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 2022-2028.

Market Insight

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.

Segment Covered

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.

Companies Profiled:

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.

Report Highlights:

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.