January 02, 2019
WELLESLEY, Mass., Jan. 02, 2019– The demand for improved durability, higher functionality and ease-of-application in multiple end-use industries is fueling growth in the industrial coatings market across the globe, according to the report “Industrial Coatings: Technologies, Applications and Global Markets.”
According to BCC Research, the global market for industrial coatings was valued at $64.9 billion in 2018 and is expected to reach nearly $82.7 billion by 2023 at a compound annual growth rate (CAGR) of 5.0%.
Key players in the industry include: RPM International Inc., (RPM), Jotun A/S, PPG Industries Inc. (PPG), The Sherwin-Williams Co. (SHW), Axalta Coating Systems (AXTA), Hempel A/S and AkzoNobel NV (AKZOY).
“Rapid urbanization and infrastructure development have led the Asia-Pacific region to emerge as the largest market for industrial coatings,” the report states. “In addition, increasing demand from vehicle coatings, coil coatings and wood coatings also plays a vital role in driving the industrial coatings market in the region. Asia-Pacific is also the fastest-growing industrial coatings market due to the large number of manufacturers opening their facilities in the region.”
Factors Restraining Market Growth
Within the global industrial coatings market, fluctuating raw material prices may limit growth as the industry is raw-material intensive. Raw materials account for about 61% of the total manufacturing cost of industrial coatings. Additionally, the prolonged drying time associated with waterborne industrial coatings is another factor limiting growth in the market.
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Industrial Coatings: Technologies, Applications and Global Markets( CHM070B )
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