The global
industrial coatings market is expected to grow at a CAGR of 5.50%
during the forecast period. Based on technology, the global industrial coatings
market is classified into four segments: water-borne; solvent-borne; powdered
coating; and UV-cured.
Waterborne coatings contain maximum water as a solvent
to disperse a resin. Other solvents such as glycol ethers are added in
significantly small quantities to industrial coatings manufactured using
waterborne technology, which makes them eco-friendly and easy to apply. Also,
these coatings are low in VOC content and conform to the US and European
regulations. Thus, the adoption of waterborne technology in industrial coatings
has increased.
The water in water in waterborne based coatings takes time to evaporate
as it depends on various environmental conditions such as temperature, air
flow, and humidity; the evaporation process is quite faster when coatings are solvent-based. Many international vendors such as Axalta Coating
Systems have expanded their presence by investing in waterborne technology to
manufacture industrial coatings. Thus, the growing preference for waterborne
technology in industrial coatings is expected to drive the growth of the
segment in the global industrial coatings market during the forecast period.
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