Albany, NY -- (SBWIRE) -- 05/17/2018 -- The global market for industrial coatings is characterized by the presence of a large host of players who exert their influence on the market. The market is extremely fragmented and small-, medium-, and large-scale players dwell within the market. Despite the fragmented nature of the market, some of the players have established their strongholds within the market. Geographical reach is the key factor that gives an impetus to the performance of these established market players. As a vital logistical decision, the leading market players are resorting to make their production base proximate to the area where there is greater demand. This is done to retain their prominence in the market and surge ahead of rivals. Mergers and acquisitions are also expected to be an important standpoint within the market. Furthermore, the market players are expected to resort to product innovation and optimization of technology in order to outdo competitors. The renowned market players include The Valspar Corporation, PPG Industries, Inc.,
Kansai Paint Co., Ltd, Milliken & Company, The Sherwin-Williams Company, Jotun A/S, BASF, AkzoNobel N.V., Nippon Paint Holdings Co., Axalta Coating Systems, LLC, RPM International Inc., Whitford Corporation, The Chemours Company, Roto Polymers and Chemicals, NOROO Paint & Coatings Co., Ltd., and Weilburger Coatings GmbH.
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The market was valued at US$31.478 bn 2017 and is expected to touch a value of US$41.682 bn by the end of 2022. The CAGR over the period from 2017 to 2022 is anticipated to settle at 5.8%. The segmentation of the market based on resin type reveals that epoxy resins attracted the highest market demand in 2017. The segment is anticipated to touch a value of US$14.641 bn by the end of 2022. Based on geography, the global market for industrial coatings is projected to be dominated by North America.
Constructions Industry to Play Major Role in Market Development
The constructions industry has been an ardent consumer of industrial coatings. The non-corrosive nature of these coatings make them useful for a nature of products and processes employed during constructions. Plastics and metals especially are shielded from external conditions once these coatings are emblazoned on them. Fire hazards and other factors that make steel and concrete vulnerable to damage can also be avoided with the help of these coatings. The aforementioned factors substantially drive demand within the global market. A vital standpoint for the market is the rapid urbanization that has offset across the globe; as governments promote the development of town centers, the demand for industrial coatings comes from several industrial longitudes. The automobile industry has lately become a substantial consumer of these coatings, thus, propelling demand within the market. Majority of the established market players are making concerted efforts to develop better technologies in the field. As new breakthroughs surface in the market, the demand for industrial coatings is anticipated to receive tremendous demand in the coming years.
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Strict Regulatory Policies Could Hamper Growth
Despite the affluence of the market, there are certain factors that hinder frictionless growth. Primarily, solvent based coatings are regulated by strict policies, which creates concerns for market players. The price of industrial coatings undergoes constant fluctuations which takes the element of certainty away from the market. This is also a substantial obstruction for the market and needs to be combated. Nevertheless, the lucrative opportunities that rest in the Asia Pacific region offer growth spaces for market player. Rising population across the world is also slated to offer great opportunities across the globe.
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