Ceaseless growth of building and construction industry in both developed and developing regions, is the key driving factor of industrial coating market. Urbanization, recent launch of UV-curable coatings and nano coating, and growing demand for premium paints are other major factors anticipated to boost the global industrial coating market.
Further, growth of automotive industry is expected to present lucrative growth opportunities to the industrial coating landscape. Automotive OEM coatings are widely used by automobile manufactures at the time of production. These coating are applied on interior and exterior parts and spare parts of automobile. Coatings used in automobile are generally water-borne epoxy and polyesters-based coating.
The automotive refinish industry has been a key sector for growth of industrial coating market for past two decades.
Asia Pacific Provides Lucrative Growth Opportunities for Growth of Industrial Coating Market
Automotive refinish market is likely to expand on the back of automobile industry. Asia Pacific is providing lucrative opportunities for growth of automotive sector.
All these aforementioned factors are likely to fuel industry coating market in coming years.
Other end-user industries include heavy-duty equipment, general finishes, consumer electronics, transportation, automotive parts, appliance, wood, extrusion, and coil.
Power Based Coating Estimated to Contribute Significantly to Industrial Coating Market
As per market analyst of Transparency Market Research, the industrial coating market is bifurcated into solvent-based, pre-treatment, powder, and water-based segment on the basis of technology. Among all the segments, power-coated technology is widely used. Its application range include powder-coated file drawers, electrical components such as laptops, and computer cabinets. Powder based coating is also being adopted for home utilities such as baby strollers, toys, cribs, bathroom scales, playpens, satellite dishes, car seats, fire extinguishers, toolboxes, and mailboxes.
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Widening application range of powder coating due to growing demand for durable products are likely to provide fresh growth avenues in the market in coming years.
On the other hand, adverse effect of solvent-borne coatings is anticipated to restrain growth of the market.