The global industrialcoatings market size is estimated to witness remarkable growth attributableto the increasing demand from the automotive end-use industry. The global industrial coatings market size was USD 149.72 billion in 2023 and is projected to grow from USD 157.18 billion in 2024 to USD 210.15 billion by 2032 at a CAGR of 3.7% during the forecast period (2024-2032). A new report by Fortune Business Insights™ titled, “IndustrialCoatings Market Size, Share & Industry Analysis, By Resin Type (Epoxy, Alkyd, Acrylic, Polyurethane, Polyester), By Technology (Water-based, Solvent-based, Powder, High Solids, Others) By End-Use Industry (Packaging, Automotive, Industrial
wood, Aerospace, Marine, Rail, Others) and Regional Forecast, 2019-2026,” offersa comprehensive overview of the market and its prime growth trajectories.
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The report throws light on:
· A qualitativeand quantitative approach to the market
· Focusingon factors promoting and demoting the growth of the market
· Challengesand opportunities of the future
· Marketsegmentation and competitive landscape
· List ofmarket players and the key strategies adopted by them
· Keyindustry developments and interesting insights
· Otherindustrial coatings market trends
Increasing Demand forEco-friendly Industrial Coatings to Augment Growth
The increasing demand for industrial coatings from theautomotive end-use industry is a major factor augmenting the industrial
coatings market growth. This is further attributed to the durability of the
auto parts. Additionally, there is a rise in demand for eco-friendly industrial
coating will help to increase the industrial coatings market size in the coming
years.
On the contrary, the industrial coating requires moredrying time especially in cases of water-based coatings. This may pose a
challenge to the industrial coatings market growth. This, coupled with the
complications that come with obtaining thin films in terms of powder coatings,
may cause hindrance to the overall industrial coating market revenue generation
in the forecast period.
Asia Pacific to Lead Marketwith Increasing Demand from Automotive Industry
Geographically, Asia Pacific is holding a dominantindustrial coating market share, attributable to the fact that raw materials
are easily available, which is ultimately increasing the manufacturing of industrial
coatings in the region. Moreover, China stands as the lead consumer of
industrial coatings on account of their increasing demand from the automotive
industry, further attributed to increasing population and surging
industrialization.
Manufacturers to Focus onMaintaining Environmental Regulations while Manufacturing Industrial Coatings
Significant industrial coatings market manufacturersare entering into strategic collaborations, mergers and acquisitions,
contracts, and adopting other strategies to strive for the top position in the
market competition. Meanwhile, vendors also have to ensure that coatings
manufactured for industrial purposes are environment-friendly.
