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Protective Coatings Market

Global Market Study on Protective Coatings: Infrastructure Sector to Drive Most Demand Over Next Ten Years

Protective Coatings Market by Technologies (Solvent-borne, Water-borne, Powder)

Market Snapshot

According to Persistence Market Research's most recent market report, the global market for protective coatings is projected to reach US$ 26840.2 Mn in 2023. The market for protective coatings is expected to reach US$ 46,514.3 million in value by 2033 with a steady growth rate of 6.3%.

Protective Coatings Sales (2022A)

US$ 23,207.3 Mn

Protective Coatings Demand (2024E)

US$ 26840.2 Mn

Protective Coatings Market Projections (2033F)

US$ 46,514.3 Mn

Value CAGR (2024-2033)

6.3%

Collective Value Share: Top 3 Countries (2024E)

34.3%

Protective coatings, used in consumer products as well as heavy machinery, maritime, oil & gas industries, etc., are typically categorized by the fundamental resin types they are made of, epoxy, alkyd, acrylic, or polyurethane. Rising demand from machinery sector is boosting the demand.

In industrial, commercial, and architectural sectors, coatings are crucial for asset protection. In general, coatings are thought of as a thin layer of solid material that is placed on a surface to enhance its protective, aesthetically pleasing, or useful properties. More specifically, they are a liquefiable, liquid, or mastic substance that, when applied to a surface, hardens into a protective, practical adherent film, or decorative. Protective coatings are applied to surfaces in order to stop the deterioration of the substrate.

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Historical (2017-22) v/s Forecast (2024-33) Market Outlook for Protective Coatings Market

According to the historical analysis, demand for protective coatings expanded at a compound annual growth rate (CAGR) of 4.0% from 2017 to 2022. The COVID-19 pandemic caused a significant drop in the growth of the market, owing to production and supply chain disruptions, but consumption volume recovered as the economy after the pandemic been contained.

The market is estimated to expand at a CAGR of 6.3% over the forecast timeframe influenced by a number of factors, including a surge in investments in infrastructure development along with the rise in the refurbishing of old buildings and growing innovations in product and technology a with focus on eco-friendly and cost-efficient solutions. In the field of civil engineering and infrastructure development, protective coatings are applied to surfaces like flooring, wood finishes, internal and external walls, bridges, swimming pools, doors, and ceilings. Increased spending on infrastructure construction and more renovations of existing structures are anticipated to bolster the demand for protective coatings across the globe.

On the other hand, the rising need across the globe for harnessing power from alternative sources such as solar, wind, and geothermal has resulted in the increased installation of plants to harness these resources. Growth in the power sector is directly associated with the growth of the protective coating market, as these units need to withstand harsh conditions and highly corrosive elements.

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Market Dynamics

Increasing Demand from Various End Use Industries are creating ample space for Protective Coating.

The demand for protective coatings, which ensure corrosion resistance, durability, and operational efficiency, is projected to increase as the number of housing projects on the drawing board rises. To meet the needs of various applications, the construction industry requires a variety of protective coating formulations. Some of the most commonly used protective coating products in the industry are high-temperature, abrasion and wear-resistant, intumescent, and water-resistant coatings.

Protective coatings are also applied to various construction equipment to ensure corrosion and wear and tear resistance, durability, and operational efficiency. Moreover, the growing concerns about wastewater treatment are also anticipated to boost the demand for protective coatings across the globe. Since wastewater contains dangerous materials including human waste, oils, food scraps, chemicals, soaps, and others that need to be treated before being released to the environment, wastewater treatment has grown in popularity around the world as a means of preventing environmental damage.

Concrete is used to make water tanks because it has a higher water retention capacity. However, when concrete is exposed to chemicals for an extended period of time, it becomes damaged. In order to prevent such long-term damage, protective coatings are applied over the substrate, which has increased the demand for protective coatings.

Fluctuating Cost of Raw Materials and Stringent Regulations for VOCs Constraints the market growth for Protective Coatings.

