Straightforwardness Market Research sees that the aggressive scene present in the global industrial coatings market is very divided. Nearness of enormous number of players working in the general market has heightened the challenge in the previous couple of years. Merchants are trying to extend their geological reach of their organizations through speculations and mergers and acquisitions. Item advancement and innovative work for fusing better innovation underway of industrial coatings are foreseen to lead systems of key organizations in the market. The examination report selects PPG Industries, Inc., The Valspar Corporation, Nippon Paint Holdings Co., The Sherwin-Williams Company, AkzoNobel N.V., Jotun A/S, and BASF as the main players in the global industrial coatings market.
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According to the research report, the global industrial coatings market is projected to be worth US$41.682 bn by the end of 2022 from US$31.478 bn 2017. During the forecast years of 2017 and 2022, the market for industrial coatings is anticipated to register a CAGR of 5.8%. Out of the various types of resins, the demand for epoxy resins is projected to dominate the global market as it aims to reach a valuation of US$14.641 bn by the end of 2022. Geographically, the global industrial coatings market will be led by North America between 2017 and 2022.
Flourishing Automobile Industry Proves to be Critical to Global Industrial Coatings Market
The primary growth driver for the global industrial coatings market is the booming construction industry. This rise of increasing number of construction projects across the globe can be attributed to the rapid pace of urbanization. Consistent influx of people from the rural areas to the city has forced the municipalities to allow residential constructions and commercial buildings as the addition of newer population requires the same. As this trend continues to amplify, it is projected to demand a great deal out of the construction industry thereby augmenting the sales of industrial coatings.
The other important factor creating remunerative opportunities for the global industrial coatings market is the flourishing automotive industry. Industrial coatings safeguard plastics and metals from external conditions. Additionally, concrete and steel can also be protected from fire hazards and other factors that can cause damage with the help of these coatings. Increasing investments and entry of automobile production units in developing parts of the world is expected to have a positive impact on the regional markets of industrial coatings during the forecast period.
Stringent Government Policies and Fluctuating Raw Material Prices to Restrain Global Market
Despite the strong market drivers, the global market for industrial coatings is likely to be restrained by a few factors. Fluctuating prices of raw materials, which is directly hampering the cost of industrial coatings is hindering market growth, especially in the cost-sensitive markets. In addition to these factors, the global market for industrial coatings is also being hampered by the stringent policies governing the solvent-based coatings market. Analysts anticipate that the market can combat these challenges with soaring demand for industrial coatings from Asia Pacific.
Rising population that will drive the construction industry and improving disposable incomes that will boost automobile sales will offer many opportunities to the overall market.