New York, Sept. 17, 2020 (GLOBE NEWSWIRE) -- The Global Protective Coatings Market is projected to reach USD 52.31 billion in 2027. The rise is expected to be fueled by growing demand from the aerospace industry. Protective coatings are commonly used in applications of aerospace such as outdoor topcoats, fuel tanks, anti-chafes, wings, and others. They provide equipment and assemblies with protection against erosion, corrosion, chemical attack, and abrasion and thus help to extend the life and efficiency of components. Over the predicted timeframe, demand for aerospace and defense equipment is expected to register substantial growth across the globe. The revival in global security challenges combined with an expansion in the national defense spending is projected to stimulate the aerospace industrygrowth in the years ahead.
Protective coatings are commonly used in domestic applications and enclosed spaces that are poorly ventilated. They have low levels of Volatile Organic Compound (VOC), thereby making them more environmentally conscious than their counterparts. These coatings are used in those cases where solvent-borne coatings are expected to react with the substrate. Because of their properties, including outstanding thermal and corrosion resistance, waterborne coatings are the perfect primer. Protective coatings are used to protect products from heat and humidity produced by heat exchangers, boilers, transformers, containers, and material handling equipment. Due to their impermeability, they provide the equipment with better impact and abrasion resistance.
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The COVID-19 impact:
The COVID-19 pandemic is likely to threaten the evolution of the industry to some extent. In this challenging situation, significant players in the industry are pessimistic about the future of the market and are attempting to reinvent their approaches to support themselves. The pandemic had a massive effect on the aircraft industry, and several large factories needed to abandon production and other activities. In some parts of the world, there's a shortage of jobs owing to frequent lockdowns. COVID-19 has affected international trade, exports, and imports, resulting in a considerable drop in demand in this industry. The biggest companies operating in the market are trying to clear their stocks and focus on keeping their cash reserves in place. People's average disposable income would certainly be reduced, and producers are finding new alternatives at far lower rates to meet consumer demands.
Further key findings from the report suggest
- The fastest-growing application segment is anticipated to be aerospace between 2019 and 2027 due to improved demand for highly specialized products and shorter lead times from incremental development.
- Due to its growing demand in various end-use industries, the epoxy segment is potentially fueling the development of the safe coatings industry.
- Difficulties in restoring and removing raw material and energy degradation and high costs are two major drawbacks of protective coatings that can, in effect, have a negative impact on resin requirements.
- In order to broaden their market share and distribution network, companies take up new product development, expansion, and merger & acquisition. Those are the main strategies implemented by protective coating resin market players.
- The Asia-Pacific region is revenue-wise dominant because of increasing demand of protective coatings from end-users such as aerospace, automobile, manufacturing, power generation, business, and oil & gas.
- Key players in the market include Arkema SA, Akzo Nobel NV, PPG Industries, Inc., Axalta Coating Systems, RPM International, Inc., The Sherwin-Williams Company, Wacker Chemie AG, The Dow Chemicals Company, BASF SE, and Kisco Limited, among others.
- In November 2019, Akzo Nobel N.V. completed the acquisition of Mapaero, a French manufacturer of aeronautical coatings. The agreement would improve the global role of AkzoNobel in aerospace coatings, especially in the cabin cover. Through the merger of both firms, AkzoNobel is able to give its clients a wider variety of creative and profitable products.
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For the purpose of this report, Reports and Data has segmented the global Protective Coatings Market on the basis of Product, Formulation, Application, and region:
Product Outlook (Revenue: USD Billion; 2017-2027)
- Epoxy
- Acrylic
- Polyurethane
- Polyester
- Alkyd
- Others
Formulation Outlook (Revenue: USD Billion; 2017-2027)
- Water-Borne
- Solvent-Borne
- Powder-Based
- Others
Application Outlook (Revenue: USD Billion; 2017-2027)
- Construction
- Oil & Gas
- Aerospace
- Industrial
- Automotive
- Others
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Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- BENELUX
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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