A Quick Look at the Recent Coatings Market Growth

A Quick Look at the Recent Coatings Market Growth

A person drawing a bar chart representing the growth of the coatings market

It’s going to be a good year for the hydrophobic coatings industry. The economy is strong, construction markets are booming, and the U.S. Industrial Production Index reached a high of 109.7 in November of 2019. Current estimations indicate healthy growth in the hydrophobic coatings industry over the next four years, as many thriving industries depend on coating services. A report published by Graphical Research predicts the global antimicrobial coatings market will be worth more than $7 billion by the end of 2024. In this post, we’ll examine the factors contributing to the recent expansion.

Healthy Growth

Industry consulting firm Orr & Boss predict the hydrophobic coatings market will register a compound annual growth rate of 5.5% between 2017 and 2022 when the market size is projected to reach 13,099 tons.

Increased Demand

Why has the coatings industry continued to experience growth? Two words: increased demand. The medical, automotive, construction, marine, textile, and electronic industries, all of which rely on hydrophobic products, are thriving. Innovations in aerospace technology and medicine, as well as a rapidly increasing demand for vehicles, electronics, and construction materials, have driven the coatings market globally. These industries depend on hydrophobic technologies like wound care dressings, touchscreens, tablets, smartphones, and paints that repel dirt, self-clean, and resist corrosion. The automotive industry uses coatings for headlamps, windshields, mirrors, and windows.

Housing Industry

In many markets, housing demand is outstripping supply. While high costs for construction materials and skilled-labor shortages have slowed activity slightly, industry insiders insist it isn’t cause for concern. The Mortgage Bankers Association predicts U.S. housing will start to grow at 6% annually through 2020. Sales of architectural coatings and other construction-related products should remain steady over the next few years.

China

In the coming years, many mid-sized and larger companies will look to market to China, which consumes approximately 40% of global industrial coatings. With a GDP growing at estimated rates of 5.9% in 2020, China sets the tone among the world’s largest economies. Industry insiders predict an uptick in mergers between the two countries in the coming years.

It’s an exciting time to work in the hydrophobic coatings industry. As innovators in the field with an international presence, Transcontinental Advanced Coatings is thrilled to contribute to a booming global economy. We develop high-performance products for several different industries, including digital imaging, electronics, medical industries, and optical technologies. Please get in touch today by calling +1 704 847 9171 to learn more about how we can serve your brand.