Germany Industrial Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)
The German industrial coatings market is estimated to reach USD 998 million by the end of this year and is expected to register a CAGR of over 3% during the forecast period.
Due to the outbreak of COVID-19, the industrial coatings sector was negatively impacted. Sales were affected due to GDP movement. Most production units were shut down due to the lockdowns and shortage of human resources. This resulted in uncertainty among various producers. Furthermore, supply chain constraints significantly obstructed the expansion of the industry. The automotive industry showed sluggish sales, a structural slowdown, and a sputtering economy in 2019-2020. However, the easing of lockdowns, along with incentive packages to support economic revival, benefited the regional automotive industry. The market recovered in 2021 and is expected to grow at a significant rate in the coming years.
Key HighlightsThe Germany industrial coatings market is partially consolidated in nature. Some of the major key playersin the market include PPG Industries Inc., The Sherwin-Williams Company, AkzoNobel NV, Axalta Coating Systems and Jotun.
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