According to a recent report from Markets and Markets,the global industrial coatings market is expected to grow from $98.30 billion in 2017 to $130.97 billion by 2022,at a CAGR of 5.91 percent from 2017 to 2022.For the purposes of this report industrial coatings are defined as thin films applied on materials to add or enhance their specific properties such as corrosion resistance,wear resistance and conductivity.Industrial coatings are used in a wide variety of applications and encompass many end-use industries such as industrial wood,protective,general industrial,rail,coil coatings OEM and consumer goods & appliances.According to research from Markets and Markets,the industrial coatings market in APAC(Asia Pacific) is expected to grow at the highest CAGR during the forecast period.APAC is rapidly expanding the market,owing to the growing economy and increasing middle-class population.The study authors noted that the increasing number of industrial activities due to growing urbanization,mainly in China and India,are expected to drive the market during the forecast period.There is an increased demand from the automotive industry in APAC,which is mainly backed by the expansion of the region's industrial activities.This increased demand,in turn,drives the industrial coatings market in APAC.
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