Global Protective Coatings Market: Snapshot
Besides their traditional use of protecting and decorating metal, plastic, and wood surfaces, protective coatings have found diverse industrial applications. More recently, they are applied on surfaces to enable equipment and machines endure extreme temperatures. Furthermore, protective coatings make these equipment more resistant to corrosion and wear and tear. According to Transparency Market Research (TMR), paints and coatings are often applied on surfaces to make them exhibit “smartness” such as self-cleaning, super hydrophobic water repellency and self-healing paints. This makes protective coatings a material of choice for diverse industrial applications. More recently, the rising demand for improved protection against corrosion, especially in toxic environment has led to the development of protective coatings.
TMR forecasts the global protective coatings market to exhibit impressive growth. It is likely to gain from the rising demand from industries such as building and construction, oil and gas, aerospace, automotive, industrial, marine, and others (power generation, mining, electronics, paper and pulp etc.). According to statistics published by the Society for Protective Coatings (SSPC), the global building and construction market is growing at 4 to 4.5 % between 2016 and 2018. This rise is anticipated to drive the demand for protective coatings in the building and construction industry. Typical applications of protective coatings include power generation equipment, paper and pulp accessories, electrical and electronics appliances etc.
Rising Demand from Building and Construction Sector Makes it a Key End User
In terms of resin type, the protective coatings can be classified into acrylic, epoxy, polyurethane, alkyd, polyesters, others (phenolic, fluoropolymer, nitrocellulose etc.).
In terms of product formulation, the protective coatings can be classified into solvent borne, water borne, powder borne and others (radiation curable etc.).
In terms of the end-use industry, the protective coatings market is segmented into building and construction, oil and gas, aerospace, automotive, industrial, marine, and others. Building and construction segment accounted-for the highest share of the market in 2016 in terms of volume while oil and gas segment is anticipated for the fastest growth during the forecast period. Against this backdrop, the global protective coatings market will witness lucrative prospects in emerging nations. Rising construction activities and investment in infrastructural development in developing countries will therefore fuel growth prospects for the global market.
Rapid Urbanizations Puts Asia Pacific at Global Market’s fore
In terms of region, the protective coatings market can be classified into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In terms of volume, Asia pacific dominates the market for protective coatings followed by Europe and North America. The increasing investment in building and construction activities owing to rapid industrialization and urbanization, is projected to raise the demand for protective coatings.
Besides this, low cost of production and easy access to cheap skills will create an environment conducive to the growth of the protective coatings market in Asia Pacific. On the flip side political and economic instability at any given point can act as a major restraint for the market in the coming years.
Key players operating in the global protective coatings market include PPG Industries Inc., Arkema Group, Sherwin-Williams Company, Kansai Paint Company Limited, Jotun Group, Akzo Nobel N.V., Axalta Coating Systems, Nippon Paint Holdings Company Limited, Hempel A/S, and Sika AG.
Global Protective Coatings Market: Overview
This report analyzes and forecasts the market for protective coatings at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (Kilo Tons) from 2017 to 2025. The study includes drivers and restraints of the global protective coatings market. It also covers the impact of these drivers and restraints on demand for protective coatings during the forecast period. The report also highlights opportunities in the protective coatings market at the global and regional level.
Global Protective Coatings Market: Scope of the Study
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global protective coatings market. Porter’s Five Forces model for the protective coatings market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global protective coatings market by segmenting it in terms of resin type, product formulation, and end-use industry. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for protective coatings in North America, Europe, Asia Pacific Middle East & Africa and Latin America. The report also covers demand for individual resin type, product formulations, and end-use industry in all the regions.
Global Protective Coatings Market: Research Methodology
The report provides the estimated market size of protective coatings for 2016 and forecast for the next eight years. The global market size of protective coatings has been provided in terms of revenue and volume. Market numbers have been estimated based on resin type, product formulation, and end-use industry segments of protective coatings market. Market size and forecast for each major resin type, product formulation and end-use industry have been provided in terms of global and regional markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, webcasts specific to companies operating in the market, American Chemical Society, International Council of Chemical Associations, 4m Associations, and European Union. Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, resin type, end-use industry, and product formulations across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The study includes profiles of major companies operating in the global protective coatings market. Key players in the protective coatings market include PPG Industries Inc., Arkema Group, Sherwin-Williams Company, Kansai Paint Company Limited, Jotun Group, Akzo Nobel N.V., Axalta Coating Systems, Nippon Paint Holdings Company Limited, Hempel A/S, Sika AG, etc. Market players have been profiled in terms of attributes such as company overview, overall revenue, business strategies, and recent developments.
The report segments the Global Protective Coatings market as follows:
Global Protective Coatings Market: By Resin Type
Global Protective Coatings Market: By Product Formulation
Global Protective Coatings Market: By End-use Industry
- Building and Construction
- Oil and Gas
Global Protective Coatings Market: By Region/Country/Sub-region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA