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The global market for organic coatings is likely to witness a stable growth in terms of demand and valuation in the forthcoming years. Key stakeholders in the market can target emerging economies of China and India in the Asia Pacific region, as sales of organic coatings in the US and other European countries have reflected nominal growth since past few years. Albeit a higher valuation of organic coatings market in the developed countries of North America and Europe, emerging economies of China and India are expected to surface as key revenue pockets during the forecast period, according this the research report on global organic coatings market.
Cost Effectiveness And Durability And Eco-Friendly Nature Of Organic Coatings Expected To Propel Their Demand
Organic coatings, mainly used to enhance surface stability and durability of metal and ensure protection from damage and corrosion, are likely to witness a spike in sales on the back of growing end use industries such as construction, automotive, military and navy, electrical and aviation. In addition, the growth of the global organic coatings market is expected to witness modest growth on the back of rising environmental concerns and growth in the demand for green material. Apart from being sustainable, organic coatings act as an eco-friendly substitute for inorganic coatings, which offer various benefits including greater sustainability in moisture and cost effectiveness, albeit their comparatively less heat resistance.
China Poised To Lead The Asian Organic Coatings Market; India’s Buoyant Construction Industry Paving Lucrative Growth Paths For Organic Coatings
China in the APAC region is expected to hold a major revenue share in the APAC organic coatings market, followed by India. This can be attributed to the growing number of oil and gas activities along with infrastructure development in the country, the main application of organic coatings being protection from corrosion. In addition, the 13th five year plan of China with respect the oil and gas industry is focusing on infrastructure construction and self-sufficiency. In addition to this, China’s NOCs are concentrating on investments in the exploration of oil and gas in a bid to reduce imports on oil and gas. Another aspect fuelling the growth of the organic coatings market in China is the rising demand for welan gum used in drilling applications for oil production. According to the research report on global organic coating market, the scenario is likely to remain modest in China with the government’s focus toward services-led economy making an impact on the economics of the country.
Likewise, India’s growing construction sector is playing a major role in up-scaling the organic coatings market. For instance, the GVA (Gross Value Added) by the construction industry in India in 2018-19 was USD 183.5 billion, whereas it is expected to touch USD 192 billion by end of 2020. Buoyancy in this sector is likely to present potential avenues for the organic coatings market, as demand from infrastructure and real estate projects rise. Mature economies in the Europe and North America region are expected to showcase stable growth, as the organic coatings market continues to rely on the growth of residential, commercial, road and rail sectors in countries such as US, Germany, and UK.
Automotive Sector To Offer Lucrative Opportunities Of Growth
The global organic coating market is also influenced with the growth in the automotive sector. Organic coatings are used on automobiles to prevent corrosion and abrasion. That said, the demand for organic coatings is likely to witness a spike in the coming years on the back of increasing number of vehicle registrations and vehicle manufacturing. Moreover, the automotive aftermarket is also expected to contribute to the demand and sale of organic coatings, in turn providing potential growth opportunities for the market in the coming years.
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