The global industrial coatings market is growing at a good rate and anticipated to register a decent growth during the forecast period, on account of its superior properties which includes durability, corrosion resistance, excellent fire protection coating solutions, and others.
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On the basis of resin, the industrial coatings market is segmented into acrylic, alkyd, epoxy, polyurethane, polyester, and others.
Based on technology, the industrial coatings market is classified into water-based, solvent-based, high solids, and powder. Solvent-based category dominates the market, owing to the growing applications of these coating in tank interiors, trenches, flooring systems, containment lining, and others.
On the basis of end-user, the industrial coatings market is categorized into automotive, aerospace, wood, packaging, marine, protective, and others.
The major factors that are driving the industrial coatings market growth are the increasing demand of eco-friendly coatings, increasing demand in automotive industry, and growing need of durable coatings.
Key participants in the market are acquiring small players in order to gain larger market share. Also, manufacturers are collaborating with distributors to expand their presence in the market and meet the global demand.
Along with that, BASF SE, AkzoNobel N.V., Valspar Corporation, Nippon Paint Holdings, PPG Industries, The Sherwin-Williams Co. Ltd., DowDuPont Inc., Axalta Coating Systems, Kansai Paint Co. Ltd., and RPM International Inc. among others are some of the major players operating in the global industrial coatings market.
Source: VynZ Research