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Liquid Coating Market Analysis :
A coating is a covering that is applied to an object’s surface. The purpose of applying the coating may be aesthetic, functional, or both. The growth of the global market for industrial liquid coatings is expected be driven by development of the manufacturing sector. Liquid coatings, commonly known as wet coatings, are used majorly where powder coatings may not adhere to provide finishing to equipment as well as assembled parts and components. In addition, liquid coatings offer noise reduction owing to sound absorption properties, rust & chemical resistance, wear & non-stick resistance, and abrasion resistance. The material efficiency of liquid coatings is around 35%. They provide an aesthetic look and protect the surface against corrosion and damages. Generally, liquid coatings are applied with a spray device to create a consistent thickness of the paint layer.
Key drivers of global liquid coating market
Rapid industrial development in developing countries and extensive use of liquid industrial coating in various industries, including food & beverage, oil & gas, electricity, electronics, manufacturing, boost the market growth for liquid industrial coating. . In the projected time frame, strong growth in the oil & gas industry is likely to fuel the growth of the industrial liquid coatings market. Liquid coatings are used in oil & gas delivery pipelines along with different machinery used in drilling operations and in oil processing. The boom in production operations, developments in the midstream industry, and the current administration's regulatory support are ultimately anticipated to boost the market for liquid industrial coatings during the forecast period.
Market scenario: opportunities and challenges
Significant industrial development in Asian countries is expected to boost the growth of the global market, as liquid coatings are commonly used to prevent issues related to corrosion in machinery and their equivalents in different industries such as electronics, food & beverages, construction, and textiles. In addition, expansion in the automotive industry is expected to fuel the demand for liquid coatings in upcoming years. This is attributed to surge in use of liquid coating for coating the vehicle components such as bolts, screws, brake pads, axle, and internal & external body, as it provides corrosion, chemical, and mechanical resistance. However, the adverse effect on human health caused by the release of fumes from volatile organic compounds is one of the crucial factors, which is expected to hinder the growth of the industrial liquid coatings industry. In addition, liquid coating is less durable as compared to its alternatives. Moreover, it can be hazardous to the spray user, thus inferior and several coats have to be applied to attain the appropriate firm thickness. Such factors are expected to serve as constraints during the forecast period for the growth of the liquid coating industry.
COVID-19 scenario analysis
Owing to the outbreak of the COVID-19 pandemic, the global liquid coating market is expected to witness a slowdown during the next couple of years. The liquid coating industry has endured a negative impact with the spread of coronavirus and consequent fears of falling global demand. Companies are dealing with missing sales and disrupted supply chains as manufacturing shutdowns and quarantine measures expand across the globe, restricting movement and trade, resulting in adverse impacts on the global liquid coating industry.
Key benefits of the report
Questions answered in the global liquid coating market research report:
Key Market Segments
Key Market Players