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The global industrial coatings market size is projected to reach USD 119.54 billion by 2027. Several manufacturers are striving to enhance the overall resource usage. At present, their main priority is to reduce the usage of energy to maintain sustainability. Therefore, they are introducing new greener processes. Fortune Business Insights™ provided this information in a new study, 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, Powder, Automotive OEM, Automotive Refinish, Protective, Wood, Marine, Coil, Packaging, and Others), and Regional Forecast, 2020-2027.” The study further mentions that the global market stood at USD 86.81 billion in 2019. But, it is set to exhibit a CAGR of 4.4% during the forecast period between 2020 to 2027.
PPG Industries Launches its Latest PPG Surface Seal Hydrophobic Coating
In July 2020, PPG Industries, Inc., a global supplier of coatings, specialty materials, and paints based in the U.S. declared the launch of PPG Surface Seal hydrophobic coating. This innovative product is compatible with most aerospace cleaning and maintenance fluids and is ultraviolet (UV) light-resistant. It is a water and rain shedding coating system that is specifically designed for anti-static coated glass and regular glass windshields.
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Increasing Usage on Passenger Cars & Light Commercial Vehicles to Aid Growth
Industrial coatings are extensively used on light commercial vehicles (LCVs) and passenger cars. The demand for vehicles is surging rapidly day by day across the globe backed by the increasing disposable incomes of the masses. Besides, the trend of owning vehicles having luxurious appearances would drive the industrial coatings market growth in the near future. However, the sales of vehicles are declining at a faster pace on account of the COVID-19 pandemic. This situation is set to take a toll on the demand for coatings.
Key Players Aim to Introduce Sustainable Manufacturing Processes
The market is fragmented because of the presence of a large number of small-and-medium-sized manufacturers. Most of them are spending huge sums on research and development activities to introduce novel technologies so that the manufacturing process of these coatings becomes sustainable.
Fortune Business Insights™ lists out the names of all the renowned coatings producers present in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion) and Volume (Kilo Tons)
Resin; Technology; End-use; and Geography