Published Date : Dec 05, 2016
ALBANY, NY, Dec 05, 2016: The report, titled “Global Industrial Coatings Market 2016-2020,” offers a comprehensive assessment of this market, highlighting the prominent trends, driving forces, lucrative opportunities, restraining factors, and growth prospects.
According to the research study, the worldwide market for industrial coatings is witnessing continuous rise on account of ongoing innovations. The introduction of a number of ecofriendly and green products and coatings with functional benefits is also adding significantly to the growth of this market. Expanding at a CAGR of a 5.80% during the period from 2016 to 2020, the market is likely to gain a substantial momentum over the forthcoming years, states the research report.
In this report, the global industrial coatings market has been studied on the basis of the technology and application. Based on technology, the market has been classified into liquid coatings, pretreatment and electrocoating, and powder coatings. Liquid coatings, among these, witnessed a higher demand than others. General finishes, automotive refinish, automotive OEMs, coil coatings, and wood coatings have surfaced as the prime application areas for industrial coatings, globally, states the market report.
The research report also presents a geographical reports of the worldwide market for industrial coatings. As per the study, the Americas, Europe and the Middle East and Africa (EMEA), and Asia Pacific (APAC). Among these, APAC is projected to emerge as the leading regional market for industrial coatings. The increase in industrialization and the expanding automotive industry in various Asian economies, such as China and India, are likely to boost the Asia Pacific industrial coatings market during the forecast period.
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Besides, the expansion of leading players in Malaysia, Indonesia, and Thailand on account of several favorable factors, such as government regulations, tax subsidies, and incentives, are also expected to propel this market considerably in the coming years, reports the research study.
Further, the report studies the competitive structure of the global market for industrial coatings. Owing to the presence of a large pool of participants, this market is highly fragmented and competitive in nature. Most of the established industrial coatings manufacturers have a vast geographical reach with production units situated across the World.
These players are focusing aggressively on expanding their product portfolios and increasing their market shares by engaging into mergers and acquisitions. The leading manufacturers of industrial coatings across the world are BASF, Sherwin-Williams, PPG Industries, Axalta Coating Systems, and AkzoNobel, states the research report. Some of the other prominent market players mentioned in this study are Jotun, Nippon Paint, Kansai Paint, Sika, and RPM International.
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