Protective coatings production are a bit expensiove, and their pricing increases in tandem with the cost of energy. Due to rising crude oil prices and fluctuating currency exchange rates, raw material costs have gone up. The price of the raw materials needed to create protective coatings varies significantly. Acrylic is the cheapest among them. Epoxies are the most expensive type of barrier coating. A rise in energy taxes, on top of the cost of raw materials, imposes additional expenses on manufacturers, resulting in higher operating costs and decreased profit margins.

Additionally, the strict regulations regulating VOC and hazardous solvent emissions due to their detrimental effects on the environment and human health are anticipated to have an impact on demand for solvent-borne protective coatings and limit market expansion during the anticipated period. However, growing technology development, the introduction of bio-solvents, and the use of water-borne protective coatings owing to rising environmental concerns are stimulating market growth in the forecast period.

A flourishing Spike in the demand for Eco-friendly and Cost Efficient Solutions is the new key trend adopted by key players

Manufacturers' focus has shifted from improving existing products to exploring opportunities to introduce newer and more innovative products to the market as a result of the existing strict regulatory framework. The introduction of multi-purpose and hybrid coatings, as well as eco-friendly advanced products such as nano-coatings and green coatings, are factors expected to drive growth in the global protective coatings market.

Opportunities for innovation and new products exist in extreme temperature applications, which is a major area of focus for researchers across the globe and is expected to open up new and promising opportunities in the near future.

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Country-wise Insights

What is the market scenario of Protective Coatings in North America and European Countries?

The U.S. accounts for nearly 19.8% of the global protective coatings market and is expected to witness significant growth during 2024-2033. Increased investment in construction and maintenance for residential, and non-residential buildings, and public infrastructures, such as bridges, rail networks, and structural parts has increased the region's demand for protective coatings in the country.

The developed economies of European regions such as Germany, the U.K., and Russia account for almost half of the total sales in the region. Increasing demand from end-use industries such as automotive aerospace, and power generation, is expected to propel the demand for protective coatings among these countries over the forecast period.

What is the Growth Outlook of the Protective Coatings Market in East Asia?

A significant portion of the East Asian protective coatings market is dominated by China due to the country's expanding manufacturing and industrial sectors, such as building and infrastructure, power, and marine. The market for protective coatings in China is estimated to witness a growth rate of 7.0% during the forecast period.

Rapid industrialization, a growing population, increasing consumer disposable income, and rapid growth of the Chinese construction industry along with a surge in foreign investment, are contributing to the country's market expansion. Rising expansion of the end-use industry, such as marine, power, and aircraft in Japan and South Korea also bolstering the protective coatings market in the region.

What is the Growth Outlook of the Protective Coatings Market in India?

India is estimated to be the fastest-growing market for protective coatings during the forecast period. The country is anticipated to grow at a growth rate of 7.5% coupled with rising consumer disposable income, development of construction along with rising government spending in infrastructure development projects, such as building bridges, trains, airports, and more.

Additionally, the rapid growth of industrial and manufacturing sectors such as automotive, marine, and power is also bolstering the sales of protective coatings in the country.

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Category-wise Insights

What is the demand outlook of the Epoxy segment in the Protective Coatings market?

Based on Resin Type, the market is segmented into Epoxy, Polyurethane, Acrylic, Alkyd, Polyester, and Others. The market for protective coatings is expected to be dominated by epoxy resin type with a value share of 50.2% in the global market.

Epoxy coatings find major use in automotive, industrial, and marine applications, owing to their various benefits. For instance, epoxy has the advantage of drying rapidly, reducing production stops while the coating cures. Additionally, epoxy is resistant to surface scratches, exposure to chemicals, and all forms of leaks. This stops the coating from aging and requiring maintenance.

How does the Infrastructure segment fairing in the Protective Coatings market?

The Infrastructure segment is estimated to utilize 21.4% of the Protective Coatings produced globally. The fundamental objective of protective coatings is to shield structures against humidity, dust, fungi, solvents, corrosion, and other hazards that could comprise their stability and functionality. Protective coatings assist in preventing water leaks in addition to providing waterproofing solutions.

