Selbyville, Delaware , Sept. 26, 2023 (GLOBE NEWSWIRE) -- Industrial Coatings Market will be worth over USD 130 billion by 2032, as per a recent study by Global Market Insights Inc.
The industry growth is fueled by an increasing need for long-lasting and protective coating solutions across various industries. There is a significant surge in industrial activities across the globe. Sectors such as automotive, aerospace, and manufacturing are demanding coatings that provide superior protection against corrosion and wear. This demand stems from the need to prolong the lifespan of equipment and structures, ultimately reducing maintenance costs. Moreover, stricter environmental regulations are driving the adoption of eco-friendly industrial coatings. Governments worldwide are enforcing stringent rules to reduce volatile organic compound (VOC) emissions, pushing manufacturers to develop low-VOC coatings. This trend aligns with the broader sustainability goals of industries, contributing to the market's upward trajectory.
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Adoption of topcoats to enhance the visual aethetics
The industrial coatings market from topcoats product segment is garnering substantial attention and will add to the market share over 2023-2032, cites the report. Topcoats are the final protective layer applied to surfaces, offering both aesthetic appeal and long-term durability. Industries are increasingly opting for high-performance topcoats that not only enhance the visual appearance of products but also provide superior protection against UV radiation, abrasion, and chemical exposure. These factors are driving the segment growth.
Wider product usage for heat-resistance functionality
The heat resistance functionality segment in the industrial coatings market is slated to record notable growth over the forecast period, as the coatings are designed to withstand extreme temperatures. These coatings find applications in critical industries like automotive, aerospace, and the oil & gas sector, where exposure to high heat is commonplace. With increasing industrial operations, the need for heat-resistant coatings has become paramount, boosting the product demand.
Demand from construction sector for extended lifespan of buildings
The industrial coatings market size from construction segment is anticipated to expand at a substantial rate through 2032, owing to rapid population migration to urban areas. The coatings play a crucial role in preserving the structural integrity of buildings and infrastructure. They provide protection against harsh weather conditions, corrosion, and wear, thus extending the lifespan of structures. As urbanization continues to surge, the demand for industrial coatings in construction is set to keep rising in the coming years.
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R&D investments by manufacturers to boost APAC market growth
The Asia Pacific region is emerging as a lucrative growth avenue for the global industrial coatings market players. Rapid industrialization and infrastructure development in countries such as China, India, and Southeast Asian nations are driving the demand for high-quality coatings. The region's burgeoning automotive and manufacturing sectors are also major product users. Additionally, increasing investments in R&D activities for innovative coatings by the manufacturers in the region to meet the evolving customer needs will positively share the Asia Pacific market outlook over 2023-2032.
Speaking of which, the prominent players in the industrial coatings market are BASF Se, PPG Industries, Axalta Coating System, Nippon Paint Holdings, Jotun, RPM International Inc, Asian Paints Limited, Valspar Corporation, Kansai Paint Co Ltd, Sherwin-Williams, Axel, Hempel, Azko Nobel, MOROO Holding, and Beckers Group among others.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
