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Industrial Coatings Market to Reach USD 107.15 Bn By 2028: GVR

Published on 2021-12-08. Edited By : SpecialChem

TAGS:  Industrial Coatings    

business-growthThe global industrial coatings market size is expected to reach USD 107.15 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 3.4% from 2021 to 2028.

Rising Awareness for Sustainable Products

A rise in consumer awareness regarding sustainable products and increasing stringency of environmental regulations regarding the reduction of VOC emissions are supporting the demand for eco-friendly industrial coatings.

Stringent government regulations regarding the environment, especially air pollution, in the U.S., China, and Western European countries will continue to be a driving factor for the adoption of low-pollution coating technologies in the coming years.

These regulations have led to a shift in demand from solvent-based coatings to low-VOC or eco-friendly products, such as powder coatings, water-based, and UV-curable coatings. These low-VOC products contain lesser solvents that evaporate during the application phase and help in achieving a greener environment with minimum or zero VOC emissions. The percentage of solvents in coatings is directly proportional to VOC emissions.

Conventional liquid coatings contain over 60% solvents, which emit VOCs for long durations, even after their application. On the contrary, eco-friendly coatings contain no solvents, which results in negligible VOC emissions into the atmosphere. Industrial coating is used in various electronic applications such as tablets, PCs, smartphones, touch displays, white goods, and wearable devices. Industrial coating helps improve the efficiency of electronic products and provides durability, design, color, and advanced functionality such as anti-fingerprint, anti-smudge, anti-glare, and low reflective for touch and display screens.

Robust growth of the electronics industry in Asia Pacific owing to the presence of various electronic goods producers and a versatile manufacturing landscape (support from the government, availability of raw materials, and cheap labor) are expected to augment the demand for industrial coatings in the electronics industry.

Source: Grand View Research


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