How did the industrial revolution motivate europe to colonize and expand?

The Industrial Revolution made it possible to increase the supply of finished goods for consumption and thereby grow the economy as whole. This increased tax revenue and enabled European nations to fund expansionary colonization efforts.
On the flip side, increased production created demand pressure on raw materials, causing a need to colonize and expand in order to secure these materials. Nations were incentivized to expand in order to gain a competitive advantage over other countries and realize faster growing economies.