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Industrial Coatings Market Set to Soar to USD 145.11 Billion by 2031, Driven by The environment-friendly nature

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The industrial coatings market is expected to reach USD 145.11 billion by 2031, with a compound annual growth rate (CAGR) of 3.5% during the forecast period of 2024-2031. It was valued at USD 110.2 billion in 2023. This growth trajectory is attributed to factors such as the rising demand for eco-friendly coatings, increasing focus on corrosion protection, and the expanding automotive industry.

The report by SNS Insider highlights the growing demand for industrial coatings from packaging applications, such as caps, closures, and cans.

The exceptional CO2 retention properties, which help preserve freshness, along with the high flexibility and adhesion of these coatings, are driving an increase in demand within the packaging industry. Furthermore, the growing need for customized designs and paints in vehicles is expected to support the market growth. The U.S., as a leading manufacturer of aerospace and related components, is witnessing substantial investments in its aerospace industry. The availability of skilled labor and the presence of prominent aircraft manufacturers are expected to fuel the growth of the aerospace industry in the country, thereby driving the demand for industrial coatings.

Sustainability and Green Manufacturing

Sustainability is gaining traction within the coatings sector, with manufacturers focusing on greener techniques that consume less energy, produce less waste, and emit fewer pollutants. The adoption of green chemistry principles and the emphasis on reducing energy consumption are driving the development of sustainable processes and contributing to the overall market growth.

Get a Report Sample of Industrial Coatings Market @ https://www.snsinsider.com/sample-request/1709 

Some of the Key Players Included are:

  • The Sherwin-Williams Company
  • PPG Industries, Inc.
  • Axalta Coating Systems
  • Akzo Nobel N.V.
  • other players

Volatile Organic Compounds (VOCs) and Regulatory Landscape

The industrial coatings industry faces challenges related to VOC emissions. However, manufacturers are increasingly turning towards water-borne and powder-based coatings due to economic factors, stringent regulations, and environmental concerns. Low-VOC coatings are gaining popularity as regulatory agencies raise concerns about the harmful effects of VOCs.

Recent Developments

  • In May 2024, PPGannounced a $300 million investment in advanced manufacturing in North America to support increased demand for paints and coatings in the automotive industry.
  • In April 2023, PPGlaunched the PPG OPTIGUARD™ series for advanced coatings solutions to help customers reduce the time, cost, risk, and environmental impact associated with cleaning paint shop equipment.
  • In March 2022, AkzoNobellaunched the Interpon ACE powder coating range to meet the high demands in the Agricultural and Construction Equipment (ACE) sector.

Segment Analysis

By Technology, the solvent-borne technology segment dominated the industry in 2023 due to its wide utilization in various sectors and properties like lower drying times. By Resin, the acrylic product segment dominated the market in 2023 owing to its widespread usage in various industries and properties like corrosion resistance and fast drying.

By Technology

  • Waterborne
  • Solventborne
  • Powder Coatings
  • Others

By Resin

  • Acrylic
  • Alkyd
  • Epoxy
  • Polyester
  • Polyurethane
  • Vinyl
  • Fluoropolymer
  • Others

By End-Use Industry

  • General Industrial
  • Protective
  • Automotive Refinish
  • Automotive OEM
  • Industrial Wood
  • Marine
  • Coil
  • Packaging
  • Aerospace
  • Rail

Make Enquiry About Industrial Coatings Market Report@ https://www.snsinsider.com/enquiry/1709 

Impact of Russia-Ukraine War

The Russia-Ukraine war has caused disruptions in the supply chain of raw materials, leading to increased prices and shortages of essential components for industrial coatings. Additionally, the conflict has impacted the overall economic stability of the region, affecting the demand for industrial coatings in various end-use industries.

Impact of Economic Slowdown

The global economic slowdown has led to a decrease in industrial production and construction activities, which has impacted the demand for industrial coatings. However, the market is expected to recover gradually as economies stabilize and industrial activities resume.

Asia Pacific dominated the industrial coatings market in 2023

This dominance is driven by rapid industrialization and growing demand from the automotive and vehicle refinish sectors. The presence of manufacturing facilities in the region, coupled with less stringent regulations regarding VOC emissions and the availability of raw materials, has contributed to the region’s dominance.

Key Takeaways

  • The demand from the packaging and automotive sectors is fueling market growth.
  • In August 2020, Sherwin-Williams introduced rapid curing technology for structural steel protection.
  • In July 2020, PPG Industries introduced a hydrophobic coating for PPG Surface Seal.
  • Europe’s market is driven by advancements in the oil and gas industry and infrastructure projects. The rising adoption of powder coatings and increasing environmental consciousness are contributing to market expansion.
  • The North American market is expected to recover moderately, driven by the increasing industrial production and rising demand for coatings in various sectors like automotive and construction.

Buy the Latest Version of Industrial Coatings Market Report 2024-2031 @ https://www.snsinsider.com/checkout/1709 

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Contact Us:

Akash Anand – Head of Business Development & Strategy

info@snsinsider.com

Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

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