Industrial Coatings Market Analysis, Size, Growth, Share, Outlook & Forecast to 2027
The global industrial coatings market size is expected to reach USD 101.9 billion by 2027, expanding at a CAGR of 3.0% over the forecast period, according to a new study by Grand View Research, Inc. Increasing product demand from the general industry, automotive and refinish, oil and gas, marine, mining, power generation, electronics and aerospace industry is expected to propel market growth. Industrial coatings are widely used in general industrial applications such as in heat exchangers, steel structure, containers, concrete, furniture, appliances, and material handling equipment to protect them from heat and humidity. It also helps to protect equipment against corrosion, abrasion, and chemical attack, and thereby improves product efficiency. Growing economies such as Brazil, China, and India are expected to provide new opportunities for the market on account of rapid industrialization. The presence of a large number of manufacturers is also projected to fuel the demand for industrial coatings for general industrial applications. However, the outbreak of COVID-19 in China and other countries, including India, Australia, Thailand, and Japan, has resulted in lockdown of major cities and caused a sharp slowdown in manufacturing industries, which is expected to hinder market growth in the coming years. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/industrialcoatings-market