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The protective coatings market size is estimated to grow at a CAGR of 9.91% between 2022 and 2027. The market size is forecast to increase by USD 18,364 million. The growth of the market depends on several factors, including increased demand for water-borne coatings, expansion of the construction industry, and increasing focus on UV-curable coatings and nanocoatings.
This protective coatings market report extensively covers market segmentation by technology (solvent-borne, waterborne, and powder coatings), end-user (infrastructure and construction, oil and gas, automotive, aerospace, and others), resin type (epoxy, alkyd, polyurethane, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Increased demand for water-borne coatings notably drives the market growth, although factors such as volatile raw material prices impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased demand for water-borne coatings is a major driving factor for the growth of the market. Water-borne coatings offer various benefits owing to the presence of water as the main solvent. These coatings are extensively used in aerospace, oil and gas, marine, power generation, mining, automotive, and other industries for their excellent resistance to heat and abrasion and superior adhesion.
Moreover, water-borne coatings are less toxic and flammable due to low levels of VOC and hazardous air pollutants (HAP) emissions. Hence, the demand for water-borne coatings is increasing considerably, which is expected to drive the growth of the global protective coatings market during the forecast period.
Increasing focus on UV-curable coatings and nanocoatings is an emerging trend in the protective coatings market during the forecast period. The global protective coatings market is fragmented in nature, with various vendors increasingly spending on R&D to manufacture innovative protective coating technologies such as protective nanocoatings and UV-curable protective coatings to gain a competitive edge over competitors.
The growing popularity of protective nanocoatings in the market can be attributable to their relative cost-effectiveness and higher durability than other coatings. For instance, Halo Nano Matrix is one example of nano-protective coating, and it has wide applications in the transport, industrial machinery, marine, and architectural industries. Hence, such factors fuel the market growth for the protective coatings market.
Volatile raw material prices are a major challenge impeding the protective coatings market growth. Petrochemical feedstock, which is required to manufacture most coatings, includes binders and solvents such as polyesters, alcohols, and epoxy resins. Crude oil and natural gas are the basic raw materials to produce binders.
Consequently, fluctuations in crude oil prices will directly impact the cost of feedstock. Each petrochemical feedstock has a different correlation with the pricing of oil, which is influenced by factors such as the demand and supply of feedstock, the manufacturing process, and the region of production. Furthermore, volatile prices of petrochemical feedstock will contribute to the variability in resin prices.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Protective Coatings Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Wacker Chemie AG - The company offers protective coating such as Geniosil GF 80, Geniosil GPTM, HDK H13L, HDK H18, Silester XAR.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the solvent-borne segment will be significant during the forecast period. In 2022, the solvent-borne technology segment of the global protective coatings market accounted for the highest market share at 72.11%. Additionally, this segment is expected to continue this dominance until 2027. Solvents generally dissolve components such as pigments, additives, and resins in protective coatings. and the curing time of solvent-borne coatings is relatively lower than that of water-borne technology and, thus, finds significant applications in the architectural industry. As a result of the increasing applications of solvent-borne coatings, the market is expected to grow considerably during the forecast period.
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The solvent-borne segment was valued at USD 17,010.65 million in 2017 and continued to grow until 2021. The demand for solvent-borne coatings is high in automotive and oil and gas industries and the automotive industry uses this technology for automotive refinishes. For instance, AkzoNobel's Sikkens solvent-borne coating provides premium car refinishing, ranging from spot repairs to complete re-sprays. Various conventional solvent-borne coatings emit higher VOCs that are hazardous air pollutants.
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APAC is estimated to contribute 71% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing automotive industry significantly leads to the demand for protective coatings in APAC. The increasing sales of passenger and commercial vehicles in the region, mainly in China, India, and Japan, have been driving the consumption of protective coatings. For instance, in 2022, the Federation of Automobile Dealers Associations (FADA) reported retail sales of 21,120,441 passenger vehicles and tractors in India, which was a 15% increase in sales compared with 2021. Additionally, the region witnesses a high demand for protective coatings from heavy engineering, steel manufacturing, mining and refining, and plastics and polymer industries. Hence, such trends are expected to increase the demand for protective coatings, propelling the growth of the regional protective coatings market during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 in 2020 in the region led to a decline in the growth of the regional protective coatings market. However, with the initiation of vaccination drives, the number of COVID-19 cases declined in the first half of 2021, which led to the lifting of lockdown restrictions in the region. Eventually, factories and manufacturing units reopened, and construction activities also gained pace. Such a recovery in business operations will enable the regional protective coatings market to grow during the forecast period.
The protective coatings market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The global protective coatings market is a part of the global commodity chemicals market. The global commodity chemicals market was valued at USD 30,389.95 million in 2022. Technavio categorizes the global protective coatings market as a part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Protective Coatings Market Scope |
|
Report Coverage |
Details |
Page number |
195 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.91% |
Market growth 2023-2027 |
USD 18,364 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.21 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 71% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Akzo Nobel NV, Al Gurg Paints LLC, Asian Paints Ltd., Axalta Coating Systems Ltd., Berger Paints India Ltd., Chitra Insultec Pvt. Ltd., Dow Chemical Co., Hempel AS, Henkel AG and Co. KGaA, Jotun AS, Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., NIPSEA Group, Plasma paints, PPG Industries Inc., RPM International Inc., Sika AG, The Chemours Co., The Sherwin Williams Co., and Wacker Chemie AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Market Segmentation by Resin Type
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
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