Press Release / Business / India has emerged as one of the key markets for industrial coatings in the Asia Pacific region

India has emerged as one of the key markets for industrial coatings in the Asia Pacific region

The report "Industrial Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Water, Solvent, High Solids, Powder), End-use Industry (Automotive, Aerospace, Marine, Wood, Packaging, Protective), and Region - Global Forecasts to 2022", The industrial coatings market is projected to reach USD 130.97 Billion by 2022, at a CAGR 5.91% between 2017 and 2022, in terms of value.
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Rising demand from the automotive industry is driving the growth of the industrial coatings market. In addition, increasing demand from other end-use sectors such as general industrial, marine, coil, protective, industrial wood, aerospace, rail, and packaging is expected to further drive the growth of the industrial coatings market during the forecast period.
Industrial coatings are used in production plants, to coat discrete parts, finished assemblies (automobiles, trucks, aircraft, and vessels), tanks, piping, metal sheet, wood panels, paper, and paperboard. Industrial coatings are being used in many end-use industries such as automotive, aerospace, marine, industrial wood, packaging, protective, general industrial, rail, coil coatings, packaging, transportation, and consumer goods & appliances. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.
 
Market Dynamics
Drivers

Increasing demand for eco-friendly coatings
Need for efficient process and durable coatings with better aesthetics
Growing demand from Asia-Pacific region

Restraints

Difficulty in obtaining thin films in powder coating
Requirement of more drying time for water-based coatings

Opportunities

Increasing use of Nano-coatings
Attractive prospects for powder coating in shipbuilding and pipeline industries

Challenges

Stringent regulatory policies

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The industrial coatings market comprises a network of players involved in the research and product development; raw material supply; component manufacturing; distribution and sale; and post-sales services. Key players considered in the analysis of the industrial coatings market AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), PPG Industries (U.S.), Jotun A/S (Norway), Nippon Paint (Japan), Axalta Coating Systems (U.S.), and others.
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