The protective coatings market size is expected to reach USD 19.46 billion in 2028 and register a revenue CAGR of 5.5% over the forecast period, according to a latest report by Reports and Data. Rising infrastructure spending and increasing construction activities owing to rapid urbanization and population growth are expected to drive the market revenue growth over the forecast period. The need to improve connectivity between cities is driving public investment in infrastructure development. China invested about USD 119 billion for railways and USD 268 billion for road and river transport projects in 2019. The need to ensure long life of new structures and increase the durability of existing structures drives demand for protective coatings in the construction industry. The ability of protective coatings to provide corrosion protection and improve the aesthetic appeal of structures is expected to drive the market revenue growth over the forecast period. The growing need to extend the life of appliances and equipment is driving an ever-increasing demand for protective coatings. Coatings are most effective in preventing corrosion of metal substrates by providing a barrier between the metal and its environment. The need to reduce the cost of corrosion damage by the application of common coatings is expected to increase the demand for protective coatings.
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Key market players include:
AkzoNobel, PPG Industries, Inc., Sherwin-Williams Company, JOTUN A/S, Hempel A/S, Nippon Paint Holdings Co., Ltd.¸ Sika AG, Kansai Paint Co., Ltd., RPM International Inc. and Axalta Systems coating, ltd.
Manufacturers of protective coating solutions invest in research and development activities for high-quality, highly specialized protective coatings capable of maintaining durability and improving product performance. High quality protective coatings help industries cope with the toughest natural and man-made conditions such as organic and chemical contamination, humidity, UV radiation, deep sea corrosion and heavy use.
The emergence of the COVID-19 pandemic has highlighted the importance of integrating advanced technologies into manufacturing and production processes and increasing investments in the development of robust technological solutions. Companies operating in the market have accelerated the global value chain and supply chain to meet the growing global demand for disinfectants, sanitizers, and other chemicals, thereby accelerating market revenue growth. Capitalizing on emerging trends such as sustainable packaging, growing demand for consumer personal care products, growing need for packaged drinking water, and a paradigm shift towards the regional and local value chain have significantly contributed to the growth of market revenues and should prevail over the coming years.
The materials and chemicals industry has observed large-scale mergers and acquisitions activities and other strategic initiatives such as collaborations, partnerships, joint ventures, brand promotions, agreements and government agreements and d companies, among others. Developing a robust product pipeline and increasing investments to accelerate research and development activities are other key factors that are expected to drive the market growth over the forecast period.
The report further segments the protective coatings market on the basis of types, applications, end-use, and regions. It offers an overview of key factors expected to influence revenue growth of each segment and sub-segment and offers CAGR and revenue for each segment in key geographies. Regional analysis covers assessment of production and consumption patterns, supply and demand, imports/exports, consumer preferences, economic growth and investment opportunities, current and emerging trends, Macro and microeconomic growth factors, technological advancements, market share, market size, and country-wise analysis to give a clear understanding of the regional scope of the Global Protective Coatings Market.
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Some highlights of the report
- In May 2021, Hempel, which is one of the world’s leading coating manufacturers, announced the launch of Hempafire Pro 400. Hempafire Pro 400 is a new passive fire protection coating that maintains the stability of steel structures in the event of an fire for up to 120 minutes. It has been optimized for maximum efficiency in loads for a duration of 90 minutes. Exceptionally low loads help reduce both total paint consumption and the number of coats required. Intumescent coatings dry faster than similar coatings, helping to speed up project completion times. The product can be used for all types of steel profiles – for workshop and on-site applications and can also be used in harsh outdoor conditions and corrosive environments.
- The epoxy segment is expected to account for the largest revenue share of the global protective coatings market over the forecast period owing to its increasing use for growing infrastructure development in developing countries. The optimum protection against abrasion, temperature extremes, corrosive fluids and turbulence provided by epoxy coating is driving its demand in various end-use industries.
- The solvent-based segment is expected to register significant revenue growth over the forecast period. Solvent-based protective coatings are increasingly being used to provide corrosion protection as they are less sensitive to environmental conditions such as humidity and temperature during the curing phase compared to solvent-based protective coatings. of water.
- The construction segment is expected to account for a considerable share of revenue in the global protective coatings market. The need for new structures with long life and better durability than existing structures leads to the use of protective coatings on concrete.
- The Asia-Pacific protective coatings market is expected to account for the largest revenue share during the forecast period. Rising construction activities in developing countries in the region due to rapid industrialization and urbanization and growing population is expected to drive the market growth in the region over the forecast period.
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For the purposes of this report, Reports and Data has segmented the global protective coatings market based on product, formulation, application and region:
Product Outlook (Revenue, USD Billion; Volume, Kilotons, 2018-2028)
Formulation Outlook (Revenue, USD Billion; Volume, Kilotons, 2018-2028)
- Solvent based
- Powder based
Application Outlook (Revenue, USD Billion; Volume, Kilotons, 2018-2028)
- petroleum gas
Regional Outlook (Revenue, USD Billion; Volume, Kilotons, 2018-2028)
- North America
- Asia Pacific
- Latin America
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