Protective Coatings Market– Statistics And Analysis & Forecast To 2025
Posted by Mrudula Anil Karmarkar on May 21st, 2021
The global protective coatings market size is expected to reach USD 50.86 billion by 2025, expanding at a CAGR of 7.7% over the forecast period, according to a new study published by Grand View Research, Inc. Rising demand from aerospace industry is expected to fuel the growth.
In industries such as aerospace, oil & gas, and power generation, the machinery, equipment, and components are subject to high operating temperatures. Thus, there is a growing requirement in these industries for efficient coating solutions that offer effective protection of the components and equipment. Heat management, corrosion control, and reduction of wear & tear are the key factors driving this demand for protective coatings across end-use verticals. The growth of these industries, most notably in emerging countries such as Russia, China, India, and Brazil, is expected to have significant impacts on the industry growth during the forecast years.
The overall industry growth is expected to be driven primarily by the epoxy segment during the forecast period. This growth can be attributed to the superior properties of epoxy-based products, including efficiency, thermal resistance, and durability. The growing demand for these products in key end-use segments such as construction and industrial is likely to drive the growth of this segment.
Protective coatings are widely used in aerospace application such as in exterior topcoats, fuel tanks, anti-chafe, wings, and others. They provide protection to equipment and assemblies against erosion, corrosion, chemical attack, and abrasion, and thereby help extend the life and efficiency of components. The demand for aerospace and defense equipment is anticipated to witness significant growth across the globe over the forecast period. The resurgence of global security threats coupled with growth in the defense budget of key nations are expected to drive the aerospace industry in the forthcoming years.
Based on resin segment, epoxy is anticipated to expand at the highest growth rate over the forecast period. Epoxy resin offer high flexibility and abrasion and corrosion resistance, thus, paving their way for use as protective coating in various end use industries such as automotive, construction, oil and gas, mining, power generation, marine, and others.
Further key findings from the report suggest:
Water borne segment is projected to witness substantial growth during the forecast period. It is widely used in household applications and confined and poorly ventilated spaces. They have low Volatile Organic Compound (VOC) content, thus, making them more eco-friendly compared to their counterparts. This coating is used where solvent-borne coatings are anticipated to react with the substrate. Waterborne coating is an ideal primer on account of its properties including excellent thermal and corrosion resistance.
Based on end user, industrial segment is projected to grow significantly over the next seven years. Industrial machinery is exposed to high temperatures, corrosive fluids, and gases that can deteriorate it. Protective coating is used for heat exchangers, boilers, transformers, containers, and material handling equipment to protect them from heat and humidity. They provide the equipment with improved impact and abrasion resistance due to their impermeability.
The construction industry dominated the overall market in 2015, owing to the growing infrastructure development activities in emerging countries such as Russia, China, India, and Brazil, and the consequent requirement for protective coatings. The growing population and rising disposable incomes in emerging regions are expected to increase demand pressure on industry verticals such as oil & gas, energy & power, and automotive, among others. The resultant capacity expansions and the increase in production output would require larger volumes of the product to be applied on components, equipment, and so on. Thus, these verticals are also expected to have positive impacts on the overall growth of the industry.
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The global market is dominated by the Asia Pacific region, followed by Europe and North America. The Asia Pacific region is also projected to grow at the highest growth rate during the forecast period. This growth can be attributed to the rapid growth of key end-use verticals in the region, such as construction, oil & gas, aerospace, and automotive, among others. Emerging regions such as Asia Pacific and Central & South America are anticipated to be high potential markets for protective coatings over the coming years, with Brazil leading the industry in Central & South America region.
The global market is fragmented in nature with the presence of various key players such as Akzo Nobel NV; Arkema SA; Axalta Coating Systems; PPG Industries, Inc.; The Sherwin-Williams Company; RPM International, Inc.; and Wacker Chemie AG along with some small and medium global and regional players. The global players face intense competition from each other as well as from the regional players who have well-established supply chain networks and are well aware of the regulations and suppliers in their market.
Grand View Research has segmented the global protective coatings market on the basis of resin, formulation, end user:
Protective Coatings Resin Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Protective Coatings Formulation Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Protective Coatings End User Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 1,365
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