Protective Coatings Market Latest Rising Opportunity 2021

“The global protective coatings market was valued at USD 24.90 billion in 2015. The growth in this market is primarily an outcome of significant consumption in key end-use industries such as construction, oil & gas, and aerospace.”

The growth in the Protective Coatings market is expected to be positively impacted by the rise in the aerospace and automotive industries worldwide. The rising demand for passenger cars and the growing air traffic, most notably in emerging regions, are expected to drive the growth of this industry during the forecast period.

The product finds major applications in the construction, mining, power generation, aerospace, industrial, and marine industries, among which the construction segment accounted for the largest share in 2015. The growing infrastructure development in emerging countries such as India, Brazil, and China are anticipated to drive the demand for the product during the forecast period.

The key restraints for the growth of the industry include the stringent government regulations, especially in the U.S. and European countries, regarding the volatile organic compound (VOC) emissions and increasing cost of raw materials. The rising demand for raw materials in the other end-use segments may negatively impact the growth of the industry during the forecast period.

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Resin Type Insights

In terms resin types, the industry has been segmented into acrylic, epoxy, polyurethane, alkyd, and polyester. The epoxy coatings segment dominated the overall industry revenues in 2015, accounting for revenues of over USD 9 billion. The growing demand for high operational efficiency in key application verticals can be considered the primary factor driving the product growth.

The alkyd resins segment is expected to observe a significant growth during the forecast period, driven by the growing application scope in segments such as automotive, construction, and oil & gas.

Product Insights

In terms of products, the industry has been categorized into water-borne, powder-based, and solvent-borne. In 2015, the solvent-borne segment accounted for revenues of nearly USD 8.5 billion, thereby dominating the overall industry revenue. However, this segment is anticipated to observe slow growth during the forecast years owing to strict government regulations on the use of solvent-based compounds with high VOC content.

Water-borne coatings is another key segment, which is expected to experience the highest revenue growth of nearly 11% during the forecast period. Increasing demand for environmental-friendly products from key end-use verticals is slated to drive the segment growth.

End-use Insights

The industry has been segmented into construction, oil & gas, aerospace, mining, industrial, power generation, automotive, marine, and others, on the basis of end use. The construction segment dominated the overall industry, accounting for revenues of over USD 5 billion in 2015. This dominance and future growth of this segment can be attributed to rising infrastructure development activities and investments in emerging countries of Asia Pacific and Central & South America.

The growth of the aerospace and oil & gas segments is also expected to drive the demand for protective coatings during the forecast period, projected to grow at a CAGR of nearly 11%. This can be attributed to the increasing demand for the products in thermal barrier and surface protection applications, in the aforementioned industries, which witness high-temperature operations.

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Regional Insights

The Asia Pacific accounted for a major share of the overall industry in 2015, having recorded revenues of over USD 18 billion. This regional industry segment is expected to continue its dominance in the coming years, as a result of the presence of numerous manufacturers, easy availability of raw materials, rising construction initiatives being taken by governments, and low production costs. China is expected to be among the highest growing markets for the product worldwide during the forecast period, projected to grow at a CAGR of nearly 10%.

The European region is expected to observe slow growth in the protective coatings industry, primarily owing to the political and economic instabilities in the region. The industry in Russia has been witnessing a significant boost in the construction sector, which is expected to offer high growth potential to product manufacturers in the region during the forecast period.

Competitive Insights

The protective coatings industry is highly competitive, with key manufacturers spread worldwide. The key global players in this industry include Wacker Chemie AG, BASF SE, AkzoNobel NV, The Sherwin-Williams Co., and PPG Industries. These players have adopted strategies such as capacity expansion and new product developments to gain a competitive edge over competitors in the global industry.

The aforementioned global companies are, however, faced with significant competition from Chinese manufacturers. The significant positions of these Chinese players can be attributed to the low production costs, easy availability of raw materials, and rapid growth of the end-use verticals in the region. 

Market Segment:

Resin Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2025)
        • Acrylic
        • Epoxy
        • Polyurethane
        • Alkyd
        • Polyester
        • Others

Product Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2025)
        • Solvent-borne
        • Water-borne
        • Powder-based
        • Others

End Use Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2025)
        • Construction
        • Oil & Gas
        • Aerospace
        • Industrial
        • Marine
        • Automotive
        • Power Generation
        • Mining
        • Others

Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2025)
        • North America
                • U.S.
        • Europe
                • Russia
                • Germany
        • Asia Pacific
                • China
                • India
                • Japan
        • Central & South America
                • Brazil
        • Middle East & Africa
                • Saudi Arabia

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Global Impact of Covid on Protective Coatings Market 2020

JUNE 29, 2020: 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.

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.

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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.

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.

Further key findings from the report suggest:

• Asia Pacific was the dominant regional segment in 2018, driven by ascending demand from end users such as aerospace, automotive, mining, power generation, industrial, and oil and gas

• China is the fastest growing country in Asia Pacific on account of the growing construction industry

• Epoxy segment is potentially fueling the protective coatings market growth owing to its rising demand in various end-use industries

• Market players engage in various strategic initiatives to gain greater market share. For instance, in February 2017, Akzo Nobel N.V. invested USD 14.14 million in the development of an R&D facility in Felling, U.K. The new facility is engaged in the development of new protective coatings for energy, mining, infrastructure, and oil and gas industries

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Table of Contents

Chapter 1 Methodology and Scope

1.1 Research Methodology

1.2 Research scope and assumptions

1.3 Information Procurement

1.3.1 Purchased Database

1.3.2 GVR’s Internal Database

1.3.3 Secondary Sources

1.3.4 Third-Party Perspective

1.3.5 Primary Research

1.4 Information Analysis

1.4.1 Data Analysis Models

1.5 Market Formulation and Data Visualization

1.6 Data Validation and Publishing

1.7 List of Abbreviations

Chapter 2 Executive Summary

2.1 Market Snapshot

2.2 Segmental Outlook

2.3 Competitive Insights

Chapter 3 Market Variables, Trends, and Scope

3.1 Market lineage outlook

3.1.1 Global Paints & Coatings Market Outlook

3.1.2 Global Protective Coatings Market Outlook

3.2 Penetration & growth prospect mapping

3.3 Industry value chain analysis

3.3.1 Raw Material Trends

3.3.2 major raw material analysis

3.3.3 procurement best practices

3.3.4 Sales Channel Analysis

3.3.5 Vendor Selection criteria Analysis

3.4 Technology Overview

3.4.1 Technology Timeline

3.4.2 Technology Trends

3.4.2.1 Solvent-based coatings

3.4.2.2 Water-based coatings

3.4.2.3 Powder-based coatings

3.4.2.4 Technological advancements

3.4.2.5 Manufacturing Trends

3.5 Regulatory Framework

3.5.1 Standard & Compliances

3.5.2 Safety

3.5.2.1 acrylic resin

3.5.2.2 Epoxy Resin

3.5.2.3 Polyurethane resin

3.5.2.4 Alkyd resin

3.5.2.5 Alkyd resin

3.6 Market Dynamics

3.6.1 Market Driver Analysis

3.6.1.1 growing Construction industry

3.6.1.2 rising demand from aerospace Industry

3.6.2 market Restraint analysis

3.6.2.1 Stringent regulations regarding toxic solvents

3.6.3 Industry challenges

3.6.3.1 Surface preparation

3.6.4 Mega trends

3.7 Business Environment Analysis: Protective Coatings Market

3.7.1 Porters Five Forces Analysis

3.7.2 Pestel Analysi

Continued………………………….


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