Transparency Market Research observes that the competitive landscape present in the global industrial coatings market is quite fragmented.
The presence of a large number of players operating in the overall market has intensified the competition in the past few years. Vendors are making continuous efforts to expand the geographical reach of their businesses through investments and mergers and acquisitions.
Product innovation and research and development for incorporating better technology in the production of industrial coatings are anticipated to be leading strategies of key companies in the market.
According to the research report, the global industrial coatings market is projected to be worth $41.68 billion by the end of 2022 from $31.47 billion in 2017.
During the forecast years of 2017 and 2022, the market for industrial coatings is anticipated to register a CAGR of 5.8%. Out of the various types of resins, the demand for epoxy resins is projected to dominate the global market as it aims to reach a valuation of $14.64 billion by the end of 2022. Geographically, the global industrial coatings market will be led by North America between 2017 and 2022.
The primary growth driver for the global industrial coatings market is the booming construction industry. This rise in an increasing number of construction projects across the globe can be attributed to the rapid pace of urbanization. The consistent influx of people from rural areas to the city has forced the municipalities to allow residential constructions and commercial buildings as the addition of a newer population requires the same. As this trend continues to amplify, it is projected to demand a great deal out of the construction industry thereby augmenting the sales of industrial coatings.
The other important factor in creating remunerative opportunities for the global industrial coatings market is the flourishing automotive industry. Industrial coatings safeguard plastics and metals from external conditions. Additionally, concrete and steel can also be protected from fire hazards and other factors that can cause damage with the help of these coatings. Increasing investments and entry of automobile production units in developing parts of the world is expected to have a positive impact on the regional markets of industrial coatings during the forecast period.
Despite the strong market drivers, the global market for industrial coatings is likely to be restrained by a few factors. Fluctuating prices of raw materials, which is directly hampering the cost of industrial coatings are hindering market growth, especially in the cost-sensitive markets. In addition to these factors, the global market for industrial coatings is also being hampered by the stringent policies governing the solvent-based coatings market. Analysts anticipate that the market can combat these challenges with soaring demand for industrial coatings from Asia Pacific.
A rising population that will drive the construction industry and improving disposable incomes that will boost automobile sales will offer many opportunities for the overall market.