Rockville, MD, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The global Protective Coating Market is projected to touch a value of US$ 36.03 billion in 2024 and has been thoroughly analyzed to increase to a size of US$ 66.37 billion by 2034 end. Worldwide demand for protective coatings is evaluated to increase at a CAGR of 6.3% throughout the projection period (from 2024 to 2034).The growth of the automobile industry is driving up the need for protective coatings, especially as electric vehicles are gaining popularity all over the world.
Protective coatings are used by auto manufacturers to insulate vehicles against external factors such as corrosion, ultraviolet radiation, bad weather, and others. These coatings contribute to the durability and aesthetic appeal of automobiles. Apart from this, the use of protective coatings in renewable energy such as solar and wind power is increasing. Protective coatings are crucial for shielding solar panels, wind turbines, and other renewable energy equipment from environmental degradation.
The market in East Asia is growing at a notable rate due to the rising building and infrastructure development in South Korea, Japan, and China. The development in residential, commercial, and industrial construction projects is driving up demand for coatings that provide defense against corrosion, abrasion, and harsh weather conditions.
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Key Takeaways from Market Study:
- The global market for protective coating is projected to increase at 6.3% CAGR between 2024 and 2034.
- East Asia is estimated to account for 36.5% of the global market share in 2024.
- By technology, the demand for water-borne coatings is projected to rise at 7.1% CAGR through 2034.
- The North American market is analyzed to generate revenue worth US$ 19.31 billion by 2034.
- The market in South Korea is poised to touch a value of US$ 5.03 billion by the end of 2034.
- In the East Asia market, China is evaluated to lead with a 56.1% market share in 2024.
“Low-VOC and water-based protective coatings are becoming more popular due to increasing environmental regulations and safety standards in several countries, which is creating lucrative opportunities for market players,” says a Fact.MR analyst
Leading Players Driving Innovation in Powder Protective Coating Market:
The Sherwin-Williams Company; Akzo Nobel N.V.; BASF Coatings; Deutsche Amphibolin-Werke; Beckers Group; Tikkurila; Brillux; Cromology; Teknos; Meffert AG Farbwerke; Mankiewicz; IVM Chemicals; Kansai Paints Co. Ltd.; The Valspar Corporation; PPG Industries Inc.; Evonik Industries; Arkema Group; Sika AG; Dow Chemical; Wacker Chemie AG; Hempel A/S; Jot.
Powder Protective Coating Gaining Traction:
Compared to solvent-borne, water-borne, and other protective coatings, powder formulation technology is high in demand due to its non-solvent content and lack of volatile organic compounds (VOCs). These coatings satisfy several stringent environmental requirements and are safe for the environment.
Powder coatings are thought to be ideal for several industrial applications because of their remarkable durability, which includes resistance to chipping, scratches, and corrosion. Aside from this, the application efficiency of powder coatings which results in less waste and thicker coatings in a single layer makes them more cost-effective.
Powder Protective Coating Industry News:
- In July 2024, to offer effective protection against electronic components in application in renewable energy, power tools, home appliances, and e-Motors, Dow introduced the SIL CC-8000 Series of conformal coatings for UV and Dual Moisture Cure, a line of solventless silicone coatings that applies quickly.
- In July 2024, to leverage green technology to cut down on building waste, the Nano and Advanced Materials Institute (NAMI) and Hong Kong developer Chinachem Group collaborated to introduce a sustainable protective window coating.
- In April 2024, a new epoxy cure hardener for spray applications with several components, Ancamine 2844, was added by Evonik to its range of curing agents. For demanding low temperature and high humidity situations, such as those in maritime and protective coating applications, this novel high-functional aliphatic amine hardener delivers extremely quick cure times and steady property development.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the protective coating market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on technology (solvent-borne, water-borne, powder), resin (epoxy, polyurethane, acrylic, alkyd, polyester), and application (infrastructure, commercial real estate, industrial plants & facilities, oil & gas, power, mining), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Segmentation of Protective Coating Market Research:
- By Technology :
- Solvent-Borne
- Water-Borne
- Powder
- By Resin :
- Epoxy
- Polyurethane
- Acrylic
- Alkyd
- Polyester
- By Application :
- Infrastructure
- Commercial Real Estate
- Industrial Plants & Facilities
- Oil & Gas
- Power
- Mining
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