Protective Coatings Market Set to Reach US$46,514.3 Million by 2033 with a 6.3% Annual Increase – Insights from Persistence Market Research
The growth of infrastructure and industrialization in the Asia-Pacific region is a significant driver for the expansion of the protective coatings market, especially in countries such as China and India
New York, Jan. 11, 2024 (GLOBE NEWSWIRE) — According to the latest report from Persistence Market Research, the global market for protective coatings is expected to reach US$25,249.5 million in 2023. The value of the protective coatings market is projected to grow steadily at a rate of 6.3%, reaching US$46,514.3 million by 2033.
Protective coatings are used in various industries like consumer products, heavy machinery, maritime, oil & gas, etc. They are categorized based on the main types of resin they are made from, such as epoxy, alkyd, acrylic, or polyurethane. The increasing demand from the machinery sector is driving the overall demand for protective coatings.
Coatings play a crucial role in protecting assets in industrial, commercial, and architectural sectors. Generally, coatings are seen as a thin layer placed on a surface to enhance its protective, aesthetic, or functional properties. Specifically, they are a substance that, when applied to a surface, hardens into a protective, functional film or decoration. Protective coatings are applied to surfaces to prevent the deterioration of the underlying material.
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Historical (2017-22) vs. Forecast (2023-33) Market Outlook for Protective Coatings Market
Analyzing the historical data, the demand for protective coatings grew at a compound annual growth rate (CAGR) of 4.0% from 2017 to 2022. The COVID-19 pandemic caused a significant slowdown in market growth due to disruptions in production and supply chains. However, consumption volume rebounded as the economy recovered after the pandemic was contained.
The market is expected to expand at a CAGR of 6.3% over the forecast period, driven by various factors. These include increased investments in infrastructure development, the refurbishment of old buildings, and innovations in products and technologies, with a focus on eco-friendly and cost-efficient solutions. In civil engineering and infrastructure development, protective coatings are applied to surfaces such as flooring, wood finishes, walls, bridges, swimming pools, doors, and ceilings. The growing spending on infrastructure construction and renovations is expected to boost the global demand for protective coatings.
Moreover, the global demand for alternative energy sources like solar, wind, and geothermal has led to the increased installation of plants harnessing these resources. The growth in the power sector directly contributes to the growth of the protective coating market, as these units need to endure harsh conditions and highly corrosive elements.
|Market Revenue 2022
|US$ 23,207.3 Million
|Estimated Revenue 2033
|US$ 46,514.3 Million
|Growth Rate – CAGR
|No. of Pages
|By Technologies, Resin Type, Application, Region
|North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa
|Key Companies Profiled
Growing demand in the Civil Building and Infrastructure sector Protective coatings find application in the civil building and infrastructure industry, covering various aspects such as flooring, wood finishes, interior and exterior walls, bridges, swimming pools, doors, and ceilings. These coatings create a thin protective layer on surfaces, enhancing the durability and stability of structures. Essential infrastructure projects like bridges and highways require long-term stability and resilience against harsh weather conditions, including acid rain.
Protective coatings are associated with high costs, with manufacturing expenses escalating due to rising energy prices. Fluctuations in crude oil prices and changes in foreign currency exchange rates contribute to increased raw material costs. The prices of protective coating raw materials vary significantly, ranging from USD 2.5/kg to USD 10/kg. Among them, acrylics are the least expensive at around USD 2.5/kg, while polyurethane and alkyd coatings fall in the USD 3/kg to USD 4/kg range. Epoxy coatings are the most expensive, priced between USD 4.5/kg and USD 10/kg. Apart from raw material costs, manufacturers also face additional expenses due to higher energy taxes, resulting in elevated operating costs and narrower profit margins.
Protective coatings play a crucial role in preserving existing substrates, extending their lifespan. Industries with continuous operations often face environmental challenges or encounter harsh materials, leading to equipment deterioration or decreased process efficiency, necessitating plant shutdowns. Protective coatings prevent these issues, reducing shutdown and equipment replacement costs. The marine industry, susceptible to seawater corrosion, benefits from coatings like waterproofing and joint and crack filling coats for maintenance.
Stringent regulations governing protective coatings usage push manufacturers to develop products with low volatile organic compounds (VOCs), high solid content, and less harmful biocides. Environmental regulations such as Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), Green Seal, Solvent Emissions Directive (SED), and Biocidal Products Directive (BPD) restrict VOC and hazardous air pollutant emissions. Compliance with these regulations poses technical challenges, especially with solvent-based coatings. Industries are compelled to shift towards environmentally-friendly coatings, but the challenge lies in developing economically efficient products that meet these stringent standards.
Civil Building and Infrastructure emerged as the fastest-growing segment in the Protective Coatings market from 2021 to 2026. The civil building and infrastructure sector represent the fastest-growing end-use for protective coatings. These coatings play a crucial role in shielding structures from solvents, dust, fungi, corrosion, humidity, and other threats that may impact stability and functionality. Additionally, protective coatings offer waterproofing solutions, preventing water leakages. Acting as a protective barrier, these coatings enable structures like buildings, dams, wells, bridges, floors, wood finishes, and interior and exterior walls to thrive in demanding environments and situations.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at – https://www.persistencemarketresearch.com/market-research/protective-coatings-market.asp
Top 6 Key Trends from the Protective Coatings Market
- Rise of eco-friendly coatings: As environmental concerns continue to grow, there’s a rising demand for sustainable and eco-friendly coatings. This includes water-based and powder coatings that emit fewer volatile organic compounds (VOCs) and have a lower environmental impact.
