Chemicals
Global Industrial Coatings Market Was $28.4 billion in 2017 and is Estimated Grow With CAGR of 5.4% till 2020
According to the new market research report by IndustryARC titled “Industrial Coatings Market: By Type ( Acrylic, Alkyd, Urethane, Epoxy, and Others); By Formulation (Water, Solvent and Powder); By Component (One Component, Two Component); By End User (General Industrial, Automotive, Coil & Extrusion, Heavy Duty Equipment, and Others); By Geography – Forecast Period (2018–2023),” the Industrial Coatings market will be driven by the growing demand for industrial coatings or paints from the automotive industry.
Asia-Pacific to Dominate the Industrial Coatings Market
Asia-Pacific is expected to dominate the Industrial Coatings Market during the forecast period due to the rapid industrialization and growth of the automotive industry in major countries such as China and India. A considerable demand for industrial paints is expected from the region’s automotive original equipment manufacturers (OEM). In North America, the growth of the automotive industry in the U.S. is forecast to drive the demand for industrial paints.
Selected Regulatory Analysis Done in the Full Report
The building segment is forecast to hold the largest share in the Industrial Coatings market due to increasing infrastructural spending along with the growing demand for corrosion and fire protection coating solutions. The oil & gas and automotive industries are expected to have a significant growth due to growing safety and wear protection requirements.
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Selected Driving Factors Mentioned in the Full Report
- Growth of construction activities for development of infrastructure in developing countries will bolster the industrial coatings market.
- Introduction of bio based industrial coatings elevates the industrial coatings market.
- Growing demand for highly durable products elevates the growth of industrial coatings during the forecast period.
- Advancements in technology related to producing water soluble paints drives the demand for industrial coatings in the forecast period. Growing demand from end user industries from automotive, building & construction, marine, oil & gas will drive the growth of industrial coatings.
