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Industrial Liquid Coatings Market in North America to showcase a CAGR of 6.5% over 2020-2025
industrial liquid coatings market
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Industrial liquid coatings are primarily used on oil & gas pipelines, as well as other equipment involved in exploration and drilling activities. These coatings impart resistance from corrosion, acids, harmful gases, oils, extreme weather conditions, etc. Development of cost-effective drilling & exploration techniques is providing impetus to the midstream and upstream sectors across the globe, which will further induce industrial liquid coatings market demand.
Various initiatives undertaken by developed economies, such as the U.S. to expand their oil & gas industry share for attaining energy self-sufficiency may also boost industrial liquid coatings industry growth. By 2021, North America region is expected to add the highest pipeline length of around 60 thousand Kms, subsequently fostering industry size over the coming years. Industrial liquid coatings market is touted to cross the USD 70 billion mark by 2025.
Key players participating in industrial liquid coatings market include:
1. Axalta Coatings Systems
2. RPM International Inc.
3. Baril Coatings
4. Hempel
5. Nippon Paints
6. Akzo Nobel
7. PPG Industries Inc
8. Cardinal Paints & Powder
9. The Sherwin-Williams Company
10. Kansai Paint
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Expansion of general industrial sector across APAC region will also augment product demand in the forthcoming years. Industrial liquid coatings are utilized for coating various components and equipment in end-user industries, including electronics, general manufacturing, pharmaceutical, petrochemical & refineries, and food & beverage. Easy availability of skilled labor at low cost and favorable legislative amendments to boost the manufacturing sector are the key factors behind Asia Pacific region becoming a manufacturing hub, contributing around 40% to the world's output.
The regional segmentation covers:
o Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
o North America Region (U.S., Canada, Mexico)
o South America Region (Argentina, Brazil, Columbia, Rest of South America)
o Asia-Pacific Region (China, South Korea, Japan, Southeast Asia, India, Rest of Asia-Pacific)
North America industrial liquid coatings market is forecast to showcase impressive growth rate of more than 6.5% over the projected timeline owing to the presence of extensive general industrial sector across the region. North America harbors the largest network of oil and gas transmission pipelines, combining both Canada and the U.S. Moreover, upliftment of ban from U.S. crude oil export in the region will further contribute towards expansion of pipeline network in region, hence driving major product demand in the coming years.
By resin, industrial liquid coatings market has been segmented into polyester, epoxy, polyurethane, and acrylic. Among them, acrylics are forecast to register an appreciable growth rate of more than 4.5% over the analysis period. Acrylic industrial liquid coatings offer a myriad of beneficial features, such as resistance to UV rays, moisture, rust, and chemicals. Such properties make acrylic liquid coatings well-suited for aluminum and steel applications. Key end use applications of acrylic coatings include utilization in piping, machineries, power plant equipment, steel structures, etc.
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Key questions answered in the report:
o What will be the industrial liquid coatings market demand, size, share, and consumption between 2019 to 2026?
o What will the growth rate of industrial liquid coatings market?
o What was the status of this industrial liquid coatings market worldwide during the past years?
o What are the key factors that will drive the market?
o What are the risks, opportunities, and the overview of market?
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