Industrial Coatings Market to Surpass 198.54 Billion by 2030 Drives Due to the growing environmental concerns and government regulations
SkyQuest projects that the industrial coatings market will attain a USD 198.54 billion value by 2030, with a CAGR of 4.2% over the forecast period (2023-2030). Industrial Coatings finds diverse applications in the food industry, contributing to the texture and stability of dairy products such as eggnog and chocolate milk, enhancing their flavor and overall quality. Additionally, it plays a vital role in producing processed cheese and cheese substitutes, which aids in achieving the desired texture and consistency in the industrial coatings market.
Westford, USA, Aug. 07, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, industrial coatings market are pivotal as protective shields, meticulously applied onto diverse substrates, including metal, concrete, and wood. Their fundamental purpose lies in bestowing resolute resistance against various adversities, encompassing corrosion, abrasion, and chemical agents.
Browse in-depth TOC on the “Industrial Coatings Market”
- Pages – 221
- Tables – 59
- Figures – 75
These alternatives are characterized by their minimal volatile organic compounds (VOCs) emissions and hazardous air pollutants (HAPs). They offer a stark departure from the conventional solvent-based coatings notorious for their adverse effects on air quality and environmental well-being in the industrial coatings market.
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Prominent Players in the Industrial Coatings Market
- AkzoNobel N.V.
- PPG Industries Inc.
- The Sherwin-Williams Company
- BASF SE
- Axalta Coating Systems Ltd.
- Jotun A/S
- RPM International Inc.
- Hempel A/S
- Nippon Paint Holdings Co. Ltd.
- Kansai Paint Co. Ltd.
- Asian Paints Ltd.
- Beckers Group
- KCC Corporation
- Valspar Corporation
- Berger Paints India Ltd.
- Teknos Group Oy
- Tikkurila Oyj
- Noroo Paint & Coatings Co. Ltd.
- Diamond Vogel Paints
- The Magni Group, Inc.
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Polyurethane Coatings Segment is Expected to Grow the Market Due to Owing to a Remarkable Array of Superior Properties
Polyurethane coatings stand as the reigning force in the industrial coatings market, firmly establishing their dominance owing to a remarkable array of superior properties. These coatings boast exceptional adhesion, robust abrasion resistance, unparalleled durability, and notable flexibility. This combination of attributes makes them a prime choice for various applications.
The markets in North America stand as the leader in the industrial coatings market, propelled by a combination of influential factors. The region’s robust industrial sector, characterized by advanced manufacturing and technological capabilities, positions it as a leader in the application of industrial coatings.
Epoxy Coatings Segment is Expected to Dominate the Market Due to its Exceptional Capacity to Confer Top-Tier Corrosion
Epoxy coatings segment emerged as the most rapidly advancing segment within the industrial coatings market, propelled by their exceptional capacity to confer top-tier corrosion and chemical resistance. Widely embraced across diverse sectors such as industrial machinery, appliances, and the oil and gas industry, epoxy coatings have gained prominence for their outstanding protective qualities.
Regional markets in the Asia-Pacific emerge as the vanguard of growth in the industrial coatings market, characterized by a dynamic interplay of compelling factors. The region’s rapid industrial expansion is a powerful catalyst, propelling it to the forefront of growth within the market.
A comprehensive analysis of the major players in the industrial coatings market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Industrial Coatings Market
- In February 2023, Asian Paints Limited unveiled its strategic intentions to invest in a novel production facility dedicated to water-based coatings in the Indian state of Gujarat. This moves underscores Asian Paints’ commitment to expansion and innovation as the company seeks to enhance its manufacturing capabilities and cater to the growing demand for eco-friendly and sustainable coatings solutions within the region.
- RPM International Inc. made a significant acquisition by successfully taking over Schaffner Manufacturing Company, a prominent manufacturer renowned for its specialized coatings and finishes catering to diverse industries in 2022. This acquisition represents RPM International’s strategic pursuit of expanding its product portfolio and leveraging Schaffner Manufacturing’s expertise to strengthen its position within the competitive coatings market.
Key Questions Answered in Industrial Coatings Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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