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| Industrial Coatings Market |
Industrial
coatings are protective, decorative as well as functional coatings that are
applied to various surfaces and parts in industries like oil and gas,
automotive, construction and machinery to protect them from corrosion and
abrasion while also enhancing their aesthetic appeal. They are used to coat
metallic substrates, plastics, wood among other materials and are available in
various types like epoxy, acrylic, alkyd, polyurethane. These advanced coatings
provide protection from harsh environments, chemicals, UV radiation along with
good adhesion and finish. Rapid industrialization and growth in end-use
industries has fueled the demand for industrial coatings that can withstand
higher temperatures and pressures as well as offer scratch and chemical resistance
for longer life of components.
The global Industrial Coatings Market is estimated to be valued at US$ 40.99 in
2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to
2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the industrial
coatings market is the increasing demand from infrastructure and automotive
industries. Rapid urbanization and construction of roads, bridges, buildings
and other infrastructure projects have increased the consumption of protective
and decorative coatings. Likewise, manufacture of vehicles, auto-components and
ancillary parts requires a wide range of functional coatings for different
components that can withstand harsh operating conditions and emission
standards. Growing automotive production worldwide is thus a key growth driver.
Other trends include increasing R&D investment by manufacturers towards
developing eco-friendly, low-VOC and sustainable coatings using bio-based
resins to meeting stringent regulations. Waterborne technologies are also
gaining traction led by their low toxicity and ease of application features.
Porter's
Analysis
Threat of new entrants: The threat of new entrants in the industrial coatings
market is relatively low due to high capital requirements and established
customer base of existing players.
Bargaining power of buyers: The bargaining power of buyers in the industrial
coatings market is moderate. Buyers have many options to choose from due to
presence of numerous regional and international players.
Bargaining power of suppliers: The bargaining power of suppliers is high due to
involvement of specialized raw materials and fewer manufacturers supplying
them. Suppliers can influence prices.
Threat of new substitutes: Threat of substitutes is moderate as there are
limited product alternatives for industrial coatings used in various end-use
industries.
Competitive rivalry: The industrial coatings market features high competition
owing to presence of many international and regional players. Players
differentiate based on product quality, innovation, and pricing.
Key Takeaways
The
Global
Industrial Coatings Market Size is expected to witness high growth. The
market size for 2024 is estimated to reach US$ 40.99 Mn, registering a CAGR of
8.3% during the forecast period of 2023 to 2030.
Regional analysis: North America dominated the industrial coatings market in
2023 and is expected to maintain its lead during the forecast period as well.
Stringent regulations regarding VOC emissions and awareness about
energy-efficient coatings drives the regional market. Asia Pacific is projected
to be the fastest growing market owing to rapidly expanding industrial sectors
in countries like China and India.
Key players: Key players operating in the industrial coatings market are 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. Abbott Laboratories and Danaher Corporation captured majority of
the market share in 2023.
For
more Insights, Read –
https://www.marketwebjournal.com/industrial-coatings-market-market-size-and-share-analysis/
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