Press Release Description

Global Industrial Coatings Market to Accelerate at a CAGR of Around 5.3% During 2024-30

The Global Industrial Coatings Market is anticipated to grow at a CAGR of around 5.3% during the forecast period, i.e., 2024-30., cites MarkNtel Advisors in the recent research report. The principal driving force behind the growth of the industrial coatings industry is attributed to both the increasing need for eco-friendly alternatives and a demand for more efficient, long-lasting coatings with enhanced aesthetics. In addition, factors such as rapid urbanization, middle-class expansion, infrastructure development initiatives accompanied by higher disposable incomes, and increased consumer spending will further bolster this trend. Ultimately, sustained growth in global GDP alongside surging building & construction activities serves as key catalysts for cultivating heightened product demand across various verticals within industry-driven markets worldwide.

Consequently, the coatings business has witnessed a profound shift in recent times, where the demand for eco-friendly features has gained immense traction. This movement is largely attributed to stringent EU regulations that mandate cutting down on volatile organic compound (VOC) emissions throughout the coating lifecycle.

Moreover, the European Commission and other federal government organizations have implemented the Eco-Product Certification Scheme (ECS) as a regulatory measure to ensure environmentally friendly practices. The ECS aims to minimize or eliminate emissions of harmful volatile organic compounds in compliance with regulations set by the US and Western European governments that primarily address air pollution. These initiatives are expected to advance the research and development of low-pollution coating technologies for sustainable living. This, in turn, is anticipated to create ample growth opportunities for market expansion. Increasing awareness about vehicle paint protection by healing damages and scratches on vehicle surfaces has boosted market growth.

Additionally, expanding the consumer base in the Middle East and Asia-Pacific regions on account of rising disposable income is expected to boost product demand in the automotive and other end-use industries during the forecast period. Increasing demand for industrial coatings from packaging applications, such as caps & closures and cans, is also projected to positively influence market growth in the coming years, further states the research report, Global Industrial Coatings Market Analysis, 2024.”

Global Industrial Coatings Market

Segmentation Analysis

The General Industrial Segment Holds the Largest Market Share

Based on the end-use industry, the market is further bifurcated into General Industrial, Marine, Automotive and Vehicle Refinish, Electronics, Aerospace, Oil and Gas, Mining, Power Generation, and others. The general industrial segment held the largest market share in the Global Industrial Coatings Market. The sector shows promise with an optimistic outlook due in part to the increasing prevalence of corrosion-resistant coatings meant for shielding against moisture and harmful chemicals while extending machinery longevity. Companies are recognizing advantages gained from eco-friendly coating options promoting reduced VOC emissions that enhance environmental sustainability compliance with regulation standards, and corporate responsibility initiatives driving increased adoption rates within general industrial applications fielding significant resistance properties when exposed to corrosive materials like alkalis, acids, or solvents.

Additionally, the wood industry has experienced a remarkable surge in the industrial coating field, which utilizes these coatings to heighten and safeguard wooden or wood-derived edifices. Through prolonging product lifespan and augmenting aesthetic appeal, this variety of coating is significantly contributing to promoting market advancement within the timber domain.

Asia-Pacific Dominates the Industrial Coatings Industry

The industrial coatings market in the Asia-Pacific region is dominant in both value and volume, with projections anticipating the highest rate of growth during the forecast period. Consumer purchasing power has contributed to an upsurge in demand for luxury cars within this area, while robust investments in the industrial coatings market are boosted by the automotive industry, which continues to drive requests specifically focused on powder and waterborne coatings by discerning clients seeking superior service quality.

In conclusion, the growth and development of the Asia-Pacific region are incredible. This is due to tremendous investment in the furniture, building & construction materials, consumer goods and appliances, automotive products, and maritime technology industries. As a result, more and more manufacturers have decided to relocate their manufacturing facilities here. The global supplier firms will be operating closer to the local sales market, attracted by minimal production costs. Therefore, it can be predicted that the Asia-Pacific region will rise in dominance in the global market in the future.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Kansai Paint Co. Ltd., PPG Industries, Inc., Akzo Nobel N.V., Axalta Coating Systems, Llc, Jotun A/S, The Sherwin-Williams Company, Nippon Paint Holdings Co., Ltd., Rpm International Inc., Hempel A/S, Basf Coatings Gmbh, Advanced Nanotech Lab, The Chemours Company, Noroo Paint & Coatings, Weilburger Coatings, Beckers Group, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across the regions?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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