Research and Markets Releases Study of Industrial Coatings Market
DUBLIN — Research and Markets has released a new report that outlines growth in the global market for industrial coatings. According to the report, the industrial coatings market is projected to register a compound annual growth rate of 3.9%, in terms of value, between 2020 and 2025. The increasing demand for environmentally friendly coatings, the need for efficient process and durable coatings with better aesthetics, and growing demand from the APAC region are expected to drive the industrial coatings market. However, difficulty in obtaining thin films in powder coatings and the requirement of more drying time for water-based coatings are the major restraining factors for the market, according to the study.
The study finds that acrylic resin-based industrial coatings have high demand, especially in the automotive industry, owing to stringent environmental regulations and the high corrosion resistance of these coatings. Apart from automotive, the consumer appliances sector is a major end-use industry of these coatings. Coatings based on acrylic resins are also being used in wood, transportation, marine and general industrial applications.