New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Composite Coatings Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Composite Coatings Market Size:
The global composite coatings market is estimated to grow with a CAGR of ~7 % over the forecast period. i.e., 2022-2031. The growth of the market can be attributed to significant growth in packaging industry. In India, the packaging industry is one of the fastest growing, growing at a rate of approximate 20% annually. The utilization of composite coatings is growing in packaging industry. Composite coatings are several shielding layers that are placed to a base material like steel, concrete, or any other material. Hence their significance is increasing in packaging industry in order to preserve product.
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Since there are known for protecting steel for getting corroded they are further extensively used in industries such as aerospace, construction, steel, automotive, and more. Moreover, growth in oil and gas industry is also expected to boost the growth of the market. Global oil production was accounted to approximately 3bn Mt in 2021. In the chemical industry, poor material selection can result in major economic problems as well as potential dangers and accidents that could endanger people's lives. Hence their demand is growing in oil and gas industry.
Global Composite Coatings Market: Key Takeaways
- North America to hold the largest market share
- Oil & Gas segment to propel the highest growth
- Asia Pacific to hold the significant position in the market
Growth in Construction Industry to Boost Market Growth
There has been huge demand for construction activity owing to large shift of population in urban region. By 2050, 68% of the world's population, up from 55% in 2018, is anticipated to reside in urban regions. Construction is one of the industries where composite coatings are most frequently used. They are typically used to prevent corrosion in steel. On concrete and other materials, however, they are also employed as thermal and intumescent barriers.
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Also owing to the increasing investment in construction industry is further expected to boost the growth of the market. China, the US, and India are forecast to lead the way and account for approximate 50% of all global growth by 2030, when it comes to construction spending, which is predicted to reach to an about USD 15 trillion globally. Additionally, growth in steel industry is further expected to drive the market growth. According to the World Steel Association the average global steel consumption per person has progressively climbed from 150 kg in 2001 to almost 230 kg in 2020, contributing to global prosperity.
Global Composite Coatings Market: Regional Overview
The global composite coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Chemical Industry in North America to Drive Market Growth
The composite coatings market in North America region is expected to garner the largest revenue by the end of 2031, backed by increasing growth in chemical industry. Following a decline in production volume brought on by the COVID-19 pandemic in 2020, the chemical industry's production volume in the United States is predicted to rise by about 3 percent in 2022.
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Increase in Number of Transportation Vehicles in Asia Pacific Region
The market in Asia Pacific region is estimated to hold the significant growth in the market. the growth can be attributed to increase in number of transportation vehicles in this region. In the Asia-Pacific region, approximately 7 million vehicles were sold in 2021. This was an increase from 2015, when the Asia-Pacific region sold about 6 million vehicles. In order to protect this vehicles before they are sold or delivered composite packaging are used. Also rise in population in this region is further anticipated to drive the market growth. More the population the large would be the sale of vehicles.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Composite Coatings Market, Segmentation by End User
- Aerospace & Defense
- Industrial
- Medical
- Food Industry
- Oil & Gas
- Transportation
- Others
The oil & gas segment is anticipated to hold the significant share in the market by the end of 2031. the growth of the segment can be attributed to growth in oil & gas industry over the period. By 2045, it is anticipated that India's oil consumption would substantially increase by a factor of two, to approximate 10 million barrels per day. In order to increase the hardness and shelf-life of equipment such as pipelines, boats, and subsea equipment, composite coatings are utilised to provide protective layers. The oil and gas sector uses composite coatings in a number of activities, including refining and petrochemical manufacture, transportation and storage, and exploration and production. As a result, the growth of the oil and gas sector is predicted to bring in sizable sums of money for the major participants in the composite coatings market.
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Global Composite Coatings Market, Segmentation by Application
- Anti-Corrosion
- Thermal Protection
- UV Protection
- Others
Out of these segments, the anti-corrosion segment is anticipated to garner the largest share by the end of 2031. Their demand is high in transportation, and oil & gas industry. Hence growth in transportation and oil & gas industry is further expected to boost the segment growth. Also growing investment in oil & gas industry is expected to drive the growth of this segment. For instance, ONGC announced intentions to invest approximately USD 3 billion from FY22 to FY25 in order to expand its exploration activities in India in May 2022.
Do You Have Any Query Or Specific Requirement?
Few of the well-known market leaders in the global composite coatings market that are profiled by Research Nester are AkzoNobel, PPG Industries, Inc., Sherwin-Williams Company, RPM International Inc., AZTRON TECHNOLOGIES, LLC, Axalta Coating Systems, A.W. Chesterton Company, OM Sangyo Co., Ltd., Axalta Coating Systems, SURTECKARIYA Co., Ltd., and other key market players.
Recent Development in the Global Composite Coatings Market
- In July 13, 2022, In order to offer airline customers a special solution that combines paint supply with livery design, PG has announced that it will collaborate with the U.K. airline brand and design consultant Aerobrand. Customers will be able to collaborate closely with designers at PPG LIVERY LAB aircraft coatings and design facilities in Burbank, California, and Shildon, United Kingdom, to develop bespoke paint colours and provide direct input on the design of their livery.
- In July 6, 2022, After striking an agreement to buy the wheel liquid coatings business of Lankwitzer Lackfabrik GmbH, AkzoNobel would expand its performance coatings range.
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