DUBLIN — A new study from Research and Markets finds that the industrial coatings market saw a decline of about 3% between 2019 and 2020. The research firm expects the industrial coatings market to now to be on the track to recovery, provided the second wave of the COVID-19 pandemic is brought under control as soon as possible.

According to the report, Europe, North America and South America are the regions that have suffered the brunt of decreases in demand for industrial coatings, and the recovery in these regions is likely to be slower over the coming years. Asia-Pacific has been the outlier in this regard, as the region experienced the lowest decrease between 2019 and 2020, primary because China maintained positive growth during that time frame, although growth in 2019 and 2020 was less than in previous years.

In terms of product type, the report finds that solvent-based industrial coatings experienced the highest worldwide demand during 2019 and 2020, accounting for a 43% share in 2020. The company expects that the global market for water-based industrial coatings will see the fastest growth from 2020 to 2026, with a projected compound annual growth rate of 3.8%.

The report analyzes the industrial coatings market by coating type, key technologies and major applications. It analyzes the market for coating type, technology and application by major geographic regions, and provides an outlook for future technologies. With 47 major companies profiled in the report, key business trends focusing on product innovation and development, mergers and acquisitions, joint ventures, and other recent industry developments are discussed.

Visit Research and Markets’ website for more information about the report, titled Industrial Coatings — A Global Market Overview.