New York, United States, June 09, 2022 (GLOBE NEWSWIRE) -- The protective coating is widely used in construction, oil & gas, aerospace, industrial, marine, automotive, power generation, mining, and other end-use industries. The coating protects a range of surfaces from the elements, which could jeopardize an item's operation or integrity. The building industry's global expansion has boosted demand for protective coatings dramatically. Globally, population growth, urbanization, and industrialization have raised the need for infrastructure development and construction, particularly in fast-growing countries like the Asia Pacific, Central and South America, and the Middle East.
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Growing Green Coatings Demand to Drive the Global Protective Coatings Market
Green coatings are formulations that have been designed to have the least amount of environmental impact possible throughout their supply chain. Green coatings are aqueous and powder-based coatings that are eco-friendly throughout their entire life cycle. In addition to raw materials and emissions, green coatings have reduced fire risk during handling and storage.
Green coatings have a high utilization rate, less waste, and a low applied cost, contributing to long-term growth. Akzo Nobel has provided green protective coatings for wind turbines in wind energy sites across the North Sea and China. Covestro developed two-component epoxy green coatings using carbon nanotubes (CNTs) to reduce viscosity and provide robust reinforcement.
These coatings reduce the flow resistance between the water and the ship's hull, resulting in significant fuel savings. When carbon nanotubes are introduced to coating compositions, they increase abrasion resistance by a hundred compared to traditional, solvent-borne epoxy systems. Coating chemistries and formulations are evolving, and producers will face increased rivalry in the future to develop better coating systems, increasing market demand.
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Potential Replacement by Powder Coatings to Provide New Opportunities for the Global Protective Coatings Market
Powder coating is the best solution for replacing solvent-based coatings. These coatings are less expensive and environmentally friendly than liquid paint. High curing temperatures are required for powder coating applications, which can be challenging to achieve with heat-sensitive materials like plastic and wood. To address these challenges, many developers have attempted to enhance curing temperatures. Powder coatings may now be fixed at 120°C utilizing new infrared and UV curing technologies, which considerably reduce the previously required temperature. As a result of this innovation, the spectrum of materials and industries that potentially profit from powder in the future has grown significantly.
Powder coatings are also eco-friendly, making them a viable option for many large coating companies to reduce their carbon footprint. This coating produces nearly no volatile organic molecules because it does not require the application of a solvent to a surface. Powder coatings are expected to replace other traditional coatings in the coming years due to the factors mentioned above, offering growth potential for protective coatings during the forecast period.
Regional Insights
Asia-Pacific acquires the most dominant position in the global protective coatings market and is expected to witness the highest CAGR during the forecast period. It will reach a predicted value of USD 8,825 million by 2030 at a CAGR of 4.3%. China is a hub for chemical processing in the Asia-Pacific, accounting for a significant proportion of the chemicals produced globally. With the increasing need for various chemicals worldwide, the demand for protective coating from this sector is anticipated to rise during the forecast period.
North America is the second-largest shareholder in the regional market. It is estimated to reach a predicted value of USD 3,475 million by 2030 at a CAGR of 2.9%. Protective coatings have a significant demand from the United States construction sector compared to the other countries in North America due to their larger market size and active investments in the development of the construction sector.
Europe holds the third-largest position in the market. It is estimated to reach a value of USD 2,750 million by 2030 at a CAGR of 2.7%. The chemical industry in Germany is the largest in Europe. Germany is the primary chemical manufacturer, accounting for more than 70% of all chemical exports from Europe. In the future years, the industry is predicted to expand, which will increase demand for the market under consideration. BASF, Bayer, Henkel, Evonik, Covestro, Merck, Lanxess, Freudenberg, Wacker, and Atlanta are the leading companies in the German chemical sector. The market analyzed is expected to grow over the projection period, thanks to increased demand from major end-user industries.
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Key Highlights
- The global protective coatings market was valued at USD 12.2 billion in 2021. It is expected to reach USD 16.7 billion by 2030, recording an estimated CAGR of 3.40% over the forecast period (2022–2030).
- By product type, the global protective coatings market is segmented into Epoxy, Polyurethane, Vinyl Ester, Polyester, and Other Product Types. The Epoxy segment dominates the global protective coatings market. It is estimated to reach a value of USD 7,065 million by 2030 at a CAGR of 3.5 %. Epoxy-based protective coatings offer protection against acids, alkalis, solvents, fuels, fatty acids, salt or sugar solutions, chemical cleaning agents, etc. Therefore, the demand for epoxy-based Protective coatings is expected to increase during the forecast period.
- By technology, the global protective coatings market is segmented into Water-Borne, Solvent-Borne, Powder, and Other Technologies. The Solvent-Borne technology dominates the global protective coatings market. It is estimated to reach a predicted value of USD 7,085 million by 2030 at a CAGR of 3%. During the curing phase, solvent-borne coatings are less susceptible to ecological fluctuations, such as temperature and humidity, than water-based coatings. This is a significant advantage because solvent-based coatings have been preferred in the protective coatings segment.
