The global industrial coatings market is expected to grow at a value of USD 103.2 Billion during the forecast period which was recorded at USD 85.2 Billion during the historic forecast period. The market is estimated to grow at a global CAGR of 3.9% during the period.
Epoxy, acrylic, polyesters, alkyd, fluoropolymers, and other common polymers are used to create industrial coatings. The industrial coatings market revenue is increasing as a result of various market factors such as a significant increase in the demand for highly durable products, followed by an increased application of powder coatings, which is expected to boost the market’s expansion opportunities during the forecast period.
The industrial coatings sector has been one of the hardest hit. Industry experts and company analysts, on the other hand, expect that the industrial coatings market would improve during the projection period. During the historic projected period, the increasing industrial coatings market share was on its way to expanding at a fantastic and significant rate. The industrial coatings market, as part of worldwide market unions, has been impacted by the new coronavirus epidemic since the pandemic began in 2020. The global virus has taken its toll on global market functioning, causing demand and supply chain mechanisms to be disrupted. As a result, there is a constant need for the market to pursue expansion strategies and changes that would aid in the market’s growth over the forecast period.
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Market Segmentation
Based on the resin type, the market is segmented into epoxy, alkyd, fluoropolymer, polyurethane, and others like silicon.
Based on the technology, the market is segmented into solvent and water-based along with others like powder and high solids.
Based on the end-use industry, the market is segmented into coil, packaging, general industrial, industrial wood, aerospace, marine, protective, automotive OEM, refinish, and rail amongst others.
Based on the region, the market is segmented into North America, Europe, Asia-pacific, and the Rest of the World (RoW).
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Regional Classification
The APAC region is expected to have the most development. The APAC area is generally driven by the emergence of opportunities, which is followed by the availability of vast quantities of dependable labor at low market rates. Low raw material prices, along with a massive increase in the population in metropolitan areas, would enable the market to grow at a rapid pace during the projection period. Furthermore, the construction sector in the Indian subcontinent has experienced rapid growth as a result of increased government backing for the development of infrastructure and new projects such as bridges, buildings, and metros that are on the verge of being expanded in various market areas.
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Industry News
The rising market competition is a result of the prominent market players theta are PPG Industries, Inc. (the US), The Sherwin-Williams Company (US), Akzo Nobel N.V. (Netherlands), Nippon Paint Holdings Co., Ltd (Japan), Asian Paints PPG Pvt. Limited (India), Jotun (Norway), Kansai Paint Co., Ltd (Japan), Beckers Group (Germany), RPM International Inc (US), Hempel A/S (Denmark), KCC CORPORATION (South Korea), NOROO Paint & Coatings Co Ltd (South Korea), Sika AG (Switzerland), Wacker Chemie AG (Germany)and Axalta Coating Systems (US). During the forecast period, the industrial coatings market has seen the birth of current developments undertaken by the worldwide industry in numerous global locations.
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