Industrial Coatings Market Growing demand from the manufacturing sector

 

Industrial coatings are applied on machinery, tools, engines, buildings and structures to protect them from physical and chemical wear and tear. They provide properties like corrosion resistance, chemical and heat resistance. With rapid industrialization and growth in manufacturing sector, demand for capital goods have increased tremendously. The growing manufacturing output have led to increased demand for industrial machinery, equipment and infrastructure which requires protective and decorative coatings for enhanced durability and aesthetics. The global Industrial Coatings Market is estimated to be valued at US$ 47.23 billion in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The key trend driving growth in the Global Industrial Coatings Market Size is growing manufacturing sector output in emerging economies like China, India Brazil etc. Rapid industrialization and economic growth in these countries have led to significant rise in manufacturing activities. For instance, manufacturing sector contribution to GDP in India has increased from 15% in 2012 to over 18% in 2020. This has boosted demand for capital goods, machinery, equipment, tools, infrastructure etc requiring protective and decorative industrial coatings. As emerging economies continue industrializing at faster pace, demand for industrial coatings from these markets will keep accelerating over the forecast period to protect manufactured assets. This will remain a dominant driver propelling the overall industrial coatings market growth.

Segment Analysis

The global industrial coatings market is dominated by the architectural coatings sub-segment. Architectural coatings find widespread application in decorative and protective coating solutions for residential and non-residential buildings. Architectural coatings offer properties like durability, ease of applicability and resistance to corrosion, which has fueled their demand from the construction industry. Growth in residential and commercial construction activities across major economies is expected to drive the architectural coatings sub-segment during the forecast period.

Key Takeaways

The global industrial coatings market is expected to witness high growth over the forecast period of 2024 to 2031, expanding at a CAGR of 8.3% and reaching a market size of US$ 47.23 Bn by 2024 from US$ 34.56 Bn in 2021.

Asia Pacific holds the largest share of the global industrial coatings market currently and is expected to maintain its dominance through 2031 driven by strong construction activities and rapidly expanding manufacturing sector in China, India and other Asian countries.

Key players like Abbott Laboratories, bioMérieux SA, Danaher Corporation, Siemens Healthineers, Bio-Rad Laboratories, Inc., PerkinElmer, Inc., Sysmex Asia Pacific Pte Ltd, Becton, Dickinson and Company, Sight Diagnostics, Horiba, and Nihon Kohden Corporation are undertaking initiatives like new product launches, mergers and acquisitions to cater to the growing demands and consolidate their position in the market.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/industrial-coatings-market-size-share-analysis-2023-2030/

Comments

Post a Comment

Popular posts from this blog

Macrophage Marker Market Poised to Grow at a Robust Pace Due to Rising Demand in Medical Diagnostics

Image
  The macrophage marker market has witnessed significant growth in recent years owing to the growing applications of macrophage markers in medical diagnostics. Macrophage markers are proteins or cell surface receptors that are expressed by macrophages and are used to identify and study macrophages and their functions. Some of the key macrophage markers include CD14, CD68, CD163, CD206, and LAMP-3. These markers play a vital role in studying the functions of macrophages in various diseases like cancer, inflammatory disorders, and infectious diseases. The global macrophage marker market is estimated to be valued at US$ 295.15 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period of 2024-2030. The growing prevalence of various chronic and infectious diseases and increase in R&D spending for drug discovery are some of the key factors driving the demand for macrophage markers in recent years. Macrophage markers help in evaluating disease progression, drug
Read more

The global Cancer Diagnostics Market is growing at an accelerated pace

Image
  Cancer diagnostics involve various tests and procedures used to detect different types of cancers as early as possible to help improve treatment outcomes. From simple blood tests and imaging scans to biopsies and molecular testing, cancer diagnostics help doctors determine if an individual has cancer, where it is located in the body, if it has spread, and other important information. The growing incidences of various cancers like breast, lung, prostate and colorectal cancer globally have increased the demand for advanced and effective diagnostic procedures. Early detection is critical for cancers to treat them effectively and improve chances of survival. The global Cancer Diagnostics Market is estimated to be valued at US$ 59.1 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Immunohistochemistry is one of the key diagnostic trends gaining populari
Read more

The Global Boat Accumulator Market Growth Is Accelerated By Increasing Consumer Spending

Image
  Boat accumulators or batteries are sealed lead acid batteries that provide starting power and deep cycle power for boats. They are essential for powering marine electrical systems, motors, navigation lights, bilge pumps and other onboard appliances. The growing marine tourism and recreational boating activities have increased the demand for boats and yachts over the years. This has propelled the boat accumulator market. The global Boat Accumulator Market is estimated to be valued at US$ 266.66 Mn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Increasing consumer spending on recreational boating activities has been a major driver for the boat accumulator market over the past decade. The number of recreational boats sold globally has increased steadily with the rise in disposable incomes and leisure time among consumers. Countries like the United State
Read more