The Industrial Coatings Market is estimated to be valued at US$ 38.42 Bn in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Water-based coatings offer various advantages over solvent-based coatings such as lower volatile organic compound (VOC) emissions, faster drying times, and compatibility with automated equipment. They are increasingly being used in applications such as general industrial, wood, automotive refinish, coil, packaging, and protective coatings. The growing environmental regulations regarding VOC emissions are a major factor driving the demand for water-based coatings. Their increasing demand is expected to positively impact the growth of the industrial coatings market during the forecast period.

Segment Analysis

The industrial coatings market is segmented into resins, technology, end-use industry, and region. Based on resins, the epoxy resins segment accounted for the largest market share in 2022 and is expected to remain dominant over the forecast period. Epoxy resins offer superior corrosion protection, adhesion to substrates, and chemical and heat resistance. These properties make epoxy resins ideal for usage in machinery, infrastructure, and other applications where longevity and durability are critical.

Key Takeaways

The global industrial coatings market size is expected to reach US$ 38.42 Bn in 2022, exhibiting a CAGR of 6.7% over the forecast period of 2023 to 2030. The increasing construction and infrastructure development activities are driving the demand for industrial coatings.

Regional analysis

The industrial coatings market in Asia Pacific held the largest share in 2022 and is expected to witness the highest growth over the forecast period. Rapid industrialization and infrastructure development in countries such as China and India are contributing to the growth of the regional market.

Key players
Key players operating in the industrial coatings market are Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings, Beckers Group, Berger Paints India Limited, Chugoku Marine Paints, Ltd., Hempel A/S, Jotun, Kansai Paint Co., Ltd., KCC Corporation, NIPSEA Group, PPG Industries, Inc., Teknos Group, The Chemours Company, and The Sherwin-Williams Company.

Read Our More Reports :  https://www.feedsfloor.com/other/market-estimated-witness-high-growth-owing-rapid-industrialization-infrastructure-development