Burlingame, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The global protective coatings market is projected to reach around $21,320.7 million by the end of 2021, in terms of revenue, growing at CAGR of 9.3% during the forecast period 2022-2030, according to a new study conducted by Coherent Market Insights, Inc.The protective coatings market growth is influenced by infrastructure development, industrial growth, environmental regulations, and technological advancements.Protective coatings are mainly applied to surfaces in order to provide protection against abrasion, corrosion, chemicals, and other forms of wear and tear. These coatings are widely used in industries such as aerospace, automotive, marine, oil and gas, construction, and manufacturing, among others.
Key Industry Insights & Findings from the report:
In Febuary 2023, Huntsman launch three new products at the European Coatings Show (ECS), highlighting its team’s ingenuity and the confidence formulators can gain from creating coatings with its chemistries. The new product launch series include POLYRESYST® IC6005 polyurethane system – a novel intumescent coating developed for the construction industry that can provide passive fire performance alongside strong protective properties.
Global protective coatings market is expected to exhibit a CAGR of 9.3% during the forecast period, owing to rapid urbanization and industrialization. Moreover, increasing spending on infrastructure development is again expected to propel the market growth.
On the basis of Technology, Water-borne Coatingssegment is expected to hold a dominant position, owing to their environmental benefits offered. For example, it minimize volatile organic compound emissions (VOC) by 80%.
On the basis of Application, commercial real estate segment is expected to hold a dominant position, owing to the growing infrastructure development around the globe.
On the basis of Resin Type, Epoxy, segment is expected to hold a dominant position, owing to the fact that is hard and resists most chemicals and moisture
On the basis of Region, Asia Pacific is expected to dominate the global market over the forecast period owing to the rapid urbanization coupled with the strong growth of paints and coatings industry in the region.
Read full market research report, "Protective Coatings Market, by Technology (Solvent-borne Coatings, Water-borne Coatings, Powder Coatings, Others), by Application, and by Region, Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030", published by Coherent Market Insights.
Key Trends and Analysis of the Global Protective Coatings Market:
Increasing new product launch due to ongoing research and developments activities is a growing trend. For instance, in Febuary 2023, PPG announced the launch of PPG STEELGUARD® 951 coating, an innovative epoxy intumescent fire protection coating designed to meet the demands of modern architectural steel, including up to three hours of cellulosic fire protection.
Market Drivers:
Ongoing infratruture development is expected to propel market growth
Government across developing countries are increasing investment for development of infrastructure. For instance, in budget 2023-24, capital investment outlay for infrastructure is being increased by 33% to Rs.10 lakh crore (US$ 122 billion), which would be 3.3 per cent of GDP. As per the Union Budget 2023-24, a capital outlay of Rs. 2.40 lakh crore (US$ 29 billion) has been provided for the Railways, which is the highest ever outlay and about 9 times the outlay made in 2013-14.
Growth of paint and coatings industry to augment market growth
With the growing construction industry, paints and coatings industry is witnessing tremendous growth. According to the Indian Paint Association (IPA), India’s paints and coatings industry is expected to grow to a Rs 1 lakh crore market in the next five years from the current Rs 62,000 crore
Market Opportunities:
Adoption of water-based coatings is expected to serve major growth opportunities
Growing adoption of water-based coatings from conventional solvent-based coatings owing to strict environmental regulations is expected to bring bright market opportunities. This is attributed to the fact that volatile organic compound emissions (VOC) by 80% as compared to solvent-based coatings. Such environmental benefits associated with water-based coatings is expected to positively shape the market growth.
Detailed Segmentation:
- Global protective coatings Market, By Technology:
- Solvent-borne Coatings
- Water-borne Coatings
- Powder Coatings
- Others
- Global protective coatings Market, By Application:
- Infrastructure
- Commercial Real Estate
- Industrial Plants and Facilities
- Oil & Gas
- Power
- Mining
- Global protective coatings Market, By Resin Type:
- Epoxy
- Polyurethane
- Acrylic
- Alkyd
- Polyester
- Others
- Global protective coatings Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East & Africa
- By Region:
- Middle East
- Africa
- By Region:
- North America
- Company Profiles
- Akzo Nobel N.V.
- The Valspar Corporation
- PPG Industries Inc
- Arkema Group
- Kansai Paint Co. Ltd
- The Sherwin-Williams Company
- Sika AG
- Wacker Chemie AG
- Hempel A/S
- Jotun
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Browse through Coherent Market Insights Advanced Materials Research Reports.
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