The global protective coatings market size is projected to grow from USD 12.9 billion in 2021 to USD 21.2 billion in 2028. As per a report published by Fortune Business Insights™ in a report, titled, “Protective Coatings Market, 2021-2028,” the market stood at USD 12.0 billion in 2020. It is set to exhibit a CAGR of 7.3% during the forecast period 2021-2028.
PPG Acquires VersaFlex to Expand its Product Offerings
In January 2021, PPG, a leading supplier of paints, coatings, and specialty materials based in the U.S. acquired VersaFlex. It manufactures polyurethane, epoxy, and polyurea coatings for waste industrial applications, water & water infrastructure, transportation infrastructure, and flooring. This acquisition would help PPG to strengthen its position and broaden its existing product offering. Such initiatives by key players are likely to propel the demand for protective coatings in the upcoming years.
Delay of Large-scale Construction Projects amid COVID-19 Pandemic to Obstruct Growth
The COVID-19 pandemic has postponed or delayed various large-scale construction and development projects worldwide. The lack of capital expenditures and record-low consumer spending are currently taking a huge toll on the market. As per the RICS Global Construction Monitor, the Construction Activity Index of Asia Pacific was -26 in the second quarter of 2020. Nationwide lockdown measures to curb the spread of the coronavirus in countries of the region, such as Thailand, Singapore, Japan, and China have halted the production of raw materials, which would hamper growth of this industry.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/protective-coatings-market-102942
The research report of the protective coatings industry offers a comprehensive analysis of existing companies that can affect the market outlook throughout the forthcoming years. In addition to that, it provides an accurate assessment by highlighting data on multiple aspects that may contain growth drivers, opportunities, trends, and hindrances. It also represents the overall market size from a global perspective by analyzing historical data and qualitative insights.
Drivers & Restraints-
Urgent Need to Deploy Corrosion Management Measures will Spur Growth
Metals often create compounds, such as sulfides, carbonates, hydroxides, and oxides according to the environment they are exposed to. The NACE International IMPACT stated that corrosion worldwide costs approximately USD 2.5 trillion every year. It holds around 3.4% of the global GDP. The implementation of corrosion management measures can save 15 and 35% of the cost of corrosion across the globe annually. Various industries are nowadays inclining towards lightweight metals. These coatings aid in isolating the surface that is prone to corrosion happening because of multiple environmental elements. However, these coatings contain liquefying substances that can evaporate during a chemical process when exposed to oxygen. It further emits volatile organic compounds (VOCs). Hence, regulatory bodies have restricted the usage of solvent-borne solutions. It may hinder the protective coatings market growth.
Epoxy Segment to Lead Backed by Ability to Withstand Heat and Cold
Based on the resin type, the market is divided into epoxy, polyurethane, alkyd, acrylic, inorganic zinc, and others. Out of these, the epoxy segment generated the largest protective coatings market share in 2020 and is likely to maintain its position in the upcoming years. These coatings are capable of withstanding extreme heat and cold. They are also resistant to chemical exposure, scratches, and oil leaks. Hence, the coating is prevented from wearing out.
Asia Pacific Stood at USD 5.0 Billion in 2020: Fortune Business Insights™
- In 2020, Asia Pacific earned USD 5.0 billion in terms of revenue. The high demand for protective type of coatings from the infrastructure & construction industry is expected to aid growth. Apart from that, the rising investments by government agencies in infrastructure development projects, such as harbors, airports, railroads, and bridges, especially in China and India would propel growth.
- In North America, the market would grow rapidly because of the expansion of the non-residential construction sector in the U.S. In addition to that, the rising sales of electric vehicles would expand the automotive industry, thereby bolstering region growth.
- Europe is anticipated to show moderate growth on account of the presence of numerous vehicle manufacturers, such as Renault, Peugeot, BMW, Daimler, and Volkswagen in the region.
- The high demand from the commercial and residential construction industry is expected to favor growth in Latin America in the forthcoming years.
Key Companies Aim to Gain Competitive Edge through Acquisitions and New Product Launches
The global market houses numerous big, small, and medium companies that are presently focusing on acquisitions and new product launches to gain a competitive edge. A few others are investing in R&D activities to expand their portfolios. Below is one of the significant industry developments:
- July 2020: Sherwin-Williams Protective & Marine launched FIRETEX M90/03 to broaden its FIRETEX® passive fire protection coatings range. It aims to lower costs by using coating thickness specifications. The new product provides defined fire protection and long-term corrosion protection for asset owners.
A list of renowned manufacturers of protective coatings operating in this market:
- The Sherwin-Williams Company (Ohio, U.S.)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- Jotun (Sandefjord, Norway)
- Akzo Nobel N.V. (Amsterdam, Netherlands)
- Kansai Paint Co., Ltd. (Osaka, Japan)
- Sika AG (Baar, Switzerland)
- The Chemours Company (Delaware, U.S.)
- Dulux Protective Coatings (California, U.S.)
- Oasis Paints (Sharjah, United Arab Emirates)
- Wacker Chemie AG (Munich, Germany)
- Henkel AG & Co. KGaA (Düsseldorf, Germany)
- NIPSEA GROUP (Singapore)
- Berger Paints (West Bengal, India)
- Hempel A/S (Lyngby, Denmark)
- Dow (Michigan, U.S.)
- Other Key Players