Due to protective coatings that serve as a protective barrier, structures such as dams, wells, bridges, floors, buildings, wood finishes, and exterior and interior walls may all function in difficult situations and circumstances. Surging demand for new infrastructure and increased spending on maintenance of existing infrastructure in developing and developed economies such as Germany, Italy, France, China, India, Brazil, South Africa, and GCC has led to an increased demand for protective coatings in the infrastructure segment.

In addition, the rising number of manufacturing and production facilities due to industrial relocation in countries such as China is expected to bolster the demand for protective coatings in the infrastructure segment.

Competitive Landscape

With the increasing demand from the construction industry, prominent manufacturers are gearing up to tap the market by expanding their presence across regions and improving their product portfolio. Key players in the market are focusing on strengthening their supply chain to stay at the forefront of the market competition. The majority of key players are also focusing on the acquisition of small players, whereas small-scale companies need to make significant investments in R&D to introduce new products and enhance their presence across the globe.

For instance,

In June 2022, The Polynt Group announced the expansion of its coating resin production capacity to serve the North American Coatings Market. With this expansion, the company aims to meet the growing needs of the paint and coatings industry with alkyd, polyester, copolymer, emulsion, and urethane resin technologies.

In June 2022, AkzoNobel announced to acquire of Kansai Paint’s paints and coatings business to strengthen its market presence in Africa.

Scope of Report

Attribute

Details

Forecast Period

2024-2033

Historical Data Available for

2017-2022

Market Analysis

  • USD Million for Value
  • Kilo Tons for Volume

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • ANZ
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Segments Covered

  • Technologies
  • Resin Type
  • Application
  • Region

Key Companies Profiled

  • The Sherwin-Williams Company
  • Akzo Nobel N.V.
  • BASF Coatings
  • Deutsche Amphibolin-Werke
  • Beckers Group
  • Tikkurila
  • Brillux
  • Cromology
  • Teknos
  • Meffert AG Farbwerke
  • Mankiewicz
  • IVM Chemicals
  • Kansai Paints Co. Ltd.
  • The Valspar Corporation
  • PPG Industries Inc.
  • Arkema Group
  • Sika AG
  • Wacker Chemie AG
  • Hempel A/S
  • Jotun

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available Upon Request

Protective Coatings Market Segmentation

By Technologies

  • Solvent-borne
  • Water-borne
  • Powder
  • Others

By Resin

  • Epoxy
  • Polyurethane
  • Acrylic
  • Alkyd
  • Polyester
  • Others

By Application

  • Infrastructure
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Commercial Real Estate
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Industrial Plants and Facilities
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Oil & Gas
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Power
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Mining
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

- Companies Covered in This Report -

  • The Sherwin-Williams Company
  • Akzo Nobel N.V.
  • BASF Coatings
  • Deutsche Amphibolin-Werke
  • Beckers Group
  • Tikkurila
  • Brillux
  • Cromology
  • Teknos
  • Meffert AG Farbwerke
  • Mankiewicz
  • IVM Chemicals
  • Kansai Paints Co. Ltd.
  • The Valspar Corporation
  • PPG Industries Inc.
  • Arkema Group
  • Sika AG
  • Wacker Chemie AG
  • Hempel A/S
  • Jotun

- Frequently Asked Questions -

The global market of protective coatings is estimated to reach a valuation of US$ 25,249.5  Mn in 2023.

The protective coatings demand is anticipated to witness a growth rate of 6.3% over the forecast period of 2023 and 2033 in terms of value.

According to PMR analysis, The Sherwin-Williams Company, Akzo Nobel N.V., Kansai Paints Co. Ltd., BASF Coatings, Jotun, Hempel, Beckers Group, Tikkurila, Deutsche Amphibolin-Werke (DAW), Brillux, Teknos, and Others are identified as the key manufacturers in the protective coatings market.

Key players in the global protective coatings market are expected to account for about 40-45% of the overall market share.

The top countries driving the global protective coatings demand are the India, China,  and the U.S.

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