A recent report published by
Infinium Global Research on the protective coatings market provides 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 9.5% over the forecast period of 2020-2026.
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 were applied.
The spread of COVID-19 has
severely affected the protective coatings market across the globe. COVID-19
pandemic affected the global protective coatings market by hindering production
and demand, disrupting supply chain, and by its impact on firms and the
financial markets. The gap in the demand-supply will hinder the functioning of
the flourishing protective coatings industry. On the other hand, the profit of
most of the market players is decreased due to the minimal sale in coronavirus
outbreak. The shortage of raw materials is another major challenge faced by the
protective coatings industry during the pandemic. This, in turn, has decreased
the production of protective coatings during the pandemic. Furthermore, the
lower production of protective coatings in countries including China, Taiwan,
India and Japan have created a shortage in the global market. Other countries
dependent on the import are facing a severe shortage of protective coatings
during the pandemic.
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 the market growth. Governments,
particularly in the developing countries are spending heavily on developing
infrastructure to boost the nations’ economy. 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 the market growth in the future. Several
vendors have developed a different type of innovative protective coatings that
prevents the surfaces from various environmental factors including heat, cold,
moisture, dust, and living organisms.
In terms of region, the global
protective coatings market is segmented into four regions including North
America, Europe, Asia Pacific, and Rest of the World. The Asia Pacific was the
largest market for the protective coatings market generating the highest
revenue in 2019. 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. 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 of 2020-2026. The better economic conditions in the region
coupled with higher production of automotive 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-users.
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-users, the sub-markets
include infrastructure, oil and gas, automotive, aerospace, and others.
The report provides profiles of
the companies in the market such as Wacker Chemie AG, Axalta Coating Systems,
LLC, AkzoNobel NV, Sherwin-Williams Co, Arkema SA, PPG Industries, Inc., RPM
International Inc., BASF SE, Nippon Paint Holdings Co., Ltd., and Dow Silicones
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 from 2020-2026. 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.