The global industrial coatings market size is estimated to witness remarkable growth attributable to 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, “Industrial Coatings 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, 2024-2032,” offers a comprehensive overview of the market and its prime growth trajectories.

Source:

https://www.fortunebusinessinsights.com/industry-reports/industrial-coatings-market-101741

The report throws light on:

·         A qualitative and quantitative approach to the market

·         Focusing on factors promoting and demoting the growth of the market

·         Challenges and opportunities of the future

·         Market segmentation and competitive landscape

·         List of market players and the key strategies adopted by them

·         Key industry developments and interesting insights

·         Other industrial coatings market trends

Increasing Demand for Eco-friendly Industrial Coatings to Augment Growth

The increasing demand for industrial coatings from the automotive 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 more drying 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 Market with Increasing Demand from Automotive Industry

Geographically, Asia Pacific is holding a dominant industrial 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 on Maintaining Environmental Regulations while Manufacturing Industrial Coatings

Significant industrial coatings market manufacturers are 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.