NORTHBROOK, IL — Research firm MarketsandMarkets™ has released a new report that predicts the industrial coatings market will grow from $102 billion in 2021 to $116 billion in 2026, with a compound annual growth rate of 2.5%.
According to the study, growth in the market for industrial coatings will come from increasing demand for environmentally friendly coatings and growth in end-use industries. The Asia-Pacific region is expecting a boom during the forecasted period, which will also increase demand for industrial coatings.
In terms of end-use demand, the general industrial segment is expected to be the fastest growing segment in the industrial coatings market. This segment has diverse end users and is tied to multiple industries. Drivers of the general industrial coatings market are population growth, improved standard of living across the globe, infrastructure growth, global GDP growth, and growth in the construction industry.
The study reports that the protective end-use segment accounted for the second-highest share of the industrial coatings market in 2020. These coatings are used to protect the surface of materials from oil, chemicals, light, water and temperature fluctuations. Protective coatings offer benefits, such as resistance to corrosion, fire and chemical abrasion, and waterproofing and thermal insulation. Protective coatings can be used in applications such as consumer products and heavy machinery, in oil and gas, petrochemical, infrastructure, power generation, and the water and sewage industries.
According to the study, the Asia-Pacific region will have the largest market for industrial coatings during the forecast period. This region encompasses a diverse range of economies with different levels of economic development and multiple industries. The development of the market is mainly attributed to a high economic growth rate followed by heavy investment across industries, such as automotive, consumer goods and appliances, and furniture. Key players are expanding their industrial coatings production in Asia-Pacific, especially in China and India. The advantages of shifting production to the region are the low cost of production and the ability to better cater to the emerging local markets.
For more information about the report, Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Alkyd), Technology (Solvent-based, Water-based, Powder), End-Use Industry (General Industrial, Protective, Automotive, Aerospace, Wood, Packaging) and Region - Global Forecast to 2026, visit https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=746.