A protective coating is a substance applied as a layer on the surface of another material to stop or slow corrosion.
Westford, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that protective coatings market size will attain the value of USD 22.91 Billion by 2031, with a CAGR of 5.20% during the forecast period (2024-2031). The global protective coatings market is likely to expand significantly during the forecast period with a greater emphasis being placed on extending the lifespan of devices and equipment. In most situations, protective coatings are applied on prepared metal surfaces. As a result, fractures caused by anthropogenic and natural stress are less prone to develop on metal surfaces.
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Browse in-depth TOC on “Protective Coatings Market”
- Pages – 184
- Tables – 66
- Figures – 78
Protective Coatings Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 15.28 Billion |
| Estimated Value by 2031 | USD 22.91 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.20% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Resin Type, Formulation and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Rapid Industrialization and Urbanization |
| Key Market Opportunities | Advancements in Eco-Friendly Coatings |
| Key Market Drivers | Rise in Automotive Production |
Protective Coating Market Segmental Analysis
The global protective coating market is segmented based on the resin type, formulation, and region.
Based on resin type, the Protective Coating Market is segmented into epoxy, acrylic, alkyd, polyurethane, polyester, and others.
With respect to segmentation by formulation, the Protective Coating Market is segmented into water borne, solvent borne, and powder based.
Demographically, Protective Coating Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Epoxy Segment to Dominate Due to Rising Demand for Epoxy Coatings
As per the protective coatings market outlook, the epoxy segment is dominating during the forecast period. A factor attributing to the growth of this segment is the rising demand for epoxy coatings in developing countries as a result of rapid urbanization and increased expenditure on infrastructural development. Epoxy coating is also being used in more applications, which will help the market develop in the forecast period due to its increased durability and resistance. In addition, it offers defense against hot temperatures, turbulence and corrosive substances.
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Water-borne Segment is Growing Due to Increasing Regulations on VOC Emissions
On the other hand, water-borne is the fastest growing segment in the market. Water-borne coatings have low levels of volatile organic compounds (VOCs), making them more environmentally friendly. With increasing regulations on VOC emissions, these coatings are becoming the preferred choice. They are versatile and used across various industries, including construction, automotive, and aerospace, owing to their excellent performance in terms of durability and resistance.
Asia Pacific is Dominating Due to Rapid Urbanization
As per the protective coatings market analysis, the Asia Pacific region is expected to dominate the global market during the forecast period. This is due to population growth, rapid urbanization and technological development, the need for increased infrastructure and increased construction activity. In addition, government policies to improve connectivity between cities and invest in infrastructure will also help the region generate outstanding revenues in the coming years.
Drivers
- Increasing Infrastructure Development
- Growing Demand for Corrosion Protection
- Rising Adoption in Automotive and Aerospace Industries
Restraints
- Stringent Environmental Regulations
- Volatility in Raw Material Prices
- High Production Costs
Prominent Players in Protective Coatings Market
- PPG Industries Inc.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Axalta Coating Systems LLC
- Hempel A/S
- Jotun A/S
- Nippon Paint Holdings Co. Ltd.
- BASF SE
- RPM International Inc.
- Kansai Paint Co. Ltd.
- The Valspar Corporation
- Sika AG
- Teknos Group Oy
- Masco Corporation
- Wacker Chemie AG
- Asian Paints Limited
- DAW SE
- Berger Paints India Limited
- Noroo Paint & Coatings Co. Ltd.
- Chugoku Marine Paints Ltd.
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Key Questions Answered in Protective Coatings Market Report
- What is the current market size?
- Which is the growing region in the market?
- What are the key restraints of the market?
- Which is the dominating region in the market?
This report provides the following insights:
Analysis of key drivers (rise in automotive production), restraints (high production costs), opportunities (advancements in eco-friendly coatings) influencing the growth of protective coatings market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the protective coatings market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the protective coatings market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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