Protective Coatings Market
Global Market Study on Protective Coatings: Infrastructure Sector to Drive Most Demand Over Next Ten Years
Protective Coatings Market Segmented By Solvent-borne, Water-borne, Powder Technologies in Epoxy, Polyurethane, Acrylic, Alkyd, Polyester Resin
The protective coatings market has been extensively analyzed in this recently revised market study conducted by analysts at Persistence Market Research. This industry survey is based on current as well as estimated forecast assessment data, which suggests that the market is anticipated to progress at a robust CAGR of more than 7% over the next ten years.
Currently, the market is worth around US$ 27.6 Bn, and is expected to increase 2X by the end of the decade. The protective coatings industry in Japan is valued at nearly US$ 1.9 Bn at present.
Find Out More about the Report Coverage
- Akzo Nobel N.V.
- PPG Industries Inc.
- The Sherwin-Williams Company
- The Valspar Corporation
- Hempel Group
- Kansai Paints Co. Ltd.
Key Points Covered in Protective Coatings Market Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on protective coating demand and how to navigate
- Recommendation on key winning strategies
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Research to Change Course of Protective Coatings Industry
A protective coating is the best way to protect a surface and structure from damaging, whether it is for a product or whole infrastructure. The need for it increasing as it reduces maintenance costs by a substantial amount. Protective coatings in industrial applications can save a lot of costs on machinery, which would otherwise be lost in maintenance or repair.
- Syneffex recently published the results of its new coating called Heat Shield™ High Heat, which was installed at a U.S. Army Base located at Fort Wainwright. This new coating has proved to be very effective and can withstand moisture by easily being coated onto both, hot and cold pipes taking up almost no space.
- Researchers at Cutin University, Australia, have found a new way of using graphene as a protective coating. They have found a way to apply a thin layer of graphene oxide to silicon and form an impermeable barrier. This barrier is completely invisible to the naked eye and could be used to protect artwork, metals, electronic components, and even produce higher efficiency solar cells.
As more and more research and developments take place in the protective coatings industry, we should expect to see some major advancements with nanotechnology and smart materials.
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The global protective coatings market is poised to grow at a high growth rate by the end of 2031, with new scopes of application across different industrial sectors. Surge in investments in infrastructure development along with rise in refurbishing of old buildings are factors that act as major growth drivers for the market.
Introduction of cost-effective and eco-friendly technology is introducing advancements in the protective coatings landscape. COVID-19 pandemic has slowed down the activities in the infrastructure development sector, minimizing the revenue generated in the market. The market activities are expected to resume in the time ahead, open the path of progress for the market.
The protective coatings market in Asia Pacific is projected to exhibit a high growth rate during the forecast period on the back of high infrastructural developments. Other regions set to contribute to the market expansion include Latin America, the Middle East, and Africa.
Market players are strengthening their supply chain to stay at the forefront in the market competition. Established players profiled in the global; protective coatings market includes The Sherwin-Williams Company, Akzo Nobel N.V., Kansai Paints Co. Ltd., and The Valspar Corporation.
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The protective coating is a covering that is applied over a surface to ensure protection from external environment that could damage the function or integrity of an item or part. Protective coatings find application in consumer products as well as in heavy machinery, marine, automotive and oil & gas industry, etc.
Protective coatings are generally classified by their basic resin types such as epoxy, alkyd, acrylic, or polyurethane. Epoxy resins segment account for a dominant share of the protective coatings market. However, various blends of resin, pigments, solvents, and additives result in different serviceability and properties of protective coatings.
Market at a Glance
The global protective coatings market is expected to expand at a CAGR of 7% in terms of value over the forecast period (2021–2031), and reach a market value of nearly US$ 55 Bn by 2031.
Protective coatings market growth is influenced by a number of factors, including growing demand for new infrastructure in developing economies and increased investments to upgrade aging infrastructure in developed economies.
Product and technology innovations focused on eco-friendly and cost-efficient solutions is another factor expected to fuel the growth of the market over the forecast period. The major trend observed in the market is the adoption of water-borne coatings over solvent-borne coatings due to stringent environmental regulations limiting VOC emissions.
Persistence Market Research, in its latest report titled ‘Protective Coatings Market: Global Industry Analysis and Forecast, 2021–2031’, has segmented the global protective coatings market into technology, resin type, application and regions.
Market by Technology
On the basis of technology, the market is segmented into solvent-borne, water-borne, powder and others. On the basis of resin type, the market is segmented into epoxy, polyurethane, acrylic, alkyd, polyester and others.
Market by Application
On the basis of applications, the market is segmented into infrastructure, commercial real estate, industrial plants and facilities, oil & gas, power and mining.
Market by Region
On the basis of geographic regions, the protective coatings market is segmented into Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa.
Amongst the aforementioned regions, Asia Pacific protective coatings market is expected to expand at the highest CAGR, in terms of volume during the forecast period. The market in the region is expected to account for 2/5 share of the global protective coatings market volume by 2031 end.
In terms of market volume, Europe market is expected to depict slow growth during the forecast period. Revenue contribution of Latin America and the Middle East & Africa to the global protective coatings market is expected to increase significantly over the forecast period.