The global industrial coatings market size is set to impetus from the increasing focus of manufacturers towards developing greener processes. These processes would help in creating fewer emissions and wastes, as well as use lesser energy. This information is given by Fortune Business Insights™ in a new report, titled, “Industrial Coatings Market Size, Share & Industry 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 Geography Forecast, 2020-2027.” The report further states that the industrial coatings market size was USD 86.81 billion in 2019 and is projected to reach USD 119.54 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period.

Source:

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

COVID-19: Shortage of Workforce & Supply Chain Disruptions to Obstruct Growth

The outbreak of the COVID-19 pandemic has declined the demand for industrial coatings worldwide. Also, disruptions of supply chains in this industry, as well as the shortage of workforce have created immense financial losses for a large number of manufacturers. We are therefore delivering highly authentic research reports to help you generate more sales and regain business confidence.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:

This Report Answers the Following Questions:

·         How will the organizations surge sales of industrial coatings amid COVID-19?

·         Which region and segment would lead the market in the near future?

·         What are the market drivers, hindrances, challenges, and opportunities?

·         What are the historical, estimated, and current sizes of the global market?

Drivers & Restraints-

Rising Environmental Concerns to Bolster Growth

The manufacturing process of industrial coatings releases volatile organic compounds (VOCs) that must be eliminated effectively. These organic chemicals turn to gases once they are kept at room temperature. VOC is the main cause of ground-level air pollution. Hence, nowadays several manufacturers are rapidly inclining towards powder-based or water-borne coatings to maintain sustainability. This factor is set to propel the industrial coatings market growth in the coming years. However, these coatings are prone to drying quickly, which, in turn, may hamper growth.

Segment-

Acrylic Segment to Hold Major Share Backed by High Demand from Biomedicine Industry

Based on resin, the acrylic segment held the major industrial coatings market share in 2019. This growth is attributable to the increasing demand for ceramic from the biomedicine industry. Binders or resins are capable of holding every component of coatings together. The alky segment would showcase considerable growth in the near future because of its cost-effective and versatile nature.

Regional Analysis-

Asia Pacific to Remain at the Forefront Fueled by Rising Production of Automotive

Geographically, Asia Pacific procured USD 36.5 billion in terms of revenue in 2019. The region 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. Additionally, the rising government subsidies, interest rates, general industrial production, and construction activities in this region would spur demand.