Industrial Coatings Market is estimated to grow from USD 89.5 billion in 2019 to USD 115.4 billion by 2024, at a CAGR of 5.2% during the forecast period.
Attractive prospects for powder coatings in shipbuilding and pipeline sectors
China is one of the largest countries, with regard to shipping and shipbuilding. The country has contributed continuously to the growth of powder coatings in the shipbuilding and pipeline sectors. The demand for powder coatings technology is continuously increasing in the pipeline sector. This is an attractive opportunity for the powder coatings industry to invest in the shipbuilding and pipeline sectors, especially in the developing countries of APAC and South America.
Browse 151 market data Tables, 49 Figures spread through 189 Pages and in-depth TOC on – Industrial Coatings Market
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How are the stringent regulatory policies challenging the market growth?
Owing to an increasing number of government’s regulatory policies, industrial coatings producers have to improve their processes to comply with new policies. Products who fail to meet the legal requirements are not allowed in countries that have stringent environment regulations, especially in Western Europe and North America.
The industrial coatings industry also faces many environmental challenges with the increasing focus on meeting state and local regulations for wastewater discharge. The powder coating operations have a considerable amount of metals, oil & grease, and suspended solids in their wastewater streams generated during cleaning and pretreatment phases.
It becomes difficult for the powder coating manufacturers to meet many state and local environmental regulations because of their wastewater streams. Metal finishing companies that use various electroplating processes have been facing the problem of adhering to regulations due to heavy metal contamination.
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