Protective Coatings Market Overview
An overview of conceptual frameworks, analytical approaches of the Protective Coatings market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. Protective Coatings market is expected to grow with significant rate in the near future.
The global Protective Coatings Market in 2020 is estimated for more than US$ 21.9 Bn and expected to reach a value of US$ 31.0 Bn by 2028 with a significant CAGR of 4.5%.
Protective Coatings Market Definition
A protective coating is the layer of material that is being applied on the surface of another material in order to ensure and protect it from corrosion. It can be either metallic or non-metallic in nature. Apart from the corrosion-resistant property, protective coatings also have several other applications. It can also be applied to the materials that make them water-resistant and shock-proof. It also increases material aesthetic appeal and makes it water-resistant.
The protective coating market is primarily driven by the development in the infrastructure sector that involves both the building and construction of new buildings along with the renovation of existing ones.
Protective Coatings Market Dynamics
Factors like rising demand for durable products, increasing research and development activities along the adoption of technically advanced and innovative protective coating is also fuelling the growth of this market.
The global protective coatings market is expected to increase at a significant CAGR over the forecast period owing to the increasing demand of coatings that are specific for fuel-efficient automobiles, along with a growing need for low VOC coating solutions that offer extreme temperature resistance, corrosion resistance, wear & tear resistance, and low maintenance cost.
In addition, the rising demand for protective coatings from high growth end-use segments like the aerospace and automotive sector coupled with its eco-friendly nature is also boosting the demand for protective coatings in the market. However, the strict norms against the application of the solvent-borne coating and fluctuating cost of raw material restrict the overall growth of the market.
Protective Coatings Market Key Players
The global protective coatings market is mainly dominated by AkzoNobel NV, Arkema SA, Axalta Coating Systems, FEIDAL Coatings, Hempel A/S, Novatic - The Coatings Group, PPG Industries, RPM International Inc., Sika AG, The Sherwin-Williams Co., The Valspar Corporation, and Wacker Chemie AG.
Protective Coatings Market Segmentation
The global protective coatings market is segmented on the basis of resin type, product, end-use, and region.
On the basis of resin type, the global protective coatings market can be segmented into acrylic, epoxy, polyurethane, alkyd, polyester, and others. On the basis of product, the global protective coatings market can be segmented into solvent-borne, water-borne, powder-based, and others. On the basis of end-use, the global protective coatings market can be segmented into aerospace, automotive, construction, industrial, marine, mining, oil & gas, power generation, and others.
Protective Coatings Market Regional Segmentation
On the basis of region, the global protective coatings market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. Asia Pacific protective coatings market is expected to be the most dominating market throughout the forecast period. Availability of key players and rapid industrialization and urbanization and the growing automotive industry Asian region is increasing the demand for protective coating. In addition, the incentives, government norms, and tax subsidiaries have drawn the attention of automotive original equipment manufacturers towards the developing countries like India, Malaysia, Thailand, and Indonesia for its production are of the revenue-boosting factors in the region.
MMC Overview on Protective Coatings Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give better opportunity for the customers to put their effort.
A research report on the Protective Coatings market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that supports market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled as ‘Protective Coatings Market: Opportunity Analysis and Future Assessment 2020-2028’.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth include (but not restricted to):
• New product designs and launches
• Current product compliance
• Concerns for use of Protective Coatings
• Advantages of Protective Coatings
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to take informed decision.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.