Chemical coating industry poised for significant growth, thanks to digitization
September 16th, 2020
The chemical coating industry has experienced a renaissance over the past decade. Driven by increased globalization and burgeoning demand for new, innovative chemical formulations, the industrial coatings market is projected to grow from US 85.2 bn in 2020 to US 103.2 bn by 2025, at a CAGR of 3.9%. Demand for packaged medical and pharma products, PPE, and packaged food & beverage items is expected to dominate the market for the foreseeable future. While impressive, these gains are, in large part, due to the industry’s early-adoption of IoT, AI, and Cloud technologies and its ongoing commitment to digitally transform global supply-chains. While 2020 is proving to be a challenging year, COVID-19 induced lockdowns, social distancing, and trade restrictions have opened interesting opportunities in this space by leveraging native automation, remote monitoring, and no-touch UX capabilities of these technologies.