In terms of revenue, the Global Protective Coatings Market is expected to reach USD 18.8 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 6.80% from 2022 to 2028.
The expanding construction sector is a significant development driver. Construction, oil & gas, aerospace, industrial, marine, automotive, power generation, mining, and other end-use industries are just a few examples of end-use industries that frequently use Protective Coatings. The coating is put over various surfaces to ensure protection from the external environment that could harm an item or part's function or integrity. The global expansion of the building sector has significantly influenced the demand for Protective Coatings. Around the world, there is a growing need for infrastructure development and construction due to population increase, urbanization, and industrial expansion, particularly in quickly developing regions like the Asia Pacific, Central and South America, and the Middle East.
Key Highlights from Report
- Based on Technology, the Solvent-based segment dominates the Protective Coatings market with the maximum market share and will continue its dominance in the forecast period. These coatings are simple to use, strong, and have low shear rates.
- Among End-Use Industries, the Construction & Infrastructure segment accounted for the highest CAGR in the forecast period due to rising sector investments by various firms.
- Asia Pacific holds a significant market share within the Protective Coatings market. This was primarily fueled by the booming economic development opportunities across many APAC nations, which increased demand for high-tech goods like Protective Coatings.
With a greater emphasis on extending the lifespan of devices and equipment, the global Protective Coatings market will likely expand significantly over the forecasted period. In most situations, Protective Coatings are applied on prepared metal surfaces. As a result, fractures caused by anthropogenic and natural stress are less prone to develop on metal surfaces. These polymer coatings are a barrier between the environment and the metal substrates, preventing direct contact between them. It improves the asset's capacity to withstand damage brought on by extended water exposure while enhancing its aesthetic appeal. The corrosion resistance of the working surfaces of equipment and devices affects reliability and durability. The life of welded joints is increased and strengthened by coatings.
As infrastructure development in emerging nations picks up speed, there is an increasing need for various protective coating formulations. Protective Coatings are growing in popularity as governments in developing countries spend more money building infrastructure. Additionally, many governments view infrastructure investment as a way to boost the economy and prevent signs of a protracted recession. As a result, the demand for Protective Coatings, which ensures corrosion resistance, durability, and operational efficiency, is projected to increase as the number of housing projects on the drawing board rises. The construction industry uses Protective Coatings that are water-resistant, intumescent, abrasion-resistant, and wear-resistant.
Due to an increase in demand from end-use sectors like infrastructure & construction, power, automotive, oil & gas, industrial, and marine, the Asia Pacific market is expected to have considerable market expansion with the highest growth rate during the projection period. Due to rising government investments in infrastructure development projects, the infrastructure & construction business is expected to grow in developing Asia Pacific countries like China and India. Among other things, these initiatives include building railroads, airports, harbors, and bridges. There is a high need for Protective Coatings that are used to stop and slow down corrosion brought on by severe weather patterns. These coatings are necessary to increase the durability and maintenance-free nature of the buildings and constructions.
The Global Protective Coatings Market is Segmented as follows
- Solvent based
- Water based
- Powder Coatings
- Other Technologies
- Resin Type
- Other Resin Types
- End-Use Industry
- Offshore Structures/Oil & Gas-Exploration, Production & Transmission
- Petrochemical - Refineries & Chemical Processing
- Cargo Containers
- Power Generation
- Water & Wastewater Treatment
- Food & Beverages
- Other Industries
- Abrasion Resistance
- Chemical Resistance
- Fire Protection
- Heat Resistance
- Corrosion Resistance
- Pipe Coatings
- Tank Linings
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Protective Coatings Market is
Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (US), The Sherwin-Williams Company (US), The Valspar Corporation (US), Jotun (Norway), Hempel Group (Denmark), Kansai Paints Co. Ltd. (Japan)
The Global Protective Coatings Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis