Industrial Coatings Market to Reach USD 183.2 Billion by 2028; Urgent Need to Improve Overall Usage of Resources will Bolster Growth

The global industrial coatings market size was USD 132 billion in 2020. The market is projected to grow from USD 137.1 billion in 2021 to USD 183.2 billion in 2028 at a CAGR of 4.2% during the 2021-2028 period.

This information is provided by Fortune Business Insights™, in its report, titled, “Industrial Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), By Technology (Solvent-borne, Water-borne, Powder, and Others), By End-use (General Industrial, Automotive OEM, Automotive Refinish, Protective, Wood, Marine, Coil, Packaging, and Others), and Regional Forecast, 2021-2028.”

According to our analysts, the speedy urbanization, progression of the middle-class, augmented infrastructure, increasing disposable incomes, amplified inclination towards spending generously, and others are expected to assist the market growth.

COVID-19: Absence of Workforce & Supply Chain Interferences to Barricade Growth

The outbreak of the COVID-19 pandemic has degenerated the demand for industrial coatings worldwide. Also, interruptions in supply chains in this industry, as well as the scarcity of workforce have generated enormous economic losses for a huge number of producers.

While the production process has recommenced astoundingly in numerous coating production units, the ever-rising number of coronavirus positive cases and the dropping demand have produced vagueness among the dominating manufacturers of industrial coatings.

Nippon Paint Unveils Protec Series of Industrial Paints

Nippon Paint India, which is a part of the NIPSEA Group, has unveiled a novel series of industrial paints under the Protec brand.

With this presentation, Nippon Paint India is set to expand its occurrence in the industrial coatings segment. The Protec series of products involves primers, top coats as well as specialized coating products. Nippon Paint India anticipates that the Protec collection is set to suffice the necessities of the market and aid the company to flourish suddenly.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/industrial-coatings-market-101741

Refined Presentation and Energy Efficiency in Automotive OEM to Boost Growth

Industrial coatings are majorly utilized in passenger cars and light commercial vehicles (LCVs). Asia Pacific was the dominating consumer of automotive OEM coatings. China is a leading nation for vehicle sales owing to the increasing individual disposable income that grew at a double-digit speed. Europe is also a substantial consumer of automotive OEM coatings.

Competitive Landscape

Crucial Players Target to Present Supportable Manufacturing Procedures

This market is fragmented majorly on account of the company of a large number of small-and-medium-sized manufacturers. Majority of them are expending large sums on research and development activities to announce novel technologies so that the manufacturing course of industrial coatings becomes viable.

List of Players Covered in this Market Report

• Akzo Nobel N.V. (Netherlands)
• Axalta Coating Systems, LLC (U.S.)
• Industrial Coatings Ltd. (Finland)
• PPG Industries, Inc. (U.S.)
• The Sherwin-Williams Company (U.S.)
• Nippon Paint Holdings Co., Ltd. (Japan)
• Kansai Paint Co., Ltd. (Japan)
• RPM International Inc. (U.S.)
• BASF SE (Germany)
• PPG Asian Paints Pvt Ltd (India)
• Hempel A/S (Denmark)
• The Chemours Company FC, LLC. (U.S.)
• Jotun A/S (Norway)

Industry Development

• July 2020: PPG Industries, Inc. declared the unveiling of hydrophobic coating for PPG Surface Seal. The freshly articulated product is Ultraviolet (UV) light-resistant, attuned with most fluids in aerospace cleaning and maintenance, and is submissive with REACH and EPA.

Further Report Findings

• On the basis of end-use, the market is classified into general industrial, powder, automotive OEM, automotive refinish, protective, wood, marine, coil, packaging, and others. An anticipated rise in the infrastructure construction activities and an expanding middle-class people are creating lucrative opportunities for the market.
• Asia Pacific held the maximum industrial coatings market share and is set to retain its dominant position in the market throughout the forthcoming years. This growth is attributable to increasing consumer spending and rising automotive production.

Table of Segmentation