DUBLIN, Ireland — Research and Markets has released a new study that predicts the global industrial coatings market will reach $107.15 billion by 2028. According to the report, the market is expected to expand at a compound annual growth rate of 3.4% from 2021 to 2028. Demand for eco-friendly industrial coatings is being driven by a rise in consumer awareness regarding sustainable products and increasingly stringent environmental regulations regarding the reduction of VOC emissions. Government regulations addressing the environment, especially air pollution, in the United States, China, and the countries of Western Europe will continue to be a driving factor for the adoption of low-pollution coating technologies in the coming years.
Regulations have led to a shift in demand from solvent-based coatings to low-VOC or eco-friendly products, such as powder coatings and water-based and UV-curable coatings. These low-VOC products contain fewer solvents that evaporate during the application phase and help in achieving a greener environment with minimum VOC emissions. Companies such as PPG, Akzo Nobel N.V., Axalta Coating Systems and BASF SE are increasingly focusing on the development of low-VOC content and sustainable solutions for customers across all industry sectors.
The report predicts that the electronics end-use segment will witness significant growth over the forecast period. Industrial coatings are used in various electronic applications such as tablets, PCs, smartphones, touch displays and wearable devices. Industrial coatings help improve the efficiency of electronic products and provide durability, design, color and advanced functionality such as anti-fingerprint, anti-smudge, anti-glare and low reflective for touch and display screens. According to the report, robust growth is expected in the electronics industry in Asia-Pacific. This growth is due in part to the presence of various electronic goods producers and a versatile manufacturing landscape, which includes support from governments, and availability of raw materials and cheap labor. These factors are expected to impact the demand for industrial coatings in the electronics industry.
In terms of revenue, the study found that the general industrial end-use segment accounted for the largest revenue share in 2020 and is expected to witness prominent growth over the forecast period. Asia-Pacific dominated the market in 2020 and is expected to maintain its lead from 2021 to 2028. Additionally, the acrylic product segment is potentially fueling market growth due to its rising demand in various end-use industries
For additional information about the report, Global Industrial Coatings Market Size, Share & Trends Analysis Report by Product (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester), Technology, End Use, Region, and Segment Forecasts, 2021-2028, visit www.researchandmarkets.com.