The global protective coatings market
was valued at US$ 16.39 Bn in 2018, according to Global Protective Coatings Market Report, by Technology (Solvent-borne, Water-borne, Powder, and Others), by Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, Polyester, and Others), by Application (Infrastructure, Commercial Real Estate, Industrial Plants and Facilities, Oil & Gas, Power, and Mining), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) published by
The global protective coatings market is projected to reach US$ 34.81 Bn by 2027, exhibiting a CAGR of 8.7% during the forecast period (2019-2027). The market is expected to witness significant growth over the forecast period, attributing to strengthening of global economic activities and changing of demographics. Demand for protective coatings in emerging economies such as China, India, and South Africa is expected to increase significantly over the forecast period, owing to continuous growth of the country’s economy. Increasing infrastructure and urbanization activities in BRICS (Brazil, Russia, India and China) and GCC (Gulf Cooperation Council) countries, among others, is expected to fuel demand for protective coatings in these regions. Moreover, increasing number of manufacturing and production facilities due to industrial relocation in countries such as China is expected to boost the demand for protective coatings.
There are opportunities for innovation of new products in extreme temperature applications. This is a major area of focus for researchers across the globe, which is expected to open up promising opportunities in the near future.
The global protective coatings market is characterized by presence of vast number of large, medium, and small scale protective coatings manufacturers, thus making the market highly fragmented. Presence of back-end manufacturers in the market acts as a threat as back-end manufacturers provide similar products at a low cost. Eventually, it results in intense competition in the market, and reduces profitability across the value chain. Implementation of alternative materials, such glass and steel for exterior coatings increases competition. Therefore, wide availability of substitutes is expected to restrain growth of the global protective coatings market in the near future.
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Browse 25 market data tables* and 30 figures* on "Protective Coatings Market” - Global forecast to 2027.
Key Takeaways of the Market:
- Innovations in product and technology with focus on cost-efficient and eco-friendly solutions is to act as one of the main drivers contributing to growth of the global protective coatings market. Existing strict regulatory framework has led to shift in focus of manufacturers towards improvising existing products and exploring opportunities to introduce newer and more innovative products in the market. Major focus is being laid on service life performance of protective coating, introduction of multi-purpose, and hybrid coatings; eco-friendly advanced products including nano-coatings, green coatings, etc. are factors expected to drive growth of the global protective coatings market.
- Based on application, infrastructure segment contributed for over 23.0% of revenue share in the global protective coatings market in 2018, primarily driven by increasing infrastructure development activities in emerging economies such as China, India, and Brazil.
- Among region, Latin America is expected to grow at significant rate in the global protective coatings market. Production capacity of protective coatings is expected to increase in Latin America in the near future, owing to lack of stringent regulations in this region. Moreover, major international players are investing in setting up new production plants in Mexico, in order to leverage benefits offered by governments of these countries is expected to contribute to the Latin America protective coatings market.
- 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, and Jotun.