Global Protective Coatings Market is estimated to be valued at US$ 21,320.7 Million in 2021, according to the Global Protective Coatings Market Report, 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), published by Coherent Market Insights.
Global Protective Coatings Market was valued at US$ 21,320.7 Million in 2021and is expected to register a CAGR of 9.3% over the forecast period (2022–2030). The Asia Pacific region is expected to dominate market over the forecast period and is projected to be the largest and fastest-growing region.
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Browse 50 market data tables* and 40 figures* on "Global Protective Coatings Market” - Forecast to 2030.
Key Trends and Analysis of the Global Protective Coatings Market:
- Epoxy resin coatings are gaining popularity across the construction industry as they improve durability and resilience of plastics, paints, coatings, primers and sealers, flooring and other products and materials. Floor toppings, grouts, crack injection, and adhesives are some of the applications of epoxy resin coatings. Moreover, this coating is also applied to home appliances such as washing machines and refrigerators in order to prevent them from the corrosive environment and enhance aesthetic appeal. Hence, growing demand for epoxy resins coatings is expected to foster the market growth of protective coatings.
- Increasing use of protective coatings for maintaining old infrastructure is one of the major trends in the market. Moreover, protective coatings are also used in the water storage tanks as they are highly prone to corrosions and hence require coatings, thereby fueling the market growth. Furthermore, the development of the aerospace industry due to increasing spending on maintenance of aircraft is further anticipated to augment the market growth of protective coatings.
Key Takeaways of the Global Protective Coatings Market:
- Among the resin types, epoxy resin dominated the global protective coatings market in 2021. Epoxy resin segment was followed by polyurethane and alkyd in terms of revenue share, respectively.
- Among region, Asia Pacific dominated the global protective coatings market in 2021, reporting 44.90% market share in terms of revenue, followed by North America and Europe, respectively.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global protective coatings market.