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Advanced Coating Market Size

Report ID: GMI12520
Published Date: Dec 2024
Report Format: PDF

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Advanced Coating Market Size

The global advanced coating market was valued at USD 79.7 billion in 2023 and is estimated to grow at a CAGR of over 6.1% from 2024 to 2032. The COVID-19 pandemic significantly disrupted the market due to global supply chain interruptions, workforce shortages, and reduced demand in industries such as automotive, aerospace, and construction. Many coating manufacturers faced challenges like limited raw material availability and halted production, resulting in delayed project completions. However, sectors like healthcare and electronics witnessed a steady demand for specialized coatings due to increased requirements for medical equipment and consumer electronics.

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The advanced coating market's growth is driven by increasing demand across industries like automotive, aerospace, construction, and healthcare, fueled by the need for durable, high-performance, and eco-friendly coating solutions. Technological advancements such as nano-coatings and smart coatings are creating new applications, particularly in electronics and renewable energy. Rising environmental regulations are encouraging the adoption of low-VOC and sustainable coatings, while infrastructure development and urbanization are boosting the demand for protective and decorative coatings. Additionally, the expansion of manufacturing in emerging economies and innovations in coating application techniques are further supporting market growth.

Advanced Coating Market Report Attributes
Report Attribute	Details
Base Year:	2023
Advanced Coating Market Size in 2023:	USD 79.7 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	6.1%
2024 – 2032 Value Projection:	USD 134.4 Billion
Historical Data for:	2021 - 2023
No. of Pages:	180
Tables, Charts & Figures:	100
Segments covered:	Type, Technology, Substrate, Functionality, Application, and Region
Growth Drivers:	Increasing demand for durable, high-performance coatings Advancements in coating technologies, including nano-coatings and smart coatings Growing preference for eco-friendly coatings
Pitfalls & Challenges:	High costs associated with production Stringent environmental and regulatory laws

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Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for advanced coating was reached USD 79.7 billion in 2023 and is estimated to grow at a 6.1% CAGR from 2024 to 2032, driven by increasing demand for durable, high-performance coatings.

The metal coatings segment accounted for revenue of around USD 24.5 billion in 2023 and is set to grow at a CAGR of around 6.6% from 2024 to 2032, led by the increasing demand for corrosion-resistant coatings in various industries.

The industrial & construction segment held around 31% of the market share in 2023 and is anticipated to grow at a CAGR of 6.8% from 2024 to 2032, propelled by the need for coatings that enhance the durability and longevity of infrastructure and industrial equipment.

The U.S. advanced coating market was valued at USD 18.5 billion in 2023 and is estimated to grow at a CAGR of over 6.6% from 2024 to 2032, owing to rapid technological advancements in coating technologies.

Major players in the advanced coating industry include AkzoNobel N.V., Asian Paints, Axalta Coating Systems, BASF SE, Beckers Group, Dulux Powder & Industrial Coating, Evonik Industries, Hempel A/S, Jotun Powder Coatings, Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., PPG Industries, RPM International Inc., Sherwin-Williams Company, and The Valspar Corporation.