The prevailing pandemic situation has led to a reduction in the demand for coatings from the automotive, manufacturing, electronics, and white goods industries. Automotive coatings would continue to be affected by the declining sector, as well as by the overall economic slowdown. Sales figures for automotive have improved, but various car manufacturers believe that the pandemic-induced economic recession will escalate the situation in the automotive industry. Also, companies are facing a severe shortage of skilled and unskilled labor as the pandemic has compelled a significant proportion of workers to travel to their hometowns. The countrywide pandemic and lockdown conditions have also caused immense disruptions in the entire production and supply chain of the coatings market. While the production process has resumed staggeringly in several coating production units, the ever-increasing number of coronavirus positive cases and the falling demand have generated uncertainty among the leading producers of industrial coatings. Shortage of Skilled Labor May Hamper Production amid COVID-19 PandemicĬOVID-19 is considered to be one of the most disruptive forces for market growth. Additionally, the high economic growth in developing countries, rising investment in infrastructure, strict environmental legislation, surging buying power, and increasing demand for green and environmentally friendly coatings would propel growth. The growing automotive manufacturing is projected to drive the market significantly during the forecast period. Also, the economic growth in developing countries and strict environmental regulations are set to drive the market. These advanced materials serve as protective layers and are exclusively used for corrosion, toughness, weather, and stain resistance.ĭue to the rising end-use industries and technological developments, the market is experiencing a high growth rate. The global coating resins market size was USD 33,707.6 million in 2019 and is projected to reach USD 47,412.8 million by 2027, exhibiting a CAGR of 4.7% during the forecast period.Ĭoating Resins are polymer compounds that are used in the manufacturing of coatings as primary components.
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