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.
FAQs Answered in Market Study
- Which nations decisively control the exports of protective coatings?
The U.S., Germany, China, Russia, and Japan are majorly influencing the industry in terms of export.
- Which trends are prevalent in the protective coatings market?
Backward integration across the value chain, increased adoption of water-based coatings instead of solvent-based coatings, and rising mergers & acquisitions are some of the key trends currently observed in the global landscape.
- What is the protective coatings market value in South Korea and Japan?
The protective coatings industry in Japan and South Korea is currently valued at around US$ 1.9 Bn and US$ 1.6 Bn, respectively.
- In terms of value, what will be the market metrics for 2031?
The global protective coatings market is predicted to amass a worth of approximately US$ 55 Bn by the end of the decade.
- How much of the global market share is influenced by the top 5 players?
Top 5 players - Akzo Nobel N.V., The Valspar Corporation, Kansai Paint Co. Ltd, Jotun, and PPG Industries Inc., collectively hold a huge market share of 64.7%.
- How is the protective coatings industry expected to perform over the decade?
Over the next ten years, sales of protective coatings are expected to exhibit a healthy CAGR of 7%.
- Which nations drive most of the demand for protective coatings?
The U.S., China, India, Russia, and Germany are majorly responsible for influencing the demand for protective coatings.
- At what pace did the market evolve from 2016 to 2020?
The industry evolved at a positive CAGR of 4.9% over the past 5 years.
- What is the outlook for the Germany market in Europe?
In the European region, the market in Germany is anticipated to progress at an impressive CAGR of 7.4%.
- At present, what does protective coating revenue amount to?
Global revenue from protective coatings is currently worth approximately US$ 27.6 Bn.
- How much is the protective coatings industry worth in North American region?
The North American holds a market value of nearly US$ 6 Bn in 2021.