Protective coatings market

Protective Coatings Market, by Technology (Solvent-borne Coatings, Water-borne Coatings, Powder Coatings, Others), by Application (Infrastructure, Commercial Real Estate, Industrial Plants and Facilities, Oil & Gas, Power, Mining), by Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, Polyester, Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Aug 2022
CMI2715
120 Pages
Excel & Pdf
Advanced Materials

Summary

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

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
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:	North America: U.S., Canada Latin America: Brazil, Argentina, Mexico, Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Africa
Segments covered:	By Technology: Solvent-borne Coatings, Water-borne Coatings, Powder Coatings, Others By Application: Infrastructure, Commercial Real Estate, Industrial Plants and Facilities, Oil & Gas, Power,Mining By Resin Type: Epoxy, Polyurethane, Acrylic, Alkyd, Polyester, Others
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
Growth Drivers:	Increasing construction of new infrastructure and rising spending on the maintenance of the existing infrastructure Growth in the paints and coatings industry
Restraints & Challenges:	High energy consumption during the manufacturing of protective coatings

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

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

In December 2019, DuPont, producers of chemicals and science-based products, announced the sale of its protective coatings product lines and related assets to the Sika group, a chemical company develops and produces systems and products for bonding, sealing, damping, reinforcing, and protecting.
In March 2021, PPG Industries Inc., supplier of paints, coatings, and specialty materials. Introduced the PPG PITTHANE ULTRA LS high performance polyurethane topcoat, which is designed for use in corrosive situations where a low sheen required to reduce a glare and cover surface flow.
In July 2020, Sherwin-William’s Protective and Marine coatings expanded its line of FIRETEX, a passive fire protection coatings range that improves applications and lowers costs for onshore assets by allowing the exact coating thickness parameters.

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.

Table of Content

Table of Contents

* Browse 22 market data tables* and 18 figures* on "Global Protective Coatings Market” - Forecast to 2030.

Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What was the global protective coatings market size in 2021?

Global protective coatings market was valued at around US$ 21,320.7 million in 2021.

What are the major factors that are expected to drive growth of the market during the forecast period?

Increasing construction of new infrastructure and rising spending on the maintenance of the existing infrastructure drive growth of the market during the forecast period.

What are the opportunities in the market?

Increasing adoption of water-based coatings from conventional solvent-based coatings due to strict environmental regulations is expected to bring new market opportunities.

What are the key factors hampering growth of the market?

Which are the key players in the market?

Major players operating in the 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

What is the estimated growth rate for market?

The market is estimated to grow at around 9.3% CAGR in the forecast period (2022-2030).