Industrial Coatings Market Growing at a CAGR of 5.91% During 2017 to 2022 - ReportsnReports.com
11 Jul, 2017, 11:00 BST
PUNE, India, July 11, 2017 /PRNewswire/ --
Industrial coatings market research report covers analysis of top 12 companies and manufactures with market Overview on the basis of Resin, Technology, End-use Industry and Region while industrial coatings market is projected to grow from $98.30 Billion to $130.97 Billion, at a CAGR of 5.91% from 2017 to 2022.
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"The industrial coatings market is projected to grow at a CAGR of 5.91% during the forecast period."
The industrial coatings market is projected to reach USD 130.97 billion by 2022, at a CAGR of 5.91% between 2017 and 2022. The market growth can be attributed to the increased demand for industrial coatings from the Asia Pacific region. The global industrial coatings market is largely driven by the rising demand from the automotive industry .Economic and demographic growth, increasing industrial activities, and growing urbanization are among the important drivers for the global industrial coatings market.
AkzoNobel N.V. (Netherlands), PPG Industries Inc.(US), Axalta Coatings Systems (US), BASF Coatings GmbH (Germany), The Sherwin-Williams Company (US), Kansai Paints Co., Ltd. (Japan), Jotun A/S (Norway), RPM International (US), Hempel A/S (Denmark), and Nippon Paint Holdings Co.,Ltd. (Japan) are among the leading players operating in the industrial coatings market.
Order a copy of Industrial Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Water, Solvent, High Solids, Powder), End-use Industry (Automotive, Aerospace, Marine, Wood, Packaging, Protective), and Region - Global Forecasts to 2022 Research Report at: http://www.reportsnreports.com/purchase.aspx?name=1119427 .
The industrial coatings market has been segmented based on resin, technology, end-use industry, and region. By resin type, the acrylic resin segment dominated the industrial coatings market in 2016. This dominance can be attributed to the growing use of acrylic resins in many applications, such as automotive, industrial wood, transportation, marine, and general industrial applications.
Manufacturers are engaged in business expansion to cater the increased demand for industrial coatings. However, formulation and implementation of new regulations, such as REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) and various other directives to control solvent emissions are affecting the growth of the industrial coatings market across the globe. The Eurozone crisis of 2012has also affected the growth of the industrial coatings market globally, as several companies reduced their production as part of the ircost- cutting strategy to survive in the market.
By technology, the solvent-based industrial coatings segment accounted for more than 40% share, in terms of volume, of the overall industrial coatings market in 2016. The solvent-based industrial coatings find applications in trenches, tank interiors, containment lining, flooring systems, and joint overlays. Solvent-based industrial coatings can be used in end-use industries such as automotive, marine, aerospace, coil, rail, packaging, protective, electrical & electronics, energy, industrial coatings, and others.
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"The Automotive OEM segment is projected to grow at the highest CAGR between 2017 and 2022."
By end-use industry, the automotive OEM segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for industrial coatings from marine, aerospace, coil coating, transportation, rail coating, general industrial, industrial wood, protective, and packaging industries is projected to drive the global industrial coatings market during the forecast period.
"Asia Pacific was the largest industrial coatings market in 2016."
Asia Pacific was the largest market for industrial coatings, having accounted for the maximum market share, in terms of volume, in 2016. Key countries in the Asia Pacific market include China, Japan, India, and South Korea. The Asia Pacific region is a rapidly expanding industrial coatings market, owing to the growing economy and increasing middle-class population. This growth is driving the demand for industrial products, including industrial coatings.
The growth of the industrial coatings market mostly depends on the economic growth of different regions, which in itself is dependent on the global political situation. The political situation is critical in many regions of the world, which may deter the availability of some ink resins used as raw materials for the manufacturing of industrial coatings.
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