The protective coating is applied to the surface in order to provide protection from harsh environmental conditions that could cause damage. They are widely used across various applications such as electronics products, marine, automotive heavy machinery, power generation, and oil & gas industry, etc. On the basis of resin type, the market is classified into epoxy, polyurethane, acrylic, polyester, and alkyd.
The global protective coatings market is projected to reach around US$ 21,320.7 million by the end of 2021, in terms of revenue, growing at CAGR of 9.3% during the forecast period (2022-2030).
Drivers
Increasing construction of new infrastructure and rising spending on the maintenance of the existing infrastructure is expected to drive the market growth of protective coatings. Economies such as India, China, South Africa, and GCC have witnessed a significant increase in infrastructure development due to increasing investment. According to the India Brand Equity Foundation, India plans to spend US$ 1.4 trillion on infrastructure by 2025.
Among region, Asia Pacific region dominated the global protective coatings market in 2021, accounting for 44.9% share in terms of value, followed by North America and Europe, respectively.
Figure 1. Global Protective Coatings Market Value Share (%), By Region, 2021
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Market Restraints
The increasing price of crude materials coupled with the highly fragmented market due to presence of various players is expected to restrict the market growth. This is due to the presence of back-end manufacturers that offer product at very low price result in intense competition.
Protective Coatings Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | US$ 21,320.7 Mn |
Historical Data for: | 2017 to 2021 | Estimated Year: | 2022 |
Forecast Period 2022 to 2030 CAGR: | 9.3% | Forecast Period: | 2022 to 2030 |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Akzo Nobel N.V., The Valspar Corporation, PPG Industries Inc, Arkema Group, Kansai Paint Co. Ltd, The Sherwin-Williams Company, Sika AG, Wacker Chemie AG, Hempel A/S, Jotun |
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Growth Drivers: |
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Restraints & Challenges: |
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Market Opportunities
Increasing adoption of water-based coatings from conventional solvent-based coatings due to strict environmental regulations is expected to bring new market opportunities. For instance, water-based coatings reduce the level of volatile organic compound emissions (VOC) by 80% as compared to solvent-based coatings. Such advantage associated with the water-based coatings is expected to raise the adoption across various end-use industries, thereby fuelling the market growth.
Advancement in the technology by major players in order to meet the evolving market demand is expected to serve major growth opportunities over the forecast period. For instance, in February 2020, the Sherwin-Williams Corporation, paints and coating industry announced its finalizing plans to build a new global headquarters and a research and development facility in Brecksville’s Cleveland area, Ohio, U.S.
Figure 2. Global Protective Coatings Market Value Share (%), By Resin Type, 2021
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On the basis of Resin Types in 2021, the Epoxy segment accounted the largest market share of 33.3% in terms of value, followed by polyurethane and alkyd segment respectively.
Recent Developments
Competitive Section
Major players operating in the global protective coatings market include Akzo Nobel N.V., The Valspar Corporation, PPG Industries Inc, Arkema Group, Kansai Paint Co. Ltd, The Sherwin-Williams Company, Sika AG, Wacker Chemie AG, Hempel A/S, Jotun.
Frequently Asked Questions
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