Research Firm Reports Decline in Industrial Coatings Market in 2019 and 2020
DUBLIN — A new study from Research and Markets finds that the industrial coatings market saw a decline of about 3% between 2019 and 2020. The research firm expects the industrial coatings market to now to be on the track to recovery, provided the second wave of the COVID-19 pandemic is brought under control as soon as possible.
According to the report, Europe, North America and South America are the regions that have suffered the brunt of decreases in demand for industrial coatings, and the recovery in these regions is likely to be slower over the coming years. Asia-Pacific has been the outlier in this regard, as the region experienced the lowest decrease between 2019 and 2020, primary because China maintained positive growth during that time frame, although growth in 2019 and 2020 was less than in previous years.