Industrial Coatings Market size was valued at USD 95.50 billion in 2022 and is poised to grow from USD 99.13 billion in 2023 to USD 133.59 billion by 2031, growing at a CAGR of 3.8% during the forecast period (2024-2031).
The industrial coatings market is observing enormous growth with constant advances in the materials and technologies to suit more applications. These modernizations along with heavy competition among the manufacturers are resulting in market expansion. Predictably, technology plays a major role in the benefits offered by fresh technologies that are not only environmentally friendly but also offer sustainable solutions. This is ultimately expanding the demand for industrial coatings in various end-use sectors, impacting market growth.
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In the recent past, most industries have emphasized producing sustainable and eco-friendly products and industrial coating is no exception. Industries and many consumers are seeking coatings and paints with low volatile organic compound amounts and environment-friendly formulations. Also, the demand for smart coatings has increased drastically due to the adoption of coatings like anti-microbial coatings, self-healing coatings, and improved durability coatings. Since these coatings offer added functionalities, the trend will see huge growth soon. Moreover, the industry innovations are also emphasized in manufacturing coatings with advanced performing features like lasting protection, resistance to extreme environments, and enhanced adhesion to find applications in more sectors.
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Artificial Intelligence and Data Analysis to Play a Key Role in Quality Manufacturing of Coatings
Among others, artificial intelligence plays a vital role in manufacturing activities. The most efficient tool available today is considered indispensable for automation and optimization processes. For instance, coating producers are currently increasingly using artificial intelligence to completely mechanize quality control frontiers. Artificial intelligence can competently perform multiple analysis techniques including chemical assessment andvisual assessment using high-quality sensors. AI is also used by manufacturers to identify mistakes or glitches with optimal efficiency in comparison with the former used quality control techniques. Besides, data analysis is also important for the rise of AI use in industrial coatings market. With the growing access of AI to data, the more accuracy it shows to analyze systems and predict results. To enhance data collection, industrial coatings businesses are actively implementing these technologies.
- In May 2024, Axalta Coating Systems introduced one of its powder coating solutions, Alesta® BioCore™. It is obtained from non-food organic surplus. The fresh company offering reduces CO2 emissions up to 25%, while offering the equivalent performance properties and advantages.
- BASF Coatings introduced a fresh product portfolio of eco-friendly undercoats & clearcoats in April 2024. They are specially designed to offer quality and efficiency, while contributing to major reductions in CO2 releases.
- Sherwin-Williams announced the acquisition of Specialized Industrial Coatings Holding, Germany in October 2023. The company's wide-ranging offerings entail ground-breaking foil coatings, providing access to complex systems in the market.
- PPG made a contractwith theleading maritime sustainability service provider, RightShip, in June 2024. The association aims to take care of the development and adoption of ground-breaking solutions and encourage sustainability in the maritime industry.
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Adopting to the Current Trends to Help Manufacturers Stay Ahead and Contribute to the Market Growth
Trends in the industrial coatings market like data analysis, AI, sustainable coatings, improved coating safety are majorly transforming the coating ecosystem. They are actively addressing the new challenges and offering more opportunities to manufacturers and satisfaction to end users. The inclination towards sustainability is fueling modernization in several other applications like safety and durability. Professionals in the industry can improve their knowledge and skills by keeping updated with the current advances and trends.
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