Latest News- Industrial Coatings Market: Waterborne is expected to lead the Technology segment during 2024-2028

The Industrial Coatings Market is being driven by Surging demand for waterborne coatings

The Industrial Coatings Market is expected to grow at a CAGR of 4.38% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 22.6 billion. In the industrial coatings market, the development of self-cleansing and self-restoration coatings poses a significant challenge for traditional business coating producers. These advanced coatings, which can eliminate the need for multiple applications, are the focus of substantial research and development investments by global manufacturers. However, the high manufacturing costs associated with producing these specialized coatings may limit their widespread adoption, creating a capability dilemma for business coating producers. Despite the material properties of self-cleansing and self-restoration coatings being desirable, their mass production remains a complex and costly endeavor. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Waterborne
  • Solvent-borne
  • Powdered coatings
  • UV-cured
• Application
  • General industrial
  • Automotive OEMs
  • Automotive refinishes
  • Others
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • France
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Surging demand for waterborne coatings
• Growing automotive industry in APAC
• Increasing demand for eco-friendly coatings

However, the market also witnesses some limitations, which are as follows:

• Volatile raw material prices
• Increasing stringency of regulations related to solvent-based coatings
• Requirement of high capital investments

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Market Scope in Industrial Coatings Market Research Report

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Research Analysis Overview

The European Coatings Market, encompassing the coatings business, is subject to stringent EU laws, particularly those addressing VOC emissions. To comply, eco-friendly alternatives like powder coatings and aqueous coatings are gaining popularity. The European Commission and Western European governments are pushing for air pollution reduction, driving demand for refinish coatings in automotive maintenance and aftermarket painting. Visual appeal, surface protection, and corrosion resistance remain key considerations, while construction activities face raw material shortages and supply chain disruptions. Raw materials, including polymer substances like acrylic products, zinc-based coatings, and epoxy resins, impact manufacturing growth in the general industry sector. The solvent-borne segment is transitioning to water-borne coatings to meet environmental regulations.

Market Research Overview

The industrial coatings sector, a significant segment of the global specialty chemicals market, is subject to stringent regulations set by the European Commission and Western European governments regarding volatile organic compound (VOC) emissions and air pollution. To comply with these regulations, the coatings industry is shifting towards eco-friendly, low-polluting coating technologies such as powder coatings and aqueous coatings. These technologies are derived from high-value-added chemicals, including polyurethane resins, advanced polymers, and specialty additives. The European Commission's focus on sustainable manufacturing practices is driving the growth of the specialty chemicals market, particularly in the coatings business. The shift towards eco-friendly coatings is expected to remain a key trend in the industry, with significant growth opportunities for manufacturers of specialty chemicals.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/