastructure etc requiring protective and decorative industrial coatings. As emerging economies continue industrializing at faster pace, demand for industrial coatings from these markets will keep accelerating over the forecast period to protect manufactured assets. This will remain a dominant driver propelling the overall industrial coatings market growth.
Segment Analysis
The global industrial coatings market is dominated by the architectural coatings sub-segment. Architectural coatings find widespread application in decorative and protective coating solutions for residential and non-residential buildings. Architectural coatings offer properties like durability, ease of applicability and resistance to corrosion, which has fueled their demand from the construction industry. Growth in residential and commercial construction activities across major economies is expected to drive the architectural coatings sub-segment during the forecast period.
Key Takeaways
The global industrial coatings market is expected to witness high growth over the forecast period of 2024 to 2031, expanding at a CAGR of 8.3% and reaching a market size of US$ 47.23 Bn by 2024 from US$ 34.56 Bn in 2021.
Asia Pacific holds the largest share of the global industrial coatings market currently and is expected to maintain its dominance through 2031 driven by strong construction activities and rapidly expanding manufacturing sector in China, India and other Asian countries.
Key players like 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 are undertaking initiatives like new product launches, mergers and acquisitions to cater to the growing demands and consolidate their position in the market.
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