Protective coatings have wide applications in a plethora of industrial sectors such as packaging, fabrication plants, and assembly lines to build various machines, among many others. These coatings are also used to protect as well as decorate an assortment of materials such as plastics, metals, and wood surfaces. However, their industrial use has witnessed considerable expansion as compared to their decorative applications in recent times.
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The coatings have derived their name from their characteristic to resist changes associated with temperature and pressure, as well as providing ample resistance against corrosion and weathering. The extensive use of these coatings have led to the demarcation of a distinct protective coatings market. Rapid urbanization and industrialization in emerging economies is a prime factor which could be responsible for extensive expansion of the global protective coatings market in future. From an overall perspective, the global protective coatings market is expected to showcase a healthy growth in the next few years mainly due to the expansion of various industrial sectors all over the world.
With respect to statistics, the global protective coatings market had registered a revenue worth US$12463.7 mn in 2016. However, the market is prognosticated to depict a revenue worth US$19374.50 until 2025. Such a phenomenal growth is expected to occur at an impressive CAGR of 5.10% during the forecast period from 2017-2025.
Building and Construction Sector Grabs Handsome Market Shares
The global protective coatings market is mainly segmented on the basis of resin type, product formulation, end-use industry, and region. According to the resin type, key segments are polyurethane, alkyd, acrylic, epoxy, polyesters, and others. Under product formulation, the worldwide protective coatings market is segmented as powder borne, solvent borne, water borne, and others.
From the perspective of end-use industry, the market is segmented into oil and gas, aerospace, building and construction, marine, automotive, and others. Of all these industries, the building and construction sector witnessed maximum utilization of coatings in recent times. In several countries, favorable government initiatives that involve provision of housing and other welfare schemes are notably boosting the construction sector’s growth. However, the oil and gas sector is expected to garner a lion’s share of revenue in the next few years. Few other industries such as electronics, appliances manufacturing, paper and pulp, and power generation equipment also are expected to showcase a surge in the use of the coatings.
Asia Pacific Occupies Leading Position In Terms of Market Expansion
Region-wise, the global protective coatings market is segmented into North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe. Among these, Asia Pacific has managed to garner splendid revenue mainly due to rapid industrialization taking place in this region. Low cost of labor, easy availability of materials, and a favorable working environment are chief factors mainly responsible a healthy presence of the market in this region. Apart from Asia Pacific, North America and Europe also depict an expansive presence of this market, thanks to a strong industrial backdrop.
The market for protective coatings illustrates a highly fragmented and competitive vendor landscape, thanks to the presence of innumerable businesses. While achieving product differentiation remains a key goal most players, regulation of product costs and improving geographical reach also are prime strategies. Axalta Coating Systems, Sherwin-Williams Company, PPG Industries Inc., Hempel A/S, Jotun Group, Akzo Nobel N.V., Sika AG, Nippon Paint Holdings Company Limited, Arkema Group, and Kansai Paint Company Limited are few chief players present in the global protective coatings market.