- Focus on high-performance coatings: With stricter regulations and demanding industrial applications, there’s a growing focus on coatings that offer superior performance characteristics. This includes coatings with enhanced durability, heat resistance, chemical resistance, and fire retardancy.
- Advancements in nanotechnology: Nanotechnology is increasingly being used to develop coatings with unique properties, such as self-cleaning, anti-microbial, and scratch-resistant capabilities. These coatings offer significant advantages in various applications, such as marine, automotive, and medical.
- Growing demand in Asia Pacific: The Asia Pacific region is expected to be the fastest-growing market for protective coatings, driven by rapid infrastructure development, industrial expansion, and rising disposable incomes.
- Digitalization and automation: The protective coatings industry is embracing digitalization and automation to improve efficiency, accuracy, and quality control. This includes the use of advanced sensors, robotics, and data analytics to optimize coating processes.
- Increasing focus on smart coatings: The development of smart coatings that can sense and respond to changes in their environment is gaining traction. These coatings can self-heal, adjust their properties based on external stimuli, and provide real-time data on the condition of the coated asset.
As the construction industry’s demand keeps rising, major manufacturers are getting ready to take advantage by expanding their reach to different areas and improving their range of products. Key players in the market are putting effort into making their supply chain stronger to stay competitive. Most of these major players are also looking to buy smaller companies. On the other hand, smaller companies need to invest a lot in research and development to create new products and make a bigger impact globally.
In June 2022, The Polynt Group shared plans to make more coating resin to meet the needs of the North American Coatings Market. This will help the company provide what the paint and coatings industry needs with technologies like alkyd, polyester, copolymer, emulsion, and urethane resin.
In June 2022, AkzoNobel said it would buy Kansai Paint’s paints and coatings business to become stronger in the African market.
What’s the expected demand for Epoxy in the Protective Coatings market?
The market is split into different types of coatings like Epoxy, Polyurethane, Acrylic, Alkyd, Polyester, and Others, based on the type of resin used. Epoxy is predicted to be the dominant type, making up 50.2% of the global market.
Epoxy coatings are widely used in cars, industries, and marine applications because of their many benefits. For example, epoxy dries quickly, reducing production pauses while the coating sets. Moreover, epoxy is resistant to surface scratches, exposure to chemicals, and various types of leaks. This helps the coating stay in good condition without aging and needing frequent maintenance.
How is the Infrastructure segment performing in the Protective Coatings market?
The Infrastructure segment is expected to consume 21.4% of the globally produced Protective Coatings. The main purpose of these coatings is to protect structures from humidity, dust, fungi, solvents, corrosion, and other threats that could affect their stability and functionality. Protective coatings play a vital role in preventing water leaks and offering waterproofing solutions.
Because of these coatings acting as a protective layer, structures like dams, wells, bridges, floors, buildings, wood finishes, and both exterior and interior walls can withstand challenging situations. The growing demand for new infrastructure and increased spending on maintaining existing infrastructure in various countries like Germany, Italy, France, China, India, Brazil, South Africa, and GCC has led to a rise in the need for protective coatings in the infrastructure segment.
Additionally, the increasing number of manufacturing facilities due to industrial relocations, especially in countries like China, is expected to boost the demand for protective coatings in the infrastructure segment.
How are Protective Coatings faring in North America and Europe?
The United States makes up almost 19.8% of the entire global protective coatings market and is expected to experience significant growth from 2023 to 2033. The country’s demand for protective coatings is rising due to increased investment in building and maintaining homes, offices, and public structures like bridges and railways.
In Europe, developed economies like Germany, the United Kingdom, and Russia contribute to nearly half of the total sales in the region. These countries are seeing growing demand from industries like cars, planes, and power generation, which is expected to increase the need for protective coatings.
What’s the outlook for Protective Coatings in East Asia
China dominates a large portion of the East Asian protective coatings market because of its growing manufacturing and industrial sectors, including construction, infrastructure, power, and marine. The market in China is expected to grow by 7.0% during the forecast period.
Factors like fast industrial growth, a rising population, more spending money for consumers, and the booming Chinese construction industry, along with increased foreign investments, are contributing to the country’s market growth. Japan and South Korea are also seeing growth in the protective coatings market due to expanding industries like marine, power, and aircraft.
How’s the Protective Coatings market growing in India
India is predicted to be the fastest-growing market for protective coatings in the forecast period, with an expected growth rate of 7.5%. This growth is driven by increasing consumer income, ongoing construction development, and higher government spending on infrastructure projects like bridges, trains, airports, and more.
Additionally, the rapid growth of industrial and manufacturing sectors such as cars, ships, and power is boosting the sales of protective coatings in the country.
Key Questions Answered in the Report
- What factors are leading the growth trends in the market?
- What is the present market size, and how is it anticipated to change in the forthcoming years?
- What are the pivotal elements shaping the market?
- How is the segmentation of the Protective Coatings market done, considering types, fuels, applications, or other pertinent factors?
- Who are the primary participants in the Protective Coatings market?
- What strategies are being employed by these players to secure a competitive advantage?
- What are the catalysts driving the expansion of the Protective Coatings market?
- Which regions are projected to experience substantial growth, and what are the reasons behind it?
- What recent technological advancements are impacting the Protective Coatings industry?
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