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Albany, New York, March 29, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) predicts that the global industrial coatings market has a highly fragmented landscape as the market features a strong presence of the numerous global and local players. This strong presence is intensifying competition and this scenario is expected to remain the same over the forecast period. Some of the key players including PPG Industries, Inc., Nippon Paint Holdings Co., The Valspar Corporation, The Sherwin-Williams Company, Jotun A/S, and AkzoNobel N.V., are operating in the global industrial coatings market.
According to TMR, the global industrial coatings market is expected to expand at a CAGR of 5.8% to attain a value of US$41.682 bn by 2022-end. The market had acquired a value of US$31.478 bn 2017.
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Based on the types of resins, the epoxy resins segment is projected to dominate the global industrial coatings market to reach a valuation of US$14.641 bn by 2022-end. Based on the region, the global industrial coatings market is dominated by North America owing to a large number of industries and manufacturing plants in the region.
Growing Industrialization to Propel Market Growth
Primarily, the global industrial coatings market is gaining traction due to the booming construction industry globally, mainly in developing countries. Growing industrialization and urbanization is leading to boost adoption of the industrial coatings, which in turn is driving the growth of the industrial coatings market. Additionally, consistently growing index of people in rural areas and in small cities has encouraged permission to expand residential constructions and commercial buildings. This trend is expected to continue to expand; this is projected to support the construction industry and is augmenting the adoption of industrial coatings. This is boosting the industrial coatings market.
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Some of the other key factors, which are expected to create numerous lucrative opportunities for growth of the global industrial coatings market, include the thriving automotive industry. Additionally, industrial coatings ensure the metals from extreme external conditions, thus, numerous industries are using industrial coatings and are likely to boost its market over the forecast period.
Furthermore, concrete and steel can be protected from fire and other hazards that damage the buildings and help of safety of construction materials. In addition, increasing investments for use of advanced material coupled with widened use of coatings in the automobile production is boosting the industrial coatings market.
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Stringent Government Policies to Restrain Market Growth
Despite these market influencers, the global industrial coatings market is likely to face challenges such as fluctuating costs of raw materials. Additionally, the implementation of stringent policies by governments on the use of solvent-based coatings is restraining growth of the industrial coatings market. These factors are expected to reflect negatively on the industrial coatings market mainly from the price-sensitive regions in Asia Pacific. Nonetheless, a rising population along with the factors such as the booming construction industry, improving disposable incomes, and growing sales of luxurious automobiles is expected to offer lucrative opportunities for growth to the overall market.
Additionally, growing advancements in the industrial coatings, which widens its applications across transportation, and consumer electronics, is also expected to offer opportunities for the industrial coatings market.
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This information is encompassed in the report by TMR, 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.”
For the study, the industrial coatings market has been segmented as follows:
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