Renewable Energy Coatings Market is Projected to Surpass USD 4.67 Billion by 2030 at a CAGR of 7.2% from 2022 to 2030; Increasing Demand for Renewable Energy Sources to Boost Market Growth
SkyQuest, a well-known and reputable market research company, has recently released a comprehensive report on the Renewable Energy Coatings market. This report provides crucial insights into the latest trends and significant advancements in the industry, offering a valuable resource for businesses and industry professionals worldwide. In addition, the report includes case studies of prominent companies in the industry, providing a detailed analysis of their successes and failures. This provides valuable insights into effective strategies for achieving growth in this highly competitive market.
Westford, USA, March 22, 2023 (GLOBE NEWSWIRE) -- A sizeable portion of the global market for renewable energy coatings is now accounted for by North America. The market size in the region is anticipated to increase over the next few years as a result of rising interest in sustainability and the demand for renewable energy. In North America, coatings for renewable energy sources like solar panels, wind turbines, hydropower plants, and other renewable energy sources are utilized in a variety of applications. The market for renewable energy coatings in North America is also anticipated to expand during the ensuing years as a result of rising demand for renewable energy sources and the adoption of sustainable technology. Significant investments in renewable energy projects are also anticipated in the region, which will increase demand for renewable energy coatings. However, because to rising demand for renewable energy and government attempts to support clean energy sources, the Asia Pacific region is predicted to have the fastest-growing market for renewable energy coatings. The market size in the area is anticipated to increase dramatically during the next several years. Solar panels, wind turbines, and hydropower systems are just a few of the applications throughout Asia and the Pacific that use coatings for renewable energy. Because to the region's excellent potential for solar energy generation, solar panels are anticipated to be the main application category for renewable energy coatings. The rising need for renewable energy sources, such as solar and wind power, and government measures to promote clean energy and cut carbon emissions are the main factors driving the growth of the renewable energy coatings market in Asia Pacific.
According to the latest research by SkyQuest, the global agriculture equipment industry is expected to grow significantly in the coming years, with an estimated value of USD 4.67 billion by 2030. The report suggests that a CAGR of 7.2% will drive this growth. Due to the rising need for renewable energy and the adoption of sustainable technologies across numerous industries, the global market for renewable energy coatings is predicted to expand rapidly over the next few years. The rising investment in renewable energy sources like solar and wind power and the rising demand for sustainable products across various industries are the main factors driving the growth of the renewable energy coatings market.
The market for renewable energy coatings is primarily driven by the rising demand for renewable energy. There is a rising need for renewable energy sources including wind, solar, and hydro power as the globe focuses more on lowering greenhouse gas emissions and addressing climate change. Technologies for renewable energy need specialized coatings that can shield them and improve their performance. Wind turbines, for instance, need coatings that can endure strong winds and avoid corrosion, while solar panels need coatings that can withstand exposure to sunshine. The need for coatings that can safeguard and improve the performance of renewable energy machinery is increasing along with the demand for renewable energy. Manufacturers of coatings are creating new goods that are better adapted to the requirements of renewable energy technologies, such as coatings that are more robust, eco-friendly, and resistant to weather and other environmental variables. Coatings are a cost-effective option for renewable energy operators because they can also help to lower the costs of equipment maintenance and repair. This increases the need for coatings that can help to increase equipment longevity and save downtime. Since there is a great need for coatings that can protect and improve the performance of renewable energy equipment, as well as offer cost savings and environmental advantages, the increasing demand for renewable energy is a significant driver for the market for renewable energy coatings.
Browse in-depth TOC on the "Renewable Energy Coatings Market"
Pages - 274
Tables - 64
Figures - 76
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The term "renewable energy coatings" describes specific paints or coatings made to improve the functionality and effectiveness of renewable energy systems including solar cells, wind turbines, and batteries. In order to increase the components of renewable energy systems' functioning, longevity, and capacity to absorb or convert energy, these coatings are often applied to their surfaces.
