PUNE, India - According to a new study by Transparency Market Research, the global market for industrial coatings was valued at $31.478 billion in 2017 and is expected to reach a value of $41.682 billion by the end of 2022. The industrial coatings market is expected to grow at a compound annual growth rate (CAGR) of 5.8% over the course of the forecast period, 2017 to 2022.
Based on resin type, epoxy resins see the highest demand, accounting for 32.4% of the overall demand in 2017. The segment was valued at $10.979 billion in 2017 and is expected to reach an overall valuation of $14.641 billion by the end of 2022. The epoxy resins segment is expected to see a CAGR of 5.9% over the period of 2017 to 2022. In terms of geographical region, the study expects that the global market for industrial coatings will be dominated by North America, with an expected value of $8.180 billion by 2022.
Swift Infrastructural Development to Drive Market Growth
The market for industrial coatings is driven by multiple factors. One of the biggest factors is rapid urbanization and infrastructure growth in several emerging economies. Industrial coatings find intensive application in the construction industry, serving as a corrosion-resistant and protective agent for metal and plastic structures. Industrial coatings are also used to make concrete and steel less vulnerable to fire and other hazards. Apart from the construction sector, the automotive sector is also helping in driving the growth of the global market. Industrial coatings companies are also concentrating on research and development activities that will help drive growth in the coming years.
Strict regulations against solventborne coatings, issues regarding getting thin films in powder coatings, and fluctuations in the price of raw materials are some of the key factors that may impede the growth of the market in the forecast period.
The report, Industrial Coatings Market (Resin - Polyurethane, Acrylic, Polyester, and Epoxy; Technology - Water-based, Solvent-based, Powder, and Pre-treatment; End-use – General Finishes, Wood, Heavy Duty Equipment, Automotive Parts, Coil and Extrusion, Appliance, Consumer Electronics, and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2022, is available from Transparency Market research. For additional information, visit https://www.transparencymarketresearch.com/industrial-coatings-market.html.