Industrial coatings are coatings extensively used in construction, automotive OEM, automotive refinish, general industrial products, wood, packaging, and coil industries to protect surfaces from corrosion and enhance aesthetic appeal. Industrial coatings exhibit excellent properties such as good chemical resistance, corrosion protection, durability, and scratch and abrasion resistance. The growing construction industry globally is driving the demand for industrial coatings in applications such as architectural applications and wood coatings.
The global industrial coatings market is estimated to be valued at US$ 40.99 billion in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity The growing construction industry globally presents a major market opportunity for industrial coatings. According to estimates, the global construction industry is expected to grow at a CAGR of 4.2% between 2023-2030. The increasing constructions of residential and commercial buildings is driving the demand for various construction materials such as metals, wood, and others, which requires protection through coatings. Industrial coatings provide corrosion protection and impart aesthetic appeal to construction materials. Thus, the robust growth of the construction sector will augment the demand for industrial coatings during the forecast period. Porter's Analysis Threat of new entrants: The industrial coatings market requires high capital investment and strict regulations. This creates high entry barriers for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of many established players offering a variety of industrial coating products. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the fragmented nature of raw materials. Threat of new substitutes: Threat of substitution is low as there are limited substitute products that can provide protection, durability and longevity. Competitive rivalry: The market is competitive due to many global and regional players offering customized products. SWOT Analysis Strength: Vast product portfolio and customized solutions cater to diverse end-use industries. Strong distribution network at global level. Weakness: Fluctuating raw material prices and stringent environmental regulations increase production costs. Opportunity: Growing infrastructure and construction sectors fueled by rise in global GDP boost market demand. Threats: Volatile crude oil prices impact raw material costs. Shift towards eco-friendly products poses challenge. Key Takeaways The Global Industrial Coatings Market Size is expected to witness high growth. The market size for 2023 is US$ 40.99 Mn. The forecast period between 2023 to 2030 projects a CAGR of 9.4%. Regional analysis indicates the Asia Pacific region currently dominates the market with the largest share. China, India and other emerging nations are driving regional growth led by rising industrialization and infrastructure development. North America is the second largest industrial coatings market supported by well-established end-use industries such as oil & gas, machinery, and automotive. The region is anticipated to grow at a steady pace. Key players operating in the Industrial Coatings market are Accenture, Teleperformance SE, Infosys Limited (Infosys BPM), WNS (Holdings) Ltd., HCL Technologies Limited, AMDOCS, CBRE Group Inc., Sodexo, NCR Corporation, TTEC Holdings, Inc., Wipro Limited, and Capgemini. Get more insights on this topic: https://www.marketwebjournal.com/industrial-coatings-market-share-insights/
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