Owing to protection of the item or part from the damages caused by external environment, application of protective coating came into picture. Protective coatings are usually classified based on resin type such as acrylic, polyurethane, alkyd or epoxy. Protective coatings are broadly used for consumer products, automotive, heavy machinery, marine and, oil & gas industry. Combination of different types of resin, additives, solvents and pigments result into diverse properties and serviceability of protective coatings.
The global protective coatings market is anticipated to grow at 9% CAGR during the forecast period, 2016 to 2022. This market was valued at US $13.8 billion by 2016 end and is expected to reach market value of US $23.2 billion by 2022. Global consumption of protective coatings is estimated to expand from 5,657 kilotons in 2016 to 8,509 kilotons in 2022, growing at 7% CAGR over the forecast period.
Cost-efficient and eco-friendly solutions for technological product innovations fuel the growth of protective coatings market. Infrastructure renovations among developed countries and increasing demand for high quality infrastructure in developing countries are some factors influencing the growth of protective coatings market. Replacement of solvent-borne coatings by water-borne coating due to environmental regulations on reducing VOC emissions has become a major trend in the global market for protective coatings. Raw material costs volatility and substitute’s availability at reasonable costs pose to impede the market growth of protective coatings.
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Water-borne technology to exhibit highest CAGR
Based on technology, the global market for protective coatings is categorised into powder, water-borne, solvent-borne, etc. Water-borne segment is expected to witness highest CAGR during the forecast period.
Infrastructure to be a Dominant Segment during 2016 to 2022
Based on applications, the market is categorised into oil & gas, mining, power, industrial plants & facilities, infrastructure and commercial real estate. Infrastructure accounted for 22.2% market revenue share in 2016. This segment is estimated to dominate the overall market of protective coatings during the forecast period. CAGRs of 7.7% and 8% is expected to be witnessed by Industrial plants & facilities and commercial real estate
Segments respectively, based on consumption of protective coatings over the forecast period.
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Epoxy to Contribute Highest Revenue During the Forecast Period
Based on resin type, the market is categorised into polyester, alkyd, polyurethane, epoxy, acrylic, etc. Epoxy segment is expected to account for highest revenue contribution growing at 9.4% CAGR over the forecast period.
Asia Pacific to Dominate the Global Market for Protective Coatings During 2016 to 2022
Region-wise, the market is categorised into Europe, Middle East & Africa (MEA), Latin America, Asia Pacific (APAC) and North America. Asia Pacific is estimated to reflect a highest CAGR of 9.4% and become the dominant region over the global market for protective coatings during 2016 to 2022. In terms of volume, 41.6% market share was accounted by APAC in 2016, whereas, Europe witnessed sluggish growth accounting for 21.3% market share in 2016. The market revenue share of Middle East & Africa and Latin America is anticipated to grow at 8.4% and 9.3% CAGRs respectively during the forecast period.
Major players leading the global market for protective coatings include The Sherwin-Williams Company, The Valspar Corporation, Jotun, Hempel Group, PPG Industries Corporation and Akzo Nobel N.V. While other players are Kansai Paints Co. Ltd., Sika AG and Wacker Chemie AG.
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