The industrial coatings market is projected to reach $130.97 billion by 2022, at a compound annual growth rate (CAGR) 5.91% from 2017 to 2022, according to “Industrial Coatings Market by Resin (acrylic, alkyd, epoxy, polyurethane, polyester), Technology (water, solvent, high-solids, powder), End-use Industry and Region-Global Forecasts to 2022” from Research and Markets.
The market growth can reportedly be attributed to the increased demand for industrial coatings from the Asia Pacific region. The global industrial coatings market is suggested to be largely driven by the rising demand from the automotive industry. Economic and demographic growth, increasing industrial activities, and growing urbanization are considered among the important drivers for the global industrial coatings market.
By end-use industry, the automotive OEM segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for industrial coatings from marine, aerospace, coil coating, transportation, rail coating, general industrial, industrial wood, protective, and packaging industries is projected to drive the global industrial coatings market during the forecast period.