Asia-Pacific to Dominate the Industrial Coatings Market
Asia-Pacific is expected to dominate the Industrial Coatings Market during the forecast period due to the rapid industrialization and growth of the automotive industry in major countries such as China and India. A considerable demand for industrial paints is expected from the region’s automotive original equipment manufacturers (OEM). In North America, the growth of the automotive industry in the U.S. is forecast to drive the demand for industrial paints.
Selected Regulatory Analysis Done in the Full Report
The building segment is forecast to hold the largest share in the Industrial Coatings market due to increasing infrastructural spending along with the growing demand for corrosion and fire protection coating solutions. The oil & gas and automotive industries are expected to have a significant growth due to growing safety and wear protection requirements.
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Selected Driving Factors Mentioned in the Full Report:
Growth of construction activities for development of infrastructure in developing countries will bolster the industrial coatings market.
Introduction of bio based industrial coatings elevates the industrial coatings market.
Growing demand for highly durable products elevates the growth of industrial coatings during the forecast period.
Advancements in technology related to producing water soluble paints drives the demand for industrial coatings in the forecast period. Growing demand from end user industries from automotive, building & construction, marine, oil & gas will drive the growth of industrial coatings.
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Key Players of the Industrial Coatings Market:
The key players of the Industrial Coatings Market include PPG Industries, AkzoNobel, and Sherwin-Williams.
PPG Industries, headquartered in Pittsburgh,Pennsylvania, the U.S., operates in more than 70 countries. The company acquired MetoKote Corporation in July 2016 and The Crown Group in October 2017.
AkzoNobel, which operates in more than 150 countries, acquired BASF’s global Industrial Coatings business in December 2016.
Sherwin Williams, through its Performance Coatings Group, sells coatings and finishes in more than 110 countries. The company completed the acquisition of Valspar Corporation in June 2017.
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