Enjoy complimentary customisation on priority with our Enterprise License!
The protective coatings market size is forecast to increase by USD 22.41 billion at a CAGR of 10.87% between 2023 and 2028. The market experiences significant expansion due to various driving factors. Primarily, the increasing demand for water-borne coatings, driven by their eco-friendliness and versatility, fuels market growth. Additionally, the expansion of the construction industry, particularly in emerging economies, presents a substantial opportunity for market growth. Furthermore, the focus on advanced coating technologies, such as UV-curable coatings and nanocoatings, offers innovative solutions for enhanced protection and durability, thereby contributing to market expansion.
To Know more about the market report Request Free Sample
The market encompasses various segments, including Acrylics, Polyurethane, Alkyd, Epoxies, and Powder coatings. IMF (International Monetary Fund) reports suggest that the demand for protective coatings is significant in sectors like power generation and mining. Compliance with regulations such as the Clean Air Act and OSHA drives the adoption of low VOC (Volatile Organic Compounds) emissions coatings, like Epoxies and Structural Polyurethane Coatings. Key players in the Epoxy segment include Hempel and Akzo Nobel NV, while PPG Industries is a notable name in the Powder Coatings sector. The Mining sector also contributes to the market growth due to the need for durable and protective coatings for mining equipment. Green Seal certification adds to the market's credibility by ensuring environmentally responsible coatings.
Moreover, the market encompasses a wide range of products used in various industries, including civil building and infrastructure, offshore structures, hydrocarbon processing industries, and the power generation sector. VOCs (volatile organic compounds) and HAPs (hazardous air pollutants) are key concerns in the use of protective coatings, particularly in solvent borne coatings. The EPA (Environmental Protection Agency) has set regulations to limit VOC emissions, leading to the increasing popularity of water borne coatings. In the context of infrastructure development, protective coatings play a crucial role in the National Infrastructure Pipeline (NIP) projects, such as the Steel Mini Mill Project and the Osceola Steel Plant Project. Structural polyurethane coating is commonly used for their durability and resistance to harsh environments. Resin Insights highlight the importance of selecting the right coating for specific applications to ensure optimal performance and compliance with environmental regulations.
In the hydrocarbon processing industries and offshore structures, protective coatings are essential for corrosion protection. The use of protective coatings in these industries not only extends the life of structures but also ensures safety and efficiency in operations. The hydrocarbon processing industries and power generation sector are major contributors to the Protective Coatings Market, with ongoing investments in infrastructure development and maintenance driving market growth. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges 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 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.
Get a glance at the market contribution of the End User segment Request Free Sample
The solvent-borne segment was valued at USD 18.28 billion in 2018. 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.
APAC is estimated to contribute 70% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
For more insights on the market share of various regions Request Free Sample
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.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Wacker Chemie AG - The company offers protective coatings such as Geniosil GF 80, Geniosil GPTM, HDK H13L, HDK H18, Silester XAR.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also be interested in:
Wood Protection Coatings and Preservatives Market - Wood Protection Coatings and Preservatives Market Growth by Application, Product, and Geography - Forecast and Analysis
Coil Coatings Market - Coil Coatings Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, India, Japan, Germany - Size and Forecast
Paints and Coatings Market - Paints and Coatings Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, China, India, Germany, France - Size and Forecast
Protective coatings refer to thin layers applied on various surfaces to shield them from environmental factors and potential damage. These coatings are essential in numerous industries, including aerospace, automotive, construction, and energy. The market is driven by factors such as increasing demand for corrosion resistance, durability, and improved aesthetics. Polyurethane, solvent, and powder are common types of protective coatings used in various applications. The use of these coatings in sectors like aviation and construction is significant due to their ability to provide long-lasting protection against harsh conditions. The global protective coatings market is expanding due to the growing need for efficient and effective protective solutions. Key players in this market focus on research and development to introduce advanced coatings with enhanced properties. The sector is also witnessing a trend towards the use of eco-friendly and sustainable coatings. The application of protective coatings in sectors like oil and gas, power generation, and water treatment is increasing due to the need for infrastructure durability and maintenance. The market is expected to grow at a steady pace in the coming years, driven by these factors and the continuous demand for improved protective solutions.
Protective Coatings Market Scope |
|
Report Coverage |
Details |
Page number |
207 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
Market growth 2024-2028 |
USD 22.41 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.53 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 70% |
Key countries |
China, India, US, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 market 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. Get in touch
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 Opportunity/Restraints
12 Competitive Landscape
13 Competitive Analysis
14 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.