Industrial Coatings Market Regional Analysis:
Asia Pacific Market Insights
Asia Pacific region is expected to account for more than 41.5% market share by 2035, attributed to rapid construction expansion and increased use of industrial coatings in vehicles. Also, the increased utilization of industrial coatings in vehicles, along with the presence of major key players and leading exporters and importers of vehicles in the region is anticipated to bring lucrative growth opportunities for the market in the forecast period. International Organization of Motor Vehicle Manufacturers (OICA) statistics revealed that the total production of vehicles in the region was 46 million in 2021, a rise from 44 million in 2020.
North American Market Insights
On the other hand, the North America industrial coatings market is also projected to hold a significant market share during the forecast period. The rapid expansion in the industrial sector has resulted in high industrial goods production which in turn has generated the need for industrial protective coatings in the region. Also, the rise in sales and production of cars, rapid growth in building activity, and the continuous investment by major key players in research and development activities are anticipated to create a positive outlook for the growth of the market in the North America region. Moreover, the high consumer spending and rapid escalation in Gross Domestic Product (GDP) are other factors that are estimated to contribute positively to market growth.
