Industrial Coatings Market
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 Growth Domestic Product 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.
Market Dynamics
The global industrial coatings market is expected to exhibit a CAGR of 6.7% 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.
Among category, the water-borne segment is expected to be the fastest-growing region during the forecast period (2023-2030). 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.
Key features of the study:
Detailed Segmentation:
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