Home Chemical Protective Coatings Market Analysed by Business Growth, Development Factors, Applications, and Future Prospects 2027
Protective Coatings Market Analysed by Business Growth, Development Factors, Applications, and Future Prospects 2027

Protective Coatings Market Analysed by Business Growth, Development Factors, Applications, and Future Prospects 2027

A protective coating is a layer of material, which is applied on the surface of another material with the aim of preventing or inhibiting corrosion. Protective coating can be classified into metallic and non-metallic coatings. Commonly used materials in metallic protective coatings include aluminum, zinc, and chromium, whereas, non-metallic protective coating’s material include epoxies, polyurethanes, and polymers. Protective coatings find applications in consumer products as well as in heavy machinery, marine, and oil & gas industry, etc.

Increased investment by leading players in developing regions, owing to low labor cost, less stringent environmental regulations, and cheap manufacturing costs is expected to boost the production for protective coatings market. For instance, in June 2015, Axalta Coating Systems Ltd. announced establishment of a new waterborne coatings facility in Wuppertal, Germany, which was in line with the company’s strategy to provide a sustainable coating solutions. Furthermore, in December 2014, PPG Industries, Inc. completed expansion of its Cheonan, South Korea, facility, which cost around US$ 12 Mn, and enabled increased production capacity of waterborne coatings. Increased adoption of water-based coatings as compared to solvent-based coatings is likely to drive the demand for water-borne segment in the near future.

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Factors such as volatility of raw material costs along with low replacement rate of solvent-based coatings is expected to hinder growth of the market in the near future. The major raw materials used in paints and coatings industry are pigments, solvents, binders, additives, and white urea, with raw materials accounting for around to 49% of total costs. Growth of the global protective coatings market is affected by various macroeconomic factors and price fluctuations of crude oil and logistics costs. This scenario is likely to have adverse impact on the growth of protective coatings market over the approaching years.

The global protective coatings market was valued at US$ 16.39 Bn in 2018, and is expected to register a CAGR of 8.7%, in terms of revenue over the forecast period (2019-2027), to reach US$ 34.81 Bn by 2027.

Asia Pacific held the largest revenue share of over 42.0% in the global protective coatings market in 2018, and is expected to maintain its dominance over the forecast period. Factors including growth of end-use industries such as automotive and construction along with the power is expected to act as major driver for the global protective coatings market. According to Organization for Economic Co-operation and Development (OECD), Asia Pacific construction market is expected to witness a growth rate of 7-8% during 2017 to 2025, in order to reach US$ 5.36 trillion by 2025, accounting for around 60.0% of the global construction industry.

Protective coatings are generally classified by their basic resin type, such as epoxy, alkyd, acrylic, or polyurethane. However, different blends of resin, pigments, solvents, and additives result in different serviceability and properties of protective coatings.

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Based on technology, in 2018, solvent-borne segment accounted for the largest market share in the global protective coatings market. The segment contributed for around 64.0% of the overall revenue generated by the global protective coating market across the globe in 2018. Solvent-based coating has high Volatile organic compounds (VOC) content, are high in odor, and highly flammable. These are generally thinned and cleaned using solvents such as turpentine.

Solvent-based coating gives more resilient finish than waterborne and powder-based coatings, making it easier to wipe. However, it tends to become brittle as the coating ages. Solvent-based coating provides high block resistance, i.e., when two painted surfaces come into contact, they do not stick to each other and are more tolerant to adverse weather conditions such as high humidity during the drying period. Owing to advantages offered by the solvent-borne coatings, the demand for solvent-borne coatings is expected to boost in the near future.

Major players operating in the global protective coatings market include Akzo Nobel N.V., The Valspar Corporation, PPG Industries, Inc., Arkema Group, Kansai Paint