New Report Predicts Growth in Global Industrial Coatings Market
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.