LONDON--(BUSINESS WIRE)--Technavio’s analysts forecast the global industrial coatings market to grow at a CAGR of nearly 6% during the forecast period, according to their latest market research report.
The emergence of self-cleaning and self-healing coatings is one of the major trends being witnessed in the global industrial coatings market 2019-2023. Self-cleaning and self-healing coatings can have a significant impact on the producers of industrial coatings. These producers are heavily investing in R&D activities to develop paints and coatings that would restrict the need for multiple application of coatings on vehicles.
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According to Technavio’s analysts, one of the key factors contributing to the growth of the global industrial coatings market is the surging demand for water-borne coatings:
Global industrial coatings market: Surging demand for water-borne coatings
Water-borne coatings provide several advantages and are widely used in automobiles, buildings and construction, marine, oil and gas, metallurgy and metal forming, aerospace, mining, and healthcare. The ability of these coatings to offer excellent resistance to heat and abrasion and provide superior adhesion allows them to be used as primers. Low VOC levels and hazardous air pollutants emissions make waterborne coatings less toxic and flammable.
According to a senior analyst at Technavio for research on paints, coatings, and pigments, “Water-borne coatings release fewer organic compounds as compared to solvent-borne coatings that have a severe environmental impact. In terms of cost-effectiveness, water-borne coatings are preferred as they do not require additives, thinners, or hardeners. When compared to other variants, low quantities of water-borne coatings are required to cover a surface area. This resulted in high demand for water-borne coatings, globally.”
Global industrial coatings market: Segmentation analysis
The global industrial coatings market research report provides market segmentation by technology (water-borne, solvent-borne, powdered coatings, and UV-cured), by application (general industries and automotive OEMs) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The water-borne segment held the largest market share in 2018, accounting for nearly 40% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 48%. This region is expected to dominate the market through 2023, with an increase in its market share by over 1%.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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