Protective Coatings Market is to grow at a CAGR of 9.91% from 2022 to 2027

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31 Jul, 2023, 11:15 ET

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NEW YORK, July 31, 2023 /PRNewswire/ -- The protective coatings market 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, according to Technavio - View the Sample report.

Protective Coatings Market Insights -

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Protective coatings market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, 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.

Protective Coatings Market – Market Dynamics

Key Drivers

Increased demand for water-borne coatings is a key factor driving the growth of the market. Water-based coatings have many advantages because water is the main solvent. It is widely used in various industries such as aerospace, oil and gas, marine, power generation, mining, and automotive due to its excellent heat and abrasion resistance and strong adhesion. Additionally, water-based coatings have lower VOC and Hazardous Air Pollutants (HAP) levels, making them less toxic and less flammable. Unlike solvent-based coatings, which have a significant environmental impact, water-based coatings emit fewer organic compounds. Additionally, water-based paints are inexpensive and do not require additives, thinners, or hardeners. In addition, relatively small amounts are required to cover the substrate surface compared to other coatings. As a result, the demand for water-based paints has increased significantly.

Major Trends

Increasing focus on UV-curable coatings and nanocoating is a major trend in the market. Many vendors are investing in R&D to develop innovative protective coating technologies, such as nano-protective coatings and UV-curable protective coatings, to gain a competitive advantage over their competitors.

Furthermore, protective nano-coatings are growing in popularity because they are more cost-effective and more durable than other coatings. For example, Halo Nano Matrix is widely used in industries such as transportation, industrial machinery, ships, and construction. It has a long-lasting gloss, is quick and easy to apply, and is highly effective at holding back rain, dirt, and environmental pollutants. Meanwhile, the UV-curable protective coating ensures fast drying, increased working speed, excellent abrasion resistance, and adhesion. It also improves flexibility, product quality, processability, chemical resistance, and corrosion resistance. Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenges

Volatile raw material prices are a significant challenge restricting market growth. The manufacture of most coatings requires petrochemical raw materials consisting of binders and solvents such as polyesters, alcohols, and epoxy resins. Since binders are primarily derived from crude oil and natural gas, their costs are sensitive to fluctuations in crude oil prices.

These price fluctuations are directly reflected in raw material costs. The correlation between each petrochemical commodity and oil prices is different and is influenced by factors such as supply and demand, manufacturing processes, and production regions. Many of the raw materials to produce protective coatings are derived from petroleum. Therefore, crude oil price volatility is expected to restrict market growth during the forecast period.

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The protective coatings market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.

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Protective Coatings Market Scope

Report Coverage

Details

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, and Market condition analysis for the 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.

Table of Contents

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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