Chicago, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The global "Protective Coatings Market is projected to grow from USD 13.8 Billion in 2021 to USD 17.8 Billion by 2026, at a CAGR of 5.2% between 2021 and 2026., as per the recent study by MarketsandMarkets™. APAC is estimated to be the largest consumer of Protective Coatings. The global Protective Coatings market is driven by increasing need for efficient processes and longer life of equipment and devices.
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Browse In-Depth TOC On " Protective Coatings Market”
239 - Market Data Tables
59 - Figures
308 - Pages
List of Key Players in Protective Coatings Market:
- PPG (US)
- AkzoNobel N.V. (Netherlands)
- Sherwin-Williams (US)
- Hempel (Denmark)
- Jotun (Norway)
Drivers, Restraints, Opportunities and Challenges in Protective Coatings Market:
- Drivers: Increasing demand from Civil Building and Infrastructure industry Restraint: Stringent environmental regulations regarding disposal of textile effluents
- Restraints: High prices of raw materials and energy
- Opportunity: Increasing demand for maintenance for existing substrates
- Challenges: Increasing demand for maintenance for existing substrates
Key Findings of the Study:
- Civil Building is the fastest-growing segment of the overall Protective Coatings market.
- APAC is the largest Protective Coatings market during the forecast period.
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APAC is expected to be the largest and fastest-growing market for Protective Coatings. The growth of the market in the region is mainly attributed to high economic growth and heavy investments across end-use industries, such as Civil Building & Infrastructure and Marine industry. APAC is increasingly becoming an important global trade and commerce center. AkzoNobel N.V. (Netherlands), Jotun (Norway), and other international players are expanding their existing Protective Coatings production units in this region because of the low cost of production and ability to serve the emerging local market.
The Marine end-use industry is expected to lead the overall Protective Coatings market in terms of value, between 2021 and 2026. Protective Coatings are gaining importance in the marine end-use industry, due to its association with operation in corrosive environments, the marine industry has a tremendous demand for protective coatings. Protective coatings are generally applied on marine parts made of steel, aluminum, fiberglass, and other substrates. They are used for cargo vessels, tankers, tug-barge, workboats, motor launches, and hydrofoils. Marine is estimated to be the largest end-use industry of protective coatings.
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PPG (US), AkzoNobel N.V. (Netherlands), Sherwin-Williams (US), Jotun (Norway), and Hempel (Denmark) are the key players in the global Protective Coatings market. These market players are expected to undertake various growth strategies, such as investment & expansion, mergers and acquisitions, and new product launch to expand their overall businesses and tap the opportunities in the fast-growing economies. Major players are focusing on strengthening their R&D facilities to provide cost-effective products and investment in emerging markets. These products are manufactured adhering to regulations implemented by governments. All such developments are expected to lead to the sustainable growth of the Protective Coatings market players over the next five years.
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