Protective Coatings Market Size to Surpass USD 21.7 Bn by 2030
According to Precedence Research, the global protective coatings market size is projected to surpass around USD 21.7 billion by 2030 from valued at USD 15.2 billion in 2021 and growing at a CAGR of 4.04% from 2022 to 2030.
Tokyo, July 28, 2022 (GLOBE NEWSWIRE) -- The global protective coatings market size was valued at USD 15.81 billion in 2022. Coatings play a significant role in the protection of assets in the industrial, commercial, and architectural markets. Coatings are generally understood to be a thin layer of solid substance applied to a surface to improve its functional, aesthetic, or protective qualities. They are a liquid, liquefiable, or mastic mixture, more particularly, that when applied to a surface hardens into a protective, ornamental, or useful adhering film. To prevent corrosion of the substrate, protective coatings are put on a surface.
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Additionally, protective coatings are utilized in the civil construction and infrastructure sector for flooring, wood finishes, interior and external walls, bridges, swimming pools, doors, and ceilings. Increased investments in infrastructure development and increased renovation of older buildings are two variables that operate as important market growth drivers.
Report highlights
On the basis of formulating technology, the solvent based segment is the leading segment and is expected to make the largest contribution to the protective coatings market. They are used extensively. The use of organic solvents made it considerably simpler to apply paint, allow it to cure, and create an even, long-lasting paint coat. However, as the solvents evaporate, they release Volatile Organic Compounds (VOCs), which smell bad and are hazardous to the environment. In humid conditions, coatings with a solvent base are advantageous. When opposed to water-based coatings, which perform worse in humid settings, solvent-based coatings require a lot less time to dry. Liquidizing agents, which are a component of solvent-based coatings, hasten drying time by a chemical reaction with ambient oxygen. Because of their nature, solvent-based coatings are simple to apply in a humid environment and at various temperatures.
On the basis of resin type, the epoxy segment had the largest market share and is anticipated to keep growing during the projection period. The capacity of epoxy coatings to endure intense temperatures makes them highly valued. Epoxy also has the benefit of drying quickly, minimizing production pauses while the coating cures. Epoxy is also resistant to exposure to chemicals, all types of leaks, and surface scratches. This prevents the coating from deteriorating and needing maintenance.
On the basis of end use industry, the infrastructure and construction segment is expected to be the largest segment. Preventing structures against solvents, dust, fungi, corrosion, humidity, and other threats that could compromise their stability and operation is the main goal of protective coatings. In addition to offering waterproofing solutions, protective coatings help stop water leaks. Buildings, dams, wells, bridges, floors, wood finishes, and external and interior walls may all function in demanding situations and circumstances attributable to protective coatings that act as a protective barrier.
Regional Snapshots
Asia-Pacific held dominant position and has largest share of protective coatings market. It is anticipated to increase rapidly during the forecast period as a result of significant infrastructure improvements. The region includes nations at various stages of economic development. Protective Coatings are used in a variety of end-use industries, including Civil Building & Infrastructure and Marine, which is primarily responsible for the region's growth.
Due to rising government spending in infrastructure development projects, it is projected that infrastructure and building will increase in developing Asia Pacific countries like China and India. Among other things, these projects involve building bridges, trains, airports, and more. Hence, this region is expected to grow at highest rate.
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Scope of the Report
Report Attributes | Details |
Market Size in 2022 | USD 15.81 Billion |
Revenue Forecast by 2030 | USD 21.7 Billion |
CAGR | 4.04% from 2022 to 2030 |
Base Year | 2021 |
Forecast Year | 2022 to 2030 |
Key Players | The Sherwin-Williams Company, PPG Industries, Inc., Jotun, Akzo Nobel N.V., Kansal Paint Co., Ltd., Sika AG, The Chemours Company and others. |
Market dynamics
Drivers
On a massive scale, it is predicted that putting the existing corrosion management strategies into practice might result in yearly cost savings of between 15 and 35 percent. Depending on the type of environment they are exposed to, metals have a natural tendency to shift to a low energy state and so seek to form oxides, hydroxides, carbonates, sulfides, and other compounds. Lightweight metals have become the material of choice in many industries. In the automotive, aerospace, and consumer goods industries, aluminum, titanium, and now even magnesium, have become essential materials. Due to their wide availability, exceptional strength-to-weight ratios, and versatility, they are a preferred solution for product engineers all over the world. Hence, increase in corrosion concerns in various end use industries is fueling the growth of the market across globe.
Restraints
Protective coatings are expensive, and the cost of producing them is rising along with the cost of energy. The price of raw materials has increased as a result of increasing crude oil prices and shifting foreign exchange rates. The cost of the raw materials used to make protective coatings varies greatly. The least costly of them is acrylic. The priciest kind of protective coatings are epoxies. Manufacturers must pay additional costs owing to increasing energy taxes on top of the pricing of raw materials, which leads to greater operational expense and lower margins of profit.
Opportunities
In addition to extending the lifespan of the current substrates, protective coatings are applied. There are systems that operate continuously in several sectors. A few of these involve the usage of harsh materials or exposure to changing climatic conditions. As a result, the equipment's structure degrades or the process becomes less efficient, leading to the shutdown of the plant or a halt in all operations. Protective coatings aid in averting these problems, saving on the expense of equipment repair and shutdown. Because seawater is corrosive, the marine industry is vulnerable to damage to boats, ships, and docks. In the marine industry, coatings like waterproofing coats and joints & crack filler coats are frequently utilised for maintenance. Hence, increasing demand for maintenance for existing substrates are becoming a boom in the market.
Challenges
Manufacturers have been forced to create products with low volatile organic compounds (VOCs), high solid content, and fewer toxic biocides as a result of increasingly strict rules limiting the use of protective coatings. REACH, Green Seal, the Solvent Emissions Directive (SED), and the Biocidal Products Directive (BPD) are tough environmental laws that regulate chemical registration, evaluation, authorization, and restraint as well as the emission of volatile organic compounds and hazardous air pollutants (hazardous air pollutants). This has caused technical issues with the application of solvent-based coatings. The industries are changing their practices to employ more ecologically friendly coatings as a result of these laws. Development of new products that abide by these strict restrictions and make it profitable for industries, however, is a challenge. Hence, creation of affordable items while observing tight environmental restrictions that limit the market growth.
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Recent Developments
With COSCO shipping, Hong Kong's top shipping company, Jotun has formed a joint venture. Both sides benefit from this enterprise in equal measure. The business combines Jotun's cutting-edge, high-performance coatings technology with its infrastructure, industry, and knowledge, while Jotun retains its coveted COSCO reputation in China, the company's most important market.
Market Segmentation
By Formulation Technology
Solvent based
Water based
Powder coatings
By Resin Type
Epoxy
Polyurethane
Acrylic
Alkyd
Zinc
By End Use
Infrastructure
Commercial Real Estate
Industrial Plants and Facilities
Oil & Gas
Power
Mining
By Application
Abrasion Resistance
Chemical Resistance
Fire Protection
Heat Resistance
Corrosion Resistance
Pipe Coatings
Tank Linings
Others
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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