The industrial coatings market is expected to be valued at $129.8 billion by 2031, according to a new report by Meticulous Research. The report attributes this growth to a compound annual growth rate (CAGR) of 3.4% during the forecast period of 2024 to 2031.

Industrial coatings are used to protect and enhance the appearance of various surfaces in industrial settings. These coatings are applied to surfaces such as metal, concrete, wood and plastic to improve their durability and performance. The coatings also provide protection against wear, corrosion, weather and other environmental factors.

The report identifies several key drivers of the industrial coatings market, including the rapid growth of the automotive industry, large-scale infrastructure projects in developing countries, and the increasing demand for coatings with lower volatile organic compound (VOC) emissions. The market is also being driven by the need to extend the lifespan of industrial products and reduce maintenance costs.

However, the report also highlights some challenges facing the market, such as the longer drying times associated with waterborne coatings and the rising cost of raw materials. Despite these challenges, the report projects that the market will continue to grow, driven by advancements in polymers and nanotechnology, as well as the increasing demand for powder coatings in marine applications.

The report also provides a detailed analysis of the market by type, resin type and end-use industry. It identifies the waterborne coating segment as the fastest-growing type, driven by the development of low-VOC and high-performance formulations. The report also projects strong growth for the acrylic resin segment, as well as the automotive end-use industry.

Geographically, the report identifies the Asia-Pacific region as the fastest-growing market for industrial coatings. The region is expected to benefit from rapid industrialization, increasing automation in the automotive industry and government initiatives supporting industrial development.

Access the full report here.