Summary
China Industrial Coatings Market-Segmented by Application , Technology , and Geography-Trends and Forecasts ( 2017-2022 ). The industrial coatings market are ; aerospace , automotive ( OEM and Refinish ), consumer durables , industrial ( includes oil & gas industries , chemical process industries , power sector , etc .), marine , wood , building and construction and others .
Description
The Chinese industrial coatings market is valued at USD 18.53 billion in 2016 , and is expected to be worth USD 26.01 billion by 2021 , recording a CAGR of 7.02 % over the forecast period .
China accounts for more than 50 % of the industrial coatings market in the Asia-Pacific region . The rapid expansion of the industrial coatings market in China has resulted in a drop in the per unit price of the coatings , thereby increasing its use throughout the region . Moreover , the rising disposable income of people has led to increased spending on end-users , such as furniture , building & construction , and is boosting the industrial coating market in China . Additionally , tax regulations in China , compared to Europe , have resulted in low market-penetration barriers , making China an attractive destination for new entrants . Although China has enjoyed one of the top positions as a consumer of industrial coating in the APAC region , the industry is struggling for innovation and investment in R & D activities compared to developed economies , such as United States .
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The 12th Five-Year plan calls for a focus on water-borne coatings , powder coatings , high solid coatings , radiation-curable coatings and other environmentally-friendly products . This factor encourages local manufacturers to increase production facilities for the aforementioned products . To meet customer requirements , coating companies in the country strive to produce coating materials that have faster application and curing times , smart properties ( such as self-cleaning and mold-preventing ), photo catalytic properties , improved resistance to chemicals , weather , etc ., and longer pot time .
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Developing infrastructure , government support and a healthy demand for eco-friendly coatings are factors driving the industrial coatings market in China . Other factors , such as the increasing use of UV coatings , and developing applications of water-borne coatings offer varied growth opportunities for the market in the country . Dominance of local players in certain segments such as wood coatings , is expected to attract heavy investments from international players . However , VOC emission constraints from solvent-borne coatings still pose a threat for the market .
The China industrial coatings market is broadly segmented by type into ; powder coatings , solvent-borne coatings , water-borne coatings and radiation cured coatings . On the basis of resins , the market has been divided into acrylics , epoxy , alkyd coatings , PU , polyester and other coatings . The end-user industries of the industrial coatings market considered in the report are ; aerospace , automotive ( OEM and Refinish ),
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