International. The size of the industrial coatings market is estimated to grow from $4.75 billion in 2016 to $6.07 billion in 2021, at a CAGR of 5.0% between 2016 and 2021, MarketsandMarkets revealed.
This market is anticipated to experience decent growth in the coming years due to the expansion of industrial activities as a result of the improvement of the economic situation. Rapid industrialization in emerging economies and increasing number of production facilities in developing countries are creating growth opportunities for the industrial coatings market.
The analysis indicates that the food processing sector will grow at a higher year-on-year rate of change during the forecast period. The growth can be attributed to increased concerns for the quality and maintenance of purity of food products and to ensure a hygienic environment within the production plant. In addition, features such as easy application, chemical resistance and abrasion resistance have made the application of industrial coatings in processing facilities essential.
Based on the type of binder, the epoxy segment is projected to grow at the highest CAGR from 2016 to 2021. The growth can be attributed to industrialization in growing economies and the creation of new manufacturing facilities. The dominant position of the epoxy market can be attributed to its superior properties such as high adhesion, flexibility and chemical and solvent resistance.
