New York, United States , Sept. 13, 2023 (GLOBE NEWSWIRE) -- The Global Protective Coatings Market Size to grow from USD 35.82 Billion in 2022 to USD 51.44 Billion by 2032, at a Compound Annual Growth Rate CAGR of 8.1% during the forecast period.
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Protective coatings are substances that are applied to surfaces to add an extra line of defence against damage from the environment, corrosion, wear and tear, and other sorts of deterioration. The performance and durability of the underlying substrate are to be enhanced by these coatings. Protective coatings are available in many different forms, each with its own advantages and applications. Protective coatings provide a robust layer of defence against wear, abrasion, impact, and other forms of physical damage, significantly extending the useful life of substrates. Longer coating longevity, improved functionality, and fewer maintenance costs may all result from this.
Protective coatings have shown constant market growth over the past 10 years, and it is projected that this pattern will hold going forward. Infrastructure expansion, increased industrialization, and increased public understanding of the importance of protecting surfaces from corrosion, wear and tear, and other environmental issues are all contributing to this trend. The markets for protective coatings are being driven primarily by the construction and automotive industries. These industries make use of protective coatings to increase the longevity and toughness of buildings, bridges, roads, automobiles, and other structures. The oil and gas sector is another significant factor driving market growth since protective coatings are essential for preventing corrosion in pipelines, tanks, and offshore structures.
Due to increasingly stringent environmental laws, particularly those relating to volatile organic compounds (VOCs) and hazardous air pollutants (HAPs), the protective coatings industry faces significant challenges. Manufacturers must invest in R&D to develop environmentally friendly coating formulas that adhere to these regulations while maintaining performance criteria. The price and supply of the raw materials required to make protective coatings, such as resins, pigments, and additives, may have an impact on the market. The profitability and pricing strategies of coating companies may be impacted by fluctuations in the price of raw materials or their scarcity. The application of protective coatings can be challenging and labor-intensive in order to assure proper surface preparation, coating application, and curing.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on, "Global Protective Coatings Market Size, Share, and COVID-19 Impact, By Resin (Acrylic, Epoxy, Polyurethane, Alkyd, Polyester), By Formulation (Water Borne, Solvents Borne, Powder Based), By End Use (Acrylic, Epoxy, Polyurethane, Alkyd, Polyester), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here
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Formulation Insights
Solvent borne segment is dominating the market with the largest market share
On the basis of formulation, the global protective coatings market is segmented into Water Borne, Solvents Borne, Powder Based. Among these, solvent borne segment is dominating the market with the largest market share over the forecast period. The creation of solvent-borne protective coatings has been influenced by numerous factors. Solvent-borne coatings have historically been widely used in a variety of industries, including the automotive, aerospace, marine, and industrial ones; however, recent environmental concerns and stricter regulations regarding the emissions of volatile organic compounds (VOCs) have slowed their development.
End Use Insights
Construction segment accounted the largest market share over the forecast period
Based on the end use, the global protective coatings market is segmented into Infrastructure, Construction, Commercial Real Estate, Industrial Plants and Facilities, Oil & Gas, Power, Mining. Among these, construction segment accounted the largest market share over the forecast period. Construction projects for buildings, bridges, roads, railroads, and other constructions are increasing on a global scale. These projects require protective coatings to prolong their useful lives, defend against corrosion and weathering, and comply with safety regulations. The growing need for infrastructure development is what is causing the building industry to embrace protective coatings. In addition to providing protection, coatings are used in the construction sector for aesthetic purposes. Architectural coatings are used on surfaces to enhance a building's aesthetic appeal. These coatings could be decorative, textured, or have specific colours or effects. The sector is growing as a result of consumer demand for coatings that provide both security and aesthetic appeal.
Resin Insights
Epoxy resin segment is dominating the market over the forecast period
On the basis of resin, the global protective coatings market is segmented into Acrylic, Epoxy, Polyurethane, Alkyd, Polyester. Among these, epoxy resin segment is dominating the market over the forecast period. Epoxy resin has seen tremendous growth in the market for protective coatings in recent years. A versatile material known for its exceptional mechanical, chemical, and adhesive properties is epoxy resin. These characteristics make it the perfect choice for a variety of protective coating applications, including the protection of corrosion, commercial flooring, marine coatings, and automotive finishes. Rapid urbanisation and infrastructural expansion in developing economies have increased demand for protective coatings. Epoxy coatings are often used on construction projects in the infrastructure sector, such as bridges, roads, tunnels, and buildings, as they offer dependable protection against weather, chemicals, and wear.
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Regional Insights
Asia Pacific is dominating the market with the largest market share
Among all other regions, Asia Pacific is dominating the market with the largest market share. Countries like China, India, and Southeast Asian nations are investing a lot on infrastructure projects like roads, bridges, railroads, airports, and smart cities. Protective coatings are essential for protecting these structures from corrosion, weathering, and other environmental factors in order to increase their lifespan. To shield machinery, equipment, and structures from abrasion, chemicals, corrosion, and other injury, protective coatings are required in the region's growing industrial sector, which includes the manufacturing, automotive, aerospace, and marine sectors.
Europe is expected to have the fastest market growth. Protective coatings are widely used in the automotive, aerospace, marine, building, oil and gas, and industrial manufacturing industries in Europe. The emphasis placed in the area on environmentally friendly and sustainable coatings has also had an impact on market trends.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. List of Key Companies PPG Industries, Inc., RPM International, Inc, Solvay S.A., Diamond Vogel Paints, Clariant International Ltd., Ashland Inc., Royal DSM N.V., Axalta Coating System Ltd., Sono-Tek Corporation, Jotun A/S and Among Others.
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