The global protective coating markets are poised to grow at a high growth rate by the end of 2026 with new scopes of appliaction across different industrial sectors. The surge in the investments in infrastructure development along with the rise in the refurbishing of old buildings is the factors that act as major growth drivers in the market. The 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 coating market in the 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.The 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.
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.
The global protective coatings market is expected to expand at a CAGR of 9.0% in terms of value over the forecast period (2016–2022), to reach market value of US$ 23.2 Bn by 2022.
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, 2016–2022’, has segmented the global protective coatings market into technology, resin type, application and regions. 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. On the basis of applications, the market is segmented into infrastructure, commercial real estate, industrial plants and facilities, oil & gas, power and mining. 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 of 9.4%, in terms of volume during the forecast period. The market in the region is expected to account for 41.6% share of the global protective coatings market volume by 2016 end. In terms of market volume, Europe market is expected to depict slow growth during the forecast period. It is slated to account for a value share of 21.3% by the end of 2016. Revenue contribution of Latin America and the Middle East & Africa to the global protective coatings market is expected to increase significantly at CAGRs of 9.3% and 8.4% respectively, over the forecast period.
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Some market players featured in this report are as follows:
- Akzo Nobel N.V.
- PPG Industries Inc.
- The Sherwin-Williams Company
- The Valspar Corporation
- Hempel Group
- Kansai Paints Co. Ltd.
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