- By end-use industry, the global protective coatings market is segmented into Oil and Gas, Mining, Power, Infrastructure, and Others. The Infrastructure segment holds the most commanding position in the global protective coatings market. It is estimated to reach a predicted value of USD 6120 million by 2030 at a CAGR of 3.8%. As the infrastructure projects are rapidly increasing across the globe, the demand for protecting coatings during the forecast period.
Competitive Landscape
The major players in the global protective coatings market include
- Akzo Nobel NV
- The Sherwin Williams Company
- PPG Industries
- Jotun A/S
- Hempel
Global Protective Coatings Market: Segmentation
By Product Type
- Epoxy
- Polyurethane
- Vinyl Ester
- Polyester
- Others
By Technology
- Water-Borne
- Solvent-Borne
- Powder
- Others
By End-Use Industry
- Oil and Gas
- Mining
- Power
- Infrastructure
- Others
By Regions
- Asia-Pacific
- North America
- Europe
- South America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Protective Coatings Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Product Type Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Epoxy
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Polyurethane
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Vinyl Ester
5.4.1 Market Size & Forecast (Value & Volume)
5.5 Polyester
5.5.1 Market Size & Forecast (Value & Volume)
5.6 Others
5.6.1 Market Size & Forecast (Value & Volume)
6 Technology Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Water-Borne
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Solvent-Borne
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Powder
6.4.1 Market Size & Forecast (Value & Volume)
6.5 Others
6.5.1 Market Size & Forecast (Value & Volume)
7 End User Industry Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 Oil and Gas
7.2.1 Market Size & Forecast (Value & Volume)
7.3 Mining
7.3.1 Market Size & Forecast (Value & Volume)
7.4 Power
7.4.1 Market Size & Forecast (Value & Volume)
7.5 Infrastructure
7.5.1 Market Size & Forecast (Value & Volume)
7.6 Others
7.6.1 Market Size & Forecast (Value & Volume)
8 Regional Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 North America
8.2.1 Economic Overview
8.2.2 Market Scenario
8.2.3 U.S.
8.2.4 Canada
8.2.5 Mexico
8.3 Central and South America and the Caribbean
8.3.1 Economic Overview
8.3.2 Market Scenario
8.3.3 Brazil
8.3.4 Argentina
8.3.5 Colombia
8.3.6 Rest of Central and South America and the Caribbean
8.4 Europe
8.4.1 Economic Overview
8.4.2 Market Scenario
8.4.3 Germany
8.4.4 France
8.4.5 The U.K.
8.4.6 Italy
8.4.7 The Rest Of Europe
8.5 Asia-Pacific (APAC)
8.5.1 Economic Overview
8.5.2 Market Scenario
8.5.3 China
8.5.4 Japan
8.5.5 India
8.5.6 Australia
8.5.7 South Korea
8.5.8 Rest Of APAC
8.6 Middle East
8.6.1 Economic Overview
8.6.2 Market Scenario
8.6.3 South Arabia
8.6.4 The UAE
8.6.5 Qatar
8.6.6 Oman
8.6.7 Turkey
8.6.8 The Rest Of Middle East
8.7 Africa
8.7.1 Economic Overview
8.7.2 Market Scenario
8.7.3 Nigeria
8.7.4 South Africa
8.7.5 The Rest Of Africa
9 Competitive Landscape — Manufacturers & Suppliers
9.1 Competition Dashboard
9.2 Industry Structure
9.3 Akzo Nobel NV
9.3.1 Business Overview
9.3.2 Financial Performance
9.3.3 Recent Developments
9.3.4 Portfolio
9.4 The Sherwin Williams Company
9.5 PPG Industries
9.6 Jotun A/S
9.7 Hempel
10 Conclusion & Recommendation
11 Acronyms & Abbreviations
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Market News
- In April 2022, the Sherwin-Williams Company declared that it had completed its acquisition of the European industrial coatings business of Sika AG. The acquired firm will become part of the Company's Performance Coatings Group operating segment.
- In April 2022, PPG introduced PPG ENVIROCRON™ P8 Series Anti-Graffiti coating at the Exhibition Centre in Karlsruhe, Germany. The innovative product is a hybrid powder coating that stands up to the harshest cleaners and chemicals and is developed to leave no trace of surface damage or graffiti particles. Since it is produced without block agents, PPG Envirocron P8 Series Anti-Graffiti coating has no carcinogenic, mutagenic, or toxic-to-reproduction (CMR) materials commonly found in other products.
News Media
Increasing Demand for Strontium in Paints and Coatings Sector to Drive the Market Growth
Automobile Industry to Hold Considerable Share in the Smart Coatings Market
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