Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The global protective coatings market is set to gain impetus from the increasing transformation in the mobility, performance, and size of electronic gadgets. Components of devices, such as wearables, tablets, and smartphones, can often corrode if exposed to pollutants. These coatings help to protect them and surge their life span. This information is given by Fortune Business Insights™ in a report, titled, “Protective Coatings Market, 2021-2028.” As per the report, the market size was USD 12.0 billion in 2020. It is projected to grow from USD 12.9 billion in 2021 to USD 21.2 billion in 2028 at a CAGR of 7.3% during the forecast period.
COVID-19 Pandemic: Halt of Raw Material Manufacturing in Asia Pacific to Hinder Growth
The outbreak of the COVID-19 pandemic has resulted in the temporary halt of raw material production in various countries owing to lockdown measures. Thailand, Singapore, Japan, China, and India are considered to be the major suppliers of raw materials. But, strict government norms to prevent transmission of the coronavirus have delayed import and export activities. The RICS Global Construction Monitor, for instance, declared that the condition of the construction industry in Asia Pacific continued to deteriorate in Q2 2020.
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List of protective coatings vendors operating in the global market:
- The Sherwin-Williams Company (Ohio, U.S.)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- Jotun (Sandefjord, Norway)
- Akzo Nobel N.V. (Amsterdam, Netherlands)
- Kansai Paint Co.,Ltd. (Osaka, Japan)
- Sika AG (Baar, Switzerland)
- The Chemours Company (Delaware, U.S.)
- Dulux Protective Coatings (California, U.S.)
- Oasis Paints (Sharjah, United Arab Emirates)
- Wacker Chemie AG (Munich, Germany)
- Henkel AG & Co. KGaA (Düsseldorf, Germany)
- NIPSEA GROUP (Singapore)
- Berger Paints (West Bengal, India)
- Hempel A/S (Lyngby, Denmark)
- Dow (Michigan, U.S.)
- Other Key Players
Segments
Infrastructure & Construction Segment Held 24.0% Share in 2020: Fortune Business Insights™
By end-use industries, the market is divided into mining, power generation, automotive, infrastructure & construction, marine, industrial, oil & gas, and others. Amongst these, the infrastructure & construction segment generated 24.0% in terms of the protective coatings market share in 2020. It remained at the forefront because of the increasing usage of these coatings in industrial constructions to lower the influence of corrosive gases and improve heat resistance.
Report Coverage
Our research report aims to estimate the future growth potential and size of the protective coatings industry. It covers factors influencing growth, such as industry-specific challenges, opportunities, restraints, and drivers. The report also involves extensive secondary sources, databases, and directories, such as Health & Safety Council of North America (SEHSC), Bloomberg, Silicone Industry Association of Japan (SIAJ), Factiva, Hoovers, and Chemical Weekly.
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Drivers & Restraints
Increasing Need to Prevent Concrete Structures from Corrosion will Bolster Growth
Protective coatings help in enhancing the aesthetics of a structure. Besides, they can add new colors to the concrete and improve its longevity by preventing surface fractures, sealing, and water infiltration. Concrete buildings are often exposed to multiple environmental conditions, such as pollution and atmospheric carbonation. Concrete degradation and corrosion are the two main issues faced by builders. When coatings are used on the concrete, they can safeguard the structure against physical and chemical damages. However, regulatory bodies have implemented strict norms on the usage of solvent-borne solutions as they release volatile organic compounds (VOCs). It may hamper the protective coatings market growth in the near future.
Regional Insights
Expansion of Mining and Automotive Industries to Favor Growth in Asia Pacific
Geographically, in 2020, Asia Pacific stood at USD 5.0 billion in terms of revenue. This growth is attributable to the rising government investments in the development of new infrastructure, especially in China and India. At the same time, the expansion of the industrial, infrastructure & construction, marine, automotive, and power industries would propel regional growth. In North America, on the other hand, the high demand for electric vehicles would drive the automotive industry, thereby aiding growth. Additionally, the surging state and federal spending in institutional buildings and public works is set to accelerate the demand for protective coatings in this region.
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Competitive Landscape
Key Players Focus on Unveiling Innovative Solutions to Compete with Their Rivals
The global market includes a large number of renowned companies that are majorly focusing on introducing novel solutions for a wide range of industries as per their requirements. A few others are conducting exhaustive R&D activities to keep up with the high consumer demand.
Below are the two significant industry developments:
- March 2021: PPG unveiled the PPG PITTHANE® ULTRA LS high-performance polyurethane topcoat. It can be used in corrosive environments requiring low sheen to hide surface imperfections and limit glare.
- August 2020: Sherwin-Williams Protective & Marine launched the latest rapid curing technology for lowering the labor costs and application time required to protect structural steel.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Resin Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Protective Coatings Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Protective Coatings Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Resin Type (Volume/Value)
- Epoxy
- Polyurethane
- Alkyd
- Acrylic
- Inorganic Zin
- Others
- By Formulation Technology (Volume/Value)
- Solvent-based
- Water-based
- Powder
- Others
- By End-use Industry (Volume/Value)
- Infrastructure & Construction
- Oil & Gas
- Industrial
- Marine
- Automotive
- Power Generation
- Mining
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Resin Type (Volume/Value)
TOC Continued…!
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Have a Look at Related Research Insights:
Paints and Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Epoxy, Acrylic, Polyester, Alkyd, PU, and Others), By Technology (Waterborne, Solvent Borne, Powder Coating, and Others) By Application (Architectural, Automotive OEM, Marine, Coil, General Industries, Protective Coatings, Automotive Refinish, Industrial Wood, and Others), and Regional Forecast, 2021-2028
Industrial Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, and Others), By Technology (Solvent-borne, Water-borne, Powder, and Others), By End-use (General Industrial, Powder, Automotive OEM, Automotive Refinish, Protective, Wood, Marine, Coil, Packaging, and Others), and Regional Forecast, 2020-2027
Marine Coatings Market Size, Share & Industry Analysis, By Product Type (Anti-corrosion Coatings, Anti-Fouling Coatings, Other), By Application (Cargo Ships, Passenger Ships, Boats, Submarines, Service Ships, Offshore Vessels, Others) And Regional Forecast 2021-2028
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