The global industrial coatings market is set to impetus from the increasing focus of manufacturers towards developing greener processes. These processes would help in creating fewer emissions and wastes, as well as use lesser energy. This information is given by Fortune Business Insights™ in a new report, titled, “Industrial Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), By Technology (Solvent-borne, Water-borne, Powder, and Others), By End-use (General Industrial, Powder, Automotive OEM, Automotive Refinish, Protective, Wood, Marine, Coil, Packaging, and Others), and Regional Forecast, 2020-2027.” The report further states that this market size was USD 86.81 billion in 2019 and is projected to reach USD 119.54 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period.
Drivers & Restraints-
Rising Environmental Concerns to Bolster Growth
The manufacturing process of industrial coatings releases volatile organic compounds (VOCs) that must be eliminated effectively. These organic chemicals turn to gases once they are kept at room temperature. VOC is the main cause of ground-level air pollution. Hence, nowadays several manufacturers are rapidly inclining towards powder-based or water-borne coatings to maintain sustainability. This factor is set to propel the industrial coatings market growth in the coming years. However, these coatings are prone to drying quickly, which, in turn, may hamper growth.
Regional Analysis-
Asia Pacific to Remain at the Forefront Fueled by Rising Production of Automotive
Geographically, Asia Pacific procured USD 36.5 billion in terms of revenue in 2019. The region is set to retain its dominant position in the market throughout the forthcoming years. This growth is attributable to increasing consumer spending and rising automotive production. Additionally, the rising government subsidies, interest rates, general industrial production, and construction activities in this region would spur demand.
Europe, on the other hand, is expected to show significant growth stoked by the ongoing developments in the oil & gas sector. At the same time, the rising usage of powder coatings owing to the rapid technological advancements in this sector would drive growth.
Competitive Landscape-
Key Players Focus on Launching Novel Industrial Coatings to Strengthen Their Positions
The market is highly fragmented in nature backed by the presence of multiple prominent domestic and international companies. Most of them are focusing on launching state-of-the-art products to cater to the high demand from various end-use industries. Below are the two latest industry developments:
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