The global industrial coatings market has diverse end users and is tied to multiple industries. The drivers of the global industrial coatings market are population growth, improved standard of living, infrastructure growth, global GDP growth, and growth in the construction industry. Lighting fixtures, antennas, and electrical components are some of the powder-coated products used daily. The key factor driving the growth of the market includes increasing demand from end-use industries. The global industrial, by end-use industry in Asia Pacific region is expecting a boom in the forecasted period and will lead to an increase in the demand for Industrial Coatings
The global industrial coatings market is expected to exhibit a CAGR of 4.51 % during the forecast period, owing to increasing demand from various industries. Growth of the automotive industry is expected to drive demand for paints and coatings, which is further expected to drive demand for powder coatings over the forecast period. An increase in the transportation and transit of consumer goods, people, and raw materials has boosted the automotive industry growth. 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. Moreover, according to the European Automobile Manufacturers Association (ACEA), in December 2019, commercial vehicle registrations increased by 5.7% across the European Union (EU). Moreover, according to the same source, in EU, demand for commercial vehicles increased by 2.5% in 2019, marking the seventh consecutive year of growth.
Among category, the water-borne segment is expected to be the fastest-growing region during the forecast period (2021-2030). Water-borne coatings are surface coatings or finishes that make use of water as a solvent to disperse the resin added to it. The high content of water makes these coatings eco-friendly and easy to apply. Water-borne coatings comprise 80% water along with a small amount of other solvents such as glycol ethers, which are applied to a surface to disperse the resin. Due to its water content, these coatings possess properties such as low VOC, very low odor, and non-flammability. Water-borne coatings dry at a very fast rate and can be re-coated. Conventional coatings have VOC (volatile organic compound) content of about 84% (and 16% solids), while a waterborne base-coat comprises 70% water (and 20% solids) and 10% solvent. Stringent regulations on the use of VOC has increased the demand for water-borne technology in the commercial vehicle paints & coatings market.
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