Overview:
Growing industrial activities around the world have boosted this market to new highs. Industrial Coatings have remarkable properties like corrosion resistance, high durability, wear-resistance, and protection against harsh weather conditions. These coatings are applied in the form of thin coats on the parts being exposed to such conditions. During the survey period, the Global Industrial Coatings Market is projected to touch a 06 % annual growth market after observing the current market trends. The expanding automotive, building & construction, consumer appliances, and other industries are the majorly promoting in the growth of this market.
The increasing emphasis on the usage of eco-friendly products, the powder-based Industrial Coating Market, is gaining the maximum response because it is free from solvents and air pollution promoting volatile organic compounds (VOCs). In addition, they are cost-effective and provide high performance, which has enhanced the demands of the powder coating method.
The automotive and building & construction markets are the major employers of this market as these coatings are highly durable, and these industries are among the fastest-growing. Also, the demands from the aerospace and marine industries are increasing with time and helping the market in gaining better stances.Apart from the vast usage and applications of Industrial Coatings, the market is facing challenges against the rigid regulation for the use of disposable materials and fluctuating raw material costs. Still, the market will show substantial growth rates.
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Recent Industry News:
Apart from the high success rates, the Global Industrial Coatings Market is still facing issues against the stringent regulations for VOC emissions and fluctuating raw material costs. Powder-based and water-based materials are free of VOC, which is helping the market in getting a stable response from the uses. The market is currently led by the Asia Pacific region and is expected to preserve its lead throughout the period.
Global Industrial Coatings Market Segments:
Global Industrial Coatings Market is segmented into three parts mentioned below:
Resin Type: Alkyd, epoxy, acrylic, polyurethane (PU), polyester, and other types of resins are there.
Technology-based: Powder-based, solvent-based, water-based, and others are there.
End-Users: Automotive, marine, aerospace, automotive, construction & building, electrical & electronics, and other industries are the major end-users of this market.
Regional Market Outline:
Global Industrial Coatings Market is observed based on Asia Pacific, America, Europe, and The Middle East & Africa.
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In the current era, the Asia Pacific region is leading the market and will follow the same path. Rising disposable incomes, expanding automotive and construction & building industry, growing awareness, and other factors are driving the market here, with China and Idia as the major stakeholders.
Next in this list is the American market with North America as the major shareholder due to the presence of key market players, the vast automotive industry, demands for high-quality products, and other reasons. The European region is the next primary market due to increasing construction & building activities, a well-established automotive industry, demands for latest technologies, and other factors.
The rest of the regions are also showing healthy growth results because of demands for improved infrastructure, residential constructions, and other reasons.
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