Rockville, Oct. 09, 2023 (GLOBE NEWSWIRE) -- As per this latest analysis by Fact.MR, a market research and competitive intelligence provider, the global Protective Coating Market is estimated at US$ 25.25 billion in 2023 and is forecasted to expand at a CAGR of 6.3% during the forecast period (2023 to 2033). Several factors, including the growing significance of protective coatings in extending the life of assets across sectors such as automotive, construction, marine, and aerospace, are driving the expansion of the global market for protective coatings.
The need for protective coatings has also been spurred by the increased emphasis on enhancing the efficiency and longevity of industrial infrastructures and equipment. Furthermore, there are likely to be abundant chances for market expansion due to the growing need for environmentally friendly and sustainable coating solutions.
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Key Segments of Protective Coating Industry Research Report
| By Technology | By Resin | By Application |
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Development of coating technologies and the rise in popularity of functional coatings that shield against corrosion, abrasion, and chemical reactions have both contributed to the market's expansion. Significant investments in infrastructure-building projects in emerging economies are also fueling the expansion of the market for protective coating solutions.
Key Takeaways from Market Study
- The global market for protective coatings is projected to expand at 6.3% CAGR and reach US$ 46.51 billion by 2033.
- The market was pegged at US$ 23.2 billion in 2022 after expanding at a CAGR of 4% from 2018 to 2022.
- The United States accounts for 19.8% share of the global market in 2023.
- Estimated market share of the infrastructure segment is 21.4% in 2023.
- The market in India is projected to rise at a CAGR of 7.5% through 2033
“Low toxicity and abrasion resistance of water-borne protective coatings are contributing to the growth of the market across regions,” says a Fact.MR analyst.
Market Growth Strategies
Strong rivalry in the global market for protective coatings has led to several growth strategies being used by industry participants. Development of new products is one of the most common tactics that is being seen.
Protective coating manufacturers are making significant R&D investments to develop high-performance coatings that meet the changing needs of end customers. Through strategic alliances and acquisitions, businesses are also focusing on expanding their global footprint.
Market players are expanding their manufacturing facilities or establishing new ones to enhance their production capacity. Additionally, some businesses are expanding into allied industries including adhesives, sealants, and surface treatments to diversify their product lines.
Key Companies Profiled
- The Sherwin-Williams Company
- Akzo Nobel N.V.
- BASF Coatings
- Deutsche Amphibolin-Werke
- Beckers Group
- Tikkurila
- Brillux
- Cromology
- Teknos
- Meffert AG Farbwerke
- Mankiewicz
- IVM Chemicals
- Kansai Paints Co. Ltd.
- The Valspar Corporation
- PPG Industries Inc.
- Arkema Group
- Sika AG
- Wacker Chemie AG
- Hempel A/S
- Jot
| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 46.51 Billion |
| Growth Rate (2023-2033) | 6.3% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 112 Tables |
| No. of Figures | 93 Figures |
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Competition Landscape
Due to growing demand for protective coatings, market participants are diversifying their product ranges to maintain a competitive edge. Companies are emphasizing mergers and acquisitions to broaden their global footprint and enhance market penetration.
- In August 2023, AkzoNoble successfully acquired Sherwin-Williams' Chinese Decorative Paints business, bolstering its presence beyond the premium segment, enabling targeted market segmentation, and enhancing its position in China.
Manufacturers are adopting renewable and sustainable energy practices within their operations, prioritizing sustainability and innovation to lead the market while minimizing environmental impact and ensuring regulatory compliance.
- In July 2023, BASF Coatings announced the complete transition to 100% renewable energy across all its operations in China, a significant stride toward meeting global sustainability objectives encompassing carbon reduction, material efficiency, and safe, sustainable solutions.
Market players are also making strides towards achieving net-zero transformation and offering clients coatings with a reduced carbon footprint.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the protective coating market, presenting historical market data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals essential insights based on technology (solvent-borne, water-borne, powder, others), resin (epoxy, polyurethane, acrylic, alkyd, polyester), and application (infrastructure, commercial real estate, industrial plants & facilities, oil & gas, power, mining), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
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Coating Binders Market: Global coating binders market is estimated to be valued at USD 35,133 million in 2022 and is forecast to reach USD 50,563 million by 2032, growing with a CAGR of 3.1% from 2022-2032.
Coating Pigments Market: The global coating pigments market is estimated at USD 24.5 billion in 2022 and is forecast to reach USD 41.9 billion by 2032, growing at a CAGR of 5.5% during 2022-2032.
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