Industrial coatings market Competitive Analysis, Upcoming Demand And Growth Fore
Posted by rohit on February 17th, 2022
Industrial coating products are available in the market with promising properties that help prevent products from corrosion, majorly due to the improved performance of coatings and their advanced manufacturing methods. Moreover, manufacturers are continuously introducing new coatings that have environmentally-friendly characteristics in the market. Nowadays, the technology for manufacturing coatings has evolved and it is different from the conventional technology. For instance, besides solvent-based coatings, various other coatings are available in the market including water-based, solvent less, and UV-cured coatings among others. The introduction and adoption of new production technologies have gradually increased the performance of industrial coatings. Industrial coatings offer several benefits such as high flexibility, ability to prevent cracks, resistant to chemicals, and weatherproofing & waterproofing. Due to these properties, industrial coatings are effectively used to protect floors, roofs, and walls against heavy strong wind and heavy rainfall.
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The global industrial coatings market is expected to exhibit a CAGR of 5.5% during the forecast period, owing to increasing demand from various industries. Growth of the automobile industry is expected to drive demand for paints and coatings from the industry, which is further expected to drive demand for powder coatings over the forecast period. The increase in transportation and transit of consumer goods, people, and raw materials have boosted growth of the automobile industry. For instance, according to the China Association of Automobile Manufacturers (CAAM), in September 2019, the production and sales of commercial vehicles in China reached 345,000 and 340,000 units, respectively, which showed an increase of 15.8% and 11.6% when compared to the previous month, and up by 4% and 1.9% year on year, respectively.
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About the Authorrohit
Joined: February 6th, 2020
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