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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.
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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.
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
Further Report Findings
Table of Segmentation
Value (USD Billion); Volume (Kilo Tons)
By Resin, By Technology, By End-Use, and By Geography