ALBANY, New York, October 15, 2018 /PRNewswire/ --
The global industrial coatings market is likely to experience though competition in the market due to the presence of a large number of players trying to strengthen their position. The market seems to be fragmented in terms of market structure, as observed by Transparency Market Research (TMR). Some of the prominent players in the market are Jotun A/S, The Valspar Corporation, The Sherwin-Williams Company, Nippon Paint Holdings Co., and AkzoNobel N.V. The leading players in the market are adopting strategies such as they are heavily investing in collaborations and acquisitions and mergers to get a firm hold in the market and to increase their geographical reach. They are also making efforts in research and development activities for product innovation incorporating better technology in the production of industrial coatings.
In a recent report published by TMR, the global industrial coatings market is likely to exhibit a healthy CAGR of 5.8% during the forecast period between 2017 and 2022. Thus, by rising at this growth rate the industrial coatings market is projected to reach a valuation of US$41.68 bn by 2022 progressing from US$31.47 bn as estimated in 2017.
Based on resin, the epoxy segment held a 32.4% share in the global market in 2017. This segment is likely to grow at 5.9% of CAGR during the forecast tenure, as industrial epoxy is primarily used for concrete floors in the building and construction industry. This is because it provides high gloss and durability. Geographically, Asia Pacific (excluding Japan) is projected to lead the global market by rising at 6.7% CAGR throughout the forecast tenure.
Flourishing Building and Construction Industries to Boost Demand for Industrial Coating
Significant growth in urbanization has led to the growth of the building and construction industry. This, in turn, has increased the number of construction projects across the globe and has directly assisted the growth of industrial coating. Moreover, continuous migration of people from rural areas to urban city has also increased the demand for residential construction and commercial buildings. Thus, it is expected that the above-mentioned factor may contribute to the growth of the industrial coating market.
Furthermore, owing to high-efficiency coating solutions the demand for industrial coating is seen in end-use industries such as oil and gas and automotive. Thus, the growing investment in the automotive sector is likely to benefit the market growth at a large scale. In addition, the product properties such as resistance to corrosion and wear and tear, and thermal resistance has also fueled the demand for industrial coating in these areas.
Fluctuating Prices Of Raw Material to Impede Growth of Industrial Coatings Market
On the other hand, few restraining factors that might hamper the growth of the industrial coatings market. One of the key factors is fluctuating prices of raw material that directly hamper the cost of industrial coatings. This factor worsens the situation in the cost-sensitive market. Moreover, the requirement of more drying time for water-based coatings also hamper the demand in this market. Stringent government policies related to VOC emissions pose challenges and impede growth of the industrial coatings market.
The information presented in this review is based on a TMR report, titled "Industrial Coatings Market (Resin - Polyurethane, Acrylic, Polyester, and Epoxy; Technology - Water-based, Solvent-based, Powder, and Pre-treatment; End-use - General Finishes, Wood, Heavy Duty Equipment, Automotive Parts, Coil and Extrusion, Appliance, Consumer Electronics, and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
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