Prominent Players in Renewable Energy Coatings Market
PPG Industries (US)
AkzoNobel (Netherlands)
Hempel (Denmark)
Sherwin-Williams (US)
Jotun (Norway)
Tikkurila (Finland)
RPM International (US)
The Valspar Corporation (US)
BASF SE (Germany)
Hempadur (Denmark)
Nippon Paint Holdings (Japan)
Berger Paints India (India)
Axalta Coating Systems (US)
The Sherwin-Williams Company (US)
Kansai Paint Co. Ltd. (Japan)
Nippon Paint Holdings Co. Ltd. (Japan)
Berger Paints India Limited (India)
RPM International Inc. (US)
Jotun A/S (Norway)
PPG Industries Inc. (US)
Akzo Nobel N.V. (Netherlands)
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The anti-corrosion Segment to Drive High Sales as Demand for Solar Panels, Wind Turbines Is Increasing and Anti-Corrosion Coating Offers Corrosion Resistance.
The renewable energy coatings market has witnessed a significant surge in revenue over the past year, and much of this growth can be attributed to the increasing for demand for solar panels and wind turbines. In 2021, anti-corrosion segment has contributed a substantial share of revenue to the overall market, and industry experts predict that its prospects are looking quite positive for 2022 to 2030. Since renewable energy systems are frequently installed in difficult conditions like offshore wind farms, desert solar installations, or coastal areas, the anti-corrosion sector is a dominating product type section for the renewable energy coatings market. Because of their well-known corrosive effects on metal and other materials, these conditions are known to harm renewable energy systems over time and decrease their efficiency. Anti-corrosion coatings are used to stop corrosion and guarantee the longevity of renewable energy installations. These coatings are made to shield metal surfaces against corrosive elements like moisture, seawater, and other chemicals. They operate as a barrier, preventing contact and lowering the danger of corrosion, between the metal surface and the environment. Moreover, anti-corrosion coatings extend the lifespan and lower the cost of maintenance of renewable energy equipment. These systems can run more effectively and produce more energy over their lifetimes if corrosion is prevented. As a result, it is anticipated that the anti-corrosion market will continue to dominate in the future due to the crucial role it plays in preserving the effectiveness and durability of renewable energy systems.
Water-based Coatings Segment to Grow Swiftly owing to its Environmental Friendliness, Compliance with Regulations, Ease of Application, Excellent Adhesion, High Performance, and Cost-Effectiveness.
The Renewable Energy Coatings market has grown substantially recently, with the water-based coatings segment retaining its leading position in 2021. The emission of volatile organic compounds (VOCs), which are bad for the environment and people's health, is decreased by using water-based coatings. Because of this, there is a rising need for eco-friendly coatings, and water-based technology fills that need. Also, several nations have strict laws governing VOC emissions from coatings. Water-based coatings are a common option for manufacturers because they frequently comply with these rules. Moreover Water-based coatings may be applied quickly and inexpensively with typical spray equipment. Also, due to their lower VOC content and simplicity of application, water-based coatings are frequently more affordable than solvent-based coatings. As a result, water-based technology is a preferred option in the market for renewable energy coatings because of its regulatory compliance, convenience of use, outstanding adhesion, high performance, and affordability. It is therefore anticipated that it will continue to dominate the market in the future.
SkyQuest's research report presents a thorough overview of the industry, highlighting emerging trends and market patterns while assessing the crucial dynamics of the global market. The report's findings are based on extensive research and analysis from various industry sources. As a result, the report presents a wealth of information that will be valuable to stakeholders and decision-makers in the Renewable Energy Coatings market. The research report also thoroughly analyzes the regional markets, highlighting key drivers and challenges specific to each region.
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Key Developments in Renewable Energy Coatings Market
In 2021, Hempel acquired Wattyl, a leading manufacturer of architectural and decorative coatings in Australia and New Zealand. The acquisition strengthens Hempel's presence in the Asia Pacific region and expands its product offering to include architectural coatings for commercial and residential applications.
In 2022, AkzoNobel has recently launched its new Interpon Cr Powder Coatings for renewable energy applications. The new coatings are designed to protect wind turbines, solar panels, and other renewable energy components from harsh environments, while also improving their aesthetics.
In July 2022, Hempel, the coatings supplier to the wind energy industry, announced the launch of Hempablade Edge 171, a new coating for leading edge protection (LEP) on wind turbine rotor blades.
Key Questions Answered in Renewable Energy Coatings Market Report
What is the outlook for the global market in the coming years, and what factors are likely to shape its growth trajectory?
What are the key technological advancements driving growth and innovation in the market, and how are they being adopted by industry players?
What key consumer trends influence the market, and how are industry players adapting to meet changing consumer demands?
What are the major opportunities for new market entrants, and what strategies can they use to succeed in an increasingly competitive market?
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