Protective Coatings Market 2022
Starting with the overview of Protective Coatings Market, it presents an overall analysis of the latest trends that are prevalent in the industry. The report begins with the description of the market surroundings and the analysis of the size and forecast of product or service based on regions and applications. In addition to it, the report also introduces the market competitive landscape among the vendors and manufacturers that contribute to the growth of the product or service. The company profiling and market price analysis in relation to the value chain features is also covered in the report. The data experts have examined and scrutinized the industry trends in the key regions. 2022 has been considered as the base year, with the forecast period extending to 2030.
The global protective coatings market is estimated to be valued at around US$ 55 Bn by 2031-end, increasing at a robust CAGR of more than 7% over the next ten years. At present, industry revenue is estimated to be worth approximately US$ 27.6 Bn.
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A 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 type, such as epoxy, alkyd, acrylic, or polyurethane. However, different blends of resin, pigments, solvents, and additives result in different serviceability and properties of protective coatings.
Growing demand for new infrastructure in developing economies and increased investments to upgrade aging infrastructure in developed economies are expected to emerge as major factors driving demand for protective coatings over the coming years.
Innovations in product and technology focused on eco-friendly and cost-efficient solutions and increasing adoption of water-borne protective coatings due to stringent environmental regulations are other factors expected to fuel the growth of the market over the forecast period.
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However, stringent government regulations focusing on reduced VOC emissions, availability of substitutes at cheaper costs, and volatility of raw material costs are projected to impede the growth of the global protective coatings market during the forecast period. Global protective coating consumption is expected to increase at a CAGR of 6.8% in terms of volume over the next ten years.
In terms of market value, Asia Pacific is expected to dominate the global protective coatings market over the forecast period, with North America being the second largest market, accounting for nearly 2/10 revenue share of the global estimated market value by 2021-end.
Asia Pacific protective coatings market is slated to expand at the highest CAGR in terms of value over the forecast period.
- 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
On the basis of technology, the water-borne segment is expected to expand at the fastest value CAGR during the forecast period. The growth of this segment is primarily driven by increased adoption of water-borne protective coatings over solvent-borne due to the stringent environmental regulation limiting VOC emissions.
On the basis of resin type, revenue contribution of the epoxy segment is expected increase at the highest CAGR during the forecast period. On the basis of application, infrastructure segment is expected to dominate the market, accounting for 2/10 revenue share by 2031.
Akzo Nobel N.V., PPG Industries Inc., The Sherwin-Williams Company, Hempel Group, The Valspar Corporation and Jotun are the leading players in the global protective coatings market. Other players include Sika AG, Kansai Paints Co. Ltd, and Wacker Chemie AG.
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Key Questions Answered in the Protective Coatings Market Report
How is the Protective Coatings market expected to grow over the projected period?
What direction is the Protective Coatings market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Protective Coatings market in future?
What are the key market drivers in the Protective Coatings market?
What are significant opportunities and improvement areas for Protective Coatings manufacturers?
What are the key developments and trends taking over the Protective Coatings market?
Which are the emerging countries that are expected to create significant growth opportunities in the Protective Coatings market?
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