The market is expected to generate an incremental $ opportunity of US$ 7.8 Bn between 2022 and 2030
Category: Chemicals & Materials Published Date : August 2022 ID: CVC-00178 Format: PDF Pages: 315
Protective Coatings Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Protective Coatings Market was worth US$ 14.7 Bn and is expected to grow at a CAGR of 5.5% over the forecast period. The market is expected to hit US$ 22.5 Bn by 2030 end.
A protective coating is the most effective way to protect a surface and structure from damage, whether a product or a whole infrastructure. It is becoming increasingly important since it significantly cuts maintenance expenses. In industrial applications, protective coatings may save a significant amount of money on machinery that would otherwise be lost due to maintenance or repair.
Protective coatings market growth is affected by various factors, including increased investments to update aging Infrastructure in established nations and rising demand for new Infrastructure in developing economies.
THE GROWTH IN THE INFRASTRUCTURE INDUSTRY DRIVES THE MARKET
The construction industry requires a wide range of protective coating formulations to satisfy the demands of various applications. Growing population, urbanization, and industrial expansion have resulted in an increased need for infrastructure development and construction internationally, which drives the market.
Protective coatings are used for flooring, wood finishes, interior and external walls, bridges, swimming pools, doors, and ceilings in the civil building and infrastructure business. Protective coatings increase the lifetime and stability of buildings by forming a thin layer on the surfaces to which they are applied.
Protective coatings are used to enhance the lifespans of existing substrates. Many industries have systems that operate continuously. Several of them are subjected to environmental changes or use offensive materials. It causes degradation in the structure of the equipment or a decrease in process efficiency, resulting in plant closure or a halt in overall activities. Protective coatings aid in the prevention of these concerns, lowering the cost of equipment downtime and replacement.
HIGH MANUFACTURING AND RAW MATERIAL COSTS HAMPER THE MARKET
Protective coatings are extremely expensive, and their manufacturing costs are rising with the rise in energy prices. Higher raw material prices have stemmed from fluctuating crude oil prices and changing foreign currency. The cost of natural ingredients for protective coatings varies greatly.
In addition to raw material prices, manufacturers are saddled with additional expenditures due to increasing energy taxes, resulting in greater operational costs and decreased profit margins.
Market Segments Covered in Report
By Resin Type:
By Region and Country:
Why is the Civil building & Infrastructure segment of Protective Coatings projected to have the highest CAGR?
Civil construction and Infrastructure is the fastest-growing end-use business for protective coatings. The fundamental goal of protective coatings is to shield structures from solvents, dust, fungus, corrosion, humidity, and other threats that might compromise the structure’s stability and performance. Waterproofing solutions are also provided by protective coatings, preventing water leaks.
Protective coatings operate as a barrier, allowing structures such as buildings, dams, wells, bridges, floors, wood finishes, and external and interior walls to function in harsh conditions and circumstances.
Which resin type is expected to increase the fastest over the projected period?
Epoxy resin has the largest market share and is expected to retain this trend over the projection period. The capacity of epoxy resin to tolerate severe cold and heat is highly valued. Another benefit of Epoxy is that it dries quickly, resulting in fewer manufacturing delays. Epoxy is also resistant to chemicals, oil leaks, and scratches when the coating is curing. It keeps the covering from deteriorating.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Market participants are improving their supply chains to remain competitive.
Some of the key developments that have taken place in the Protective Coatings Market include:
A list of some of the key suppliers present in the market are:
Global Protective Coatings Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Technology, Resin Type, End-Use, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|