Pune, India, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Protective Coatings Market Overview:
Market Research Future (MRFR) predicts that the global Protective Coatings Market is anticipated to acquire a market value of SD 24.55 billion while expanding at a CAGR of 5.2% by 2025.
The rapid expansion of the construction sector is anticipated to be one of the most significant factors projected to drive the industry during the forecast period. The construction sector is expected to experience robust growth globally due to the surging infrastructural development. The development of end-use sectors such as; aerospace, oil and gas, marine, mining, automotive, power generation, and others is projected to play a salient role in strengthening the global protective coatings market. The market is anticipated to flourish due to the increasing demand for such coatings in developing countries such as; India, China, and Japan. In addition, rapid urbanization and industrialization have resulted in the development of the market. Besides, the increasing product launches and the development of products are anticipated to steer the market further during the assessment tenure. On the contrary, the presence of stringent rules and regulations caused by the production of these coatings is likely to hamper the market growth. In addition to this, the volatile nature of the cost of raw materials used in the production of these coatings can be another factor that is expected to significantly impact the sales of the product.
The outbreak of COVID-19 has negatively impacted the market due to the imposition of lockdown that had resulted in the temporary shutdown of various manufacturing units. The pandemic resulted in multiple challenges for the industrial coatings market by casting a negative impact on the construction and automotive sectors. The industry is anticipated to show recovery from 2021 onwards, with industrial and transportation activities coming on track.
Entrance of New Players to Fuel Competition in the Market
The global market for protective coating is fragmented in nature with the presence of various key players. The globally renowned players face robust competition from each other and as well as from the regional players. Various players are making efforts to enter the market. For instance, Grasim Industries, the flagship owner of the Aditya Birla Group, announced its first step into the paints industry with a capital expenditure of Rs. 5,000 crore, boosting the competition in the industry. Besides, the growing partnership between the key players is anticipated to fuel the competition. For example, Nippon Paint India announced a partnership with Choksey Chemicals. Nippon paint also announced a partnership with Seekho India to train over 5000 youth as its “Virtual Sales Warrior,” thereby expanding its consumer base and fueling the market competition. In addition to this, Axalta Coating Systems, a renowned global supplier of liquid and powder coatings, announced a new partnership with ASAS Auto Parts Trading Co., LLC in Jordan, thereby strengthening its consumer base. The increasing initiatives taken by key players of the industry have resulted in a fueled competition in the market.
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Market Segmentation:
The global protective coatings market is segmented into material type, end-use sector, and product type. In the material type segment of the market, the acrylic resin segment is anticipated to record the highest CAGR of 5.40% during the assessment tenure. The segment had acquired a market value of USD 57.04 billion in 2017. The segment acquired the second-largest market share of the global market. The expansion of the segment can be attributed to the easy application. In the end-use sector of the market, the building & construction segment is projected to acquire the largest market share during the assessment tenure. The automotive segment is predicted to acquire the second largest market share in the assessment time. In the product type segment of the market, the solvent-borne segment is anticipated to acquire the largest market share during the forecast tenure.
Key Players Locking Horns:
Some of the renowned players covered in the report are:
- PPG Industries (US)- AQUAPON
- Berger Paints India Limited (India)- WeatherCoat Anti Dustt,
- AkzoNobel NV (Netherlands)- Devoe,
- Shalimar Paints Ltd. (India)- WeatherPRO+,
- Jotun (Norway)- Alkydprimer,
- BASF SE (Germany)- Basonat,
- The Sherwin-Williams Company (US)- ARMORSEAL HS
- Solvay SA (Belgium)- KetaSpire PEEK
- Nippon Paint Holdings Co., Ltd (Japan)- NIPPON PAINT RED OXIDE METAL PRIMER
- Axalta Coating Systems LTD (US)- Durapon 70,
- Asian Paints LTD (India)- Royale Matt,
- RPM International INC (US)- Nullifire
- KANSAI PAINT CO., LTD (Japan)- TECT BARRIER SP (A) 500.
Browse In-depth Market Research Report (134 Pages) on Protective Coatings: https://www.marketresearchfuture.com/reports/protective-coatings-market-8432
Regional Status:
As per the regional analysis conducted by MRFR, the APAC region is anticipated to be the most lucrative market during the forecast tenure. The expansion of the regional market can be attributed to the rapid development of the construction, marine, and energy sector in developing countries such as India, China, and Japan. The growth-centric countries are taking various initiatives to strengthen their end-user sectors such as; construction, automotive, and others. For instance, the Indian government is considering easing rules to attract FDI in the construction sector. The ease of rules is projected to develop the construction sector, thereby strengthening the demand for the product. Furthermore, the availability of raw materials with lesser stringent rules and regulations regarding the usage of VOC is predicted to be another significant factor that can steer the market in the region. India and China are expected to make notable contributions owing to the on-going large number of infrastructural development activities. Europe is anticipated to procure significant market share during the forecast period. The development of the region can be attributed to the presence of key players such; Volkswagen, BMW, and others. The players are taking various initiatives to expand their consumer base. For instance, Volkswagen announced a solar-powered catamaran collaboration with Silent-Yachts. Such initiatives are likely to bring a significant impact on the market in the region. The Middle East & Africa (MEA) is expected to expand at a slower pace as compared to the other regions owing to the presence of underdeveloped economies.
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