The global protective coatings market is estimated at around US $ 55 billion by 2031, increasing to a Robust CAGR of over 7% over the next ten years. At present, the industry’s revenue is estimated to be around US $ 27.6 billion.
A protective coating is a coating applied to a surface to provide protection from the external environment which could damage the function or integrity of an article or part. Protective coatings find application in consumer products as well as heavy machinery, marine, automotive, and oil and gas industry, etc.
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- Akzo Nobel AG
- PPG Industries Inc.
- The Sherwin-Williams Company
- The Valspar company
- Hempel Group
- Kansai Paints Co. Ltd.
Protective coatings are generally classified according to their base resin type, such as epoxy, alkyd, acrylic or polyurethane. However, different mixtures of resin, pigments, solvents and additives result in different maintenance properties and properties of protective coatings.
Growing demand for new infrastructure in developing economies and increased investments to upgrade aging infrastructure in developed economies are expected to become major drivers of the demand for protective coatings in the coming years.
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Product and technology innovations focused on green and economical solutions and the increasing adoption of water-based protective coatings due to strict environmental regulations are other factors that are expected to fuel the market growth over the course of the year. the forecast period.
However, stringent government regulations focused on reducing VOC emissions, availability of lower-cost substitutes, and volatility in raw material costs are expected to hamper the growth of the global protective coatings market during the forecast period. Global consumption of protective coatings is expected to increase at a CAGR of 6.8% in terms of volume over the next ten years.
In terms of market value, Asia-Pacific is expected to dominate the global protective coatings market during the forecast period with North America being the second largest market, accounting for nearly 2/10 of the revenue share. of estimated global market value by the end of 2021.
The Asia-Pacific Protective Coatings market is expected to grow at the highest CAGR in terms of value during the forecast period.
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On the basis of technology, the water segment is expected to grow at the fastest value CAGR during the forecast period. The growth of this segment is mainly due to the increased adoption of water-based rather than solvent-based protective coatings due to strict environmental regulations limiting VOC emissions.
On the basis of resin type, the revenue contribution of epoxy segment is expected to increase at the highest CAGR during the forecast period. On the basis of applications, the infrastructure segment is expected to dominate the market, accounting for 2/10 of revenue by 2031.
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