A recent report published by
Infinium Global Research on the protective coatings market provides an in-depth
analysis of segments and sub-segments in the global as well as regional
protective coatings market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional protective coatings
market over the short term as well as long term. The report is a comprehensive
presentation of trends, forecasts, and dollar values of the global protective
coatings market. According to the report, the global protective coatings market
is projected to grow at a CAGR of over 6% over the forecast period of
The value of the protective
coatings market in 2022 was over USD 14 billion and is expected to reach about USD
21 billion in 2028 and is expected to be growing with a CAGR of over 6% during
the forecast period. A protective coating is a layer of material applied to the
surface of another material in order to inhibit or prevent corrosion.
Protective coatings are either metallic or non-metallic. Protective coatings
can be applied by a variety of methods and can be used for a number of
applications besides corrosion prevention. An important consideration for
protective coatings is to ensure the coating adheres to the metal, and that it
remains intact or is regularly repaired or recoated. Moreover, a protective
coating is not necessarily limited to corrosion prevention. It can also be used
to increase the wear resistance and aesthetic appeal of the material. The
protective coatings offer water resistance or electrical properties that the
material did not have before the protective coatings are applied. COVID-19 was
an incomparable global public health emergency that has affected almost every
industry and is projected to impact this various industry growth during the
forecast period. During the Covid-19, pandemic people were compelled to stay in
their homes. The governments of many countries in the world turned their focus
to healthcare from other industries. This significantly disrupted their supply
chain operations and manufacturing as lockdowns were imposed by the respective
governments. Manufacturing facilities were shut down due to the pandemic in almost every country globally. Logistical restrictions, manpower
shortage, material unavailability, and other restrictions had reduced the
growth of the industry.
The growing construction sector is
majorly supporting the growth of the market. The construction industry widely
uses protective coatings for various applications. Thus, the growing
construction industry augments the growth of the protective coatings market as
they are the leading end-use industries. Moreover, higher government spending
on infrastructure is further propelling market growth. Governments,
particularly in the developing countries are spending heavily on developing
infrastructure to boost the nations’ economies. However, higher prices of raw
materials are expected to hamper the market growth for protective coatings.
Nevertheless, the emergence of innovative coating materials and coating
processes is anticipated to boost market growth in the future. Several
vendors have developed different type of innovative protective coatings that
prevents the surfaces from various environmental factors including heat, cold,
moisture, dust, and living organisms.
The report provides a regional
outlook covering geographies such as North America, Europe, Asia-Pacific, and
the Rest of the World. Asia-Pacific holds the command over the global protective
coatings market and is expected to dominate the overall market during the
forecast period. Moreover, the market is estimated to grow at the fastest rate
over the forecast period of 2020-2026. A large population of consumers along
with improving economic conditions is augmenting the market growth in the
region. The region comprises countries with different levels of economic
development. The growth in the region is mainly attributed to the use of
Protective Coatings in various end-use industries such as Civil Building &
Infrastructure and Marine. Furthermore, Europe was the second-largest market
for protective coatings in 2019. The market was estimated to grow at a decent
CAGR over the forecast period. The better economic conditions in the region
coupled with higher production of automobiles in the region are driving the
European protective coatings market.
The report on the global protective
coatings market covers segments such as technology, resin type, and end-user.
On the basis of technology, the sub-markets include solvent-borne, water-borne,
and powder. On the basis of resin type, the sub-markets include epoxy, alkyd,
polyurethane, acrylic, and others. On the basis of end-user, the sub-markets
include infrastructure construction, oil and gas, automotive, and aerospace.
The report provides profiles of
the companies in the market such as Wacker Chemie AG, Axalta Coating Systems,
AkzoNobel NV,, Sherwin-Williams Co, LLC, Arkema SA, PPG Industries, Inc., RPM
International Inc., BASF SE, and Dow Silicones Corporation.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO analysis
of the protective coatings market. Moreover, the study highlights current market
trends and provides forecasts for 2022-2028. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.