Nov 4, 2022   SOURCE: BusinessWire

Global Industrial Coatings Market Report to 2026: Attractive Prospects for Powder Coatings in Shipbuilding and Pipeline Sectors Presents Opportunities - ResearchAndMarkets.com

The "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" report has been added to ResearchAndMarkets.com's offering.

The industrial coatings market is projected to grow from USD 102.0 Billion in 2021 to USD 116.0 Billion by 2026, at a CAGR of 2.5% between 2021 and 2026.

General Industrial end-use industry segment is the largest segment of the industrial coatings market

The general industrial coatings market has diversity of end-user and multiple industries. The market is growing due to an increase in population growth, infrastructure growth, improved standard of living, global GDP growth, and growth in the construction industry. Industrial coatings are used in the appliances industry in applications that require a combination of appearance and resistance to abrasion, chemicals, and temperature cycling.

Appliances and power tools make use of the impact strength of industrial coatings. Washing machines, laundry equipment, dishwashers, refrigerator doors & shelves, air conditioners, mixer & grinders, and microwave ovens are examples of some appliances where industrial coatings are used.

The appliance industry uses coatings on front and side panels of refrigerators, dryer drums, air-conditioner cabinets, washer tops and lids, water heaters, dishwasher racks, freezer cabinets, cracks in microwave ovens, and other products.

Asia Pacific is the fastest-growing Industrial coatings market during the forecast period.

Asia Pacific is the largest industrial coatings market, in terms of both value and volume, and is projected to be the fastest-growing market during the forecast period. The region has witnessed economic growth over the last decade. According to the IMF and World Economic Outlook, China and Japan were the world's second-and third-largest economies, respectively, in 2020.

The United Nations Population Fund states that Asia Pacific accounts for 60% of the world's population, which is 4.7 billion people. The region includes the world's most populous countries such as China and India. This is projected to become an increasingly important driver of the global construction industry over the next two decades.

The market will also be fueled by the rapidly rising household income and the fast-growing demand from smaller towns and rural areas because of increased customer awareness. Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.

Market Dynamics

Drivers

  • Increasing Demand for Environment-Friendly Coatings
  • Need for Efficient Process and Durable Coatings with Better Aesthetics
  • Growing Demand from Asia-Pacific

Restraints

  • Difficulty in Obtaining Thin Films in Powder Coatings
  • Requirement of More Drying Time for Waterborne Coatings

Opportunities

  • Attractive Prospects for Powder Coatings in Shipbuilding and Pipeline Sectors
  • Increasing Use of Nano-Coatings
  • Continuous Demand for Extended Product Lifetime and Reduced Maintenance

Challenges

  • Stringent Regulatory Policies

Companies Mentioned

  • Akzo Nobel N.V.
  • Anhui Meijia New Material Co. Ltd
  • Asian Paints Limited
  • Basf Coatings GmbH
  • Beckers Group
  • Diamond Vogel Paint Company
  • Hempel A/S
  • IGP Pulvertechnik AG
  • Jotun A/S
  • Kansai Paint Co. Ltd.
  • Nippon Paint Holdings Co. Ltd.
  • Noroo Paint & Coatings
  • PPG Industries Inc.
  • RPM International Inc.
  • Teknos Group
  • The Chemours Company
  • The Sherwin-Williams Company
  • Tiger Coatings GmbH & Co. Kg
  • Weilburger Coatings
  • Xalta Coating Systems, LLC

For more information about this report visit https://www.researchandmarkets.com/r/jeghzq