Rapid Urbanisation Plays Crucial Role in the Industrial Coating Market
Industrial coatings are used in a variety of applications to ensure anticorrosion resistance, enhance durability, avoid wear and tear, and enhance operational effectiveness. The growing demand for environmentally friendly coatings, as well as the requirement for efficient processes and long-lasting coatings with better aesthetics, is the primary factor driving the growth of the industrial coatings market. Also contributing to growth would be the country's rapid urbanisation, middle-class expansion, improved infrastructure, higher disposable incomes, and an increased propensity for extravagant spending, among other factors. The growing demand for these items is mostly due to the expanding global GDP, infrastructure development, industrialization, and the expansion of building and construction activities. The amount of construction production is predicted to increase by 85% globally by 2030, with India, China, and the United States being the main drivers of this growth, according to research by an expert team from Global Construction Perspectives and Oxford Economics.
Enhanced Appearance and Energy Efficiency to Foster Growth in Automotive OEM
The majority of industrial coatings are used on passenger automobiles and light commercial vehicles. The Asia Pacific region was the largest user of car OEM coatings. China is a leader in automobile sales due to increased personal disposable income, which has grown at a double-digit rate. Europe is another major user of automobile OEM coating. In 2023, it produced roughly 10 million passenger vehicles. Growing automotive production and sales are projected to provide attractive market prospects. OEMs utilise their existing equipment and processes to explore new approaches to achieve a premium appearance. Energy use has an impact on both pricing and sustainability leading to lowering energy use lowers costs while also lowering greenhouse gas emissions. The coatings industry aims to cut energy usage in a variety of methods. Manufacturers are developing more efficient methods of producing coating components and prepared paints. Resin makers are developing materials that can operate at lower temperatures.
Recent Trends in Industrial Coating Market Industry:
- Expanding industries such as automotive, aerospace and construction
- Adoption of digital technologies in manufacturing processes, including automated coating.
- Growing demand for eco-friendly and low-VOC (volatile organic compounds) coatings.
- Advancements in coating technologies, including nanocoating and smart coatings, enhance performance.
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Impact of Humidity on Drying Time on Market Growth
Several factors contribute to coatings drying quickly. Aside from the structure, the thickness of the coating has a significant impact on environmental conditions. Environmental factors, humidity, and temperature are the primary causes of problems. Each coating manufacturing sector has various criteria for its products. In humid areas, the drying time of acrylic and latex coatings, as well as oil-based coatings, is significantly slowed. The oxidation process treats oil-based coatings to address this problem. Water-borne coatings, on the other hand, have a difficult time. Water-borne coatings require less drying time than solvent-borne coatings since they dry naturally. When used on wooden surfaces, the procedure gets more challenging since wood appears to absorb moisture from the air. This has an additional impact on its substrate adhesive qualities. As a result, the surface may peel or bubble. Many coatings production businesses are spending heavily in humidity test chambers.
Partnerships and Collaborations Drive Industrial Coating Market Growth Through Innovation
Partnerships and collaborations are spurring growth in the industrial coating industry through promoting innovation and broadening market presence. These partnerships allow businesses to merge their skills, innovate coating technologies, and improve product options. For instance, in July 2024, Allnex, a top player in industrial coating resins has declared its affiliation with Coatings Research Group Inc. (CRGI). This alliance is a major move towards promoting creativity and teamwork in the coatings sector. CRGI, well-known for its dedication to progressing coatings technology through teamwork in research and development have joined Allnex as a respected member. Through collaboration with CRGI, Allnex intends to utilize their vast knowledge in resin technologies to tackle industry obstacles, discover new possibilities, and promote sustainable solutions.
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Industrial Coatings Industry is Expanding at Fast Rate in Asia-Pacific
In 2022, the Asia Pacific region held the greatest portion of the market, contributing more than 2/5 of global revenue. During the forecast period, the market is anticipated to be driven by rapid industrialization and rising product demand from the automotive and vehicle refinish industries in nations such as India, Japan, and South Korea. As a result of factors like the less stringent laws regarding VOC emissions in the Asia Pacific compared to Europe and North America and the easy availability of raw materials, large-scale opportunities for the use of industrial coatings in various vehicle refinish, general industry, automotive and end-use sectors are anticipated. Many foreign investors have established their manufacturing facilities in the rising nations of Asia and the Pacific due to the region's low labour costs. Thus, the expansion of manufacturing facilities is boosting regional construction activity, which is expected to drive the demand for industrial coatings during the duration of the forecast period.
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The report provides a detailed overview of the industrial coating market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for industrial coating market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the industrial coating market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the industrial coating market. Some key country and region included in the industrial coating market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Austria, Sweden, Norway, Denmark, Finland, Ireland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Vietnam, Thailand, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Morocco, Algeria, Israel, Iran, Kenya, Turkey, Rest of MEA |
Industrial Coating Market Research Report Covers In-depth Analysis on:
- Industrial coating market detailed segments and segment-wise market breakdown
- Industrial coating market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in industrial coating industry)
- Current, historical and forthcoming 10 years market valuation in terms of Industrial Coating market size (US$ Mn), volume (Tons), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Industrial coating market demand analysis
- Industrial coating market pricing analysis over forecast period (by key segment and by region)
- Industrial coating market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in industrial coating market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in industrial coating market
- Industrial coating market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on industrial coating market forecast by countries
- Mergers and acquisitions in industrial coating market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the key drivers of growth in the industrial coating market?
Key growth drivers include rising demand for durable and eco-friendly coatings, advancements in coating technologies and increased industrial activities, particularly in emerging economies.
What is the industrial coating market?
The industrial coating market refers to the segment of the coating industry that produces protective and decorative coatings specifically designed for industrial applications across various sectors, including manufacturing and construction.
What are the environmental regulations impacting the industrial coating market?
Environmental regulations, such as VOC emissions standards, influence the formulation and application of industrial coatings, pushing manufacturers towards developing more sustainable and low-emission products.
