Protective Coatings Market

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.

Market Dynamic

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 Technology:

• Solvent-based
• Water-based
• Powder coatings and others

By Resin Type:

• Epoxy
• Polyurethane
• Acrylic
• Alkyd
• Zinc
• Others

By End-Use:

• Offshore structures/Oil & Gas – Exploration, Production & Transmission
• Petrochemical – Refineries & chemical processing
• Marine
• Cargo containers
• Power generation
• Water & wastewater treatment
• Civil building & Infrastructure
• Food & beverages
• Others

By Application:

• Abrasion Resistance
• Chemical Resistance
• Fire Protection
• Heat Resistance
• Corrosion Resistance
• Pipe Coatings
• Tank Linings
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• Regarding volume, the Asia Pacific protective coatings market is predicted to grow at the fastest CAGR during the forecast period. By 2031, the region’s market is estimated to account for 2/5 of the worldwide protective coatings market volume. In 2021, Asia Pacific was the dominating regional sector, accounting for more than 4% of sales.
• North America has been the most significant market for protective coatings. The region’s highly developed construction industry accounts for most of its market share. The building business in North America is also one of the most wealthy in the world. In recent years, North America, particularly the United States and Canada, has experienced a surge in residential, commercial, and infrastructure building, increasing sales of paints and coatings and boosting the North American paints and coatings industry.

Competition Analysis

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:

• In 2021, AkzoNobel announced a collaboration with Players. The cooperation between AkzoNobel and Player will expand the company’s industrial coating product portfolio.
• In October 2020, Akzo Nobel committed $23 million to expand the powder coatings capacity of their Como, Italy, factory. This approach will allow them to improve their position in the worldwide protective coatings market while supporting green production.

A list of some of the key suppliers present in the market are:

• Akzo Nobel
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Arkema
• Wacker Chemie
• Sika
• RPM International Inc.
• Axalta Coating Systems
• Hempel A/S
• Novatic – THE COATINGS GROUP
• Corbion NV
• Berger Paints India Limited
• Jotun
• Carboline
• Tnemec Company, Inc.

Global Protective Coatings Market 2022-2030: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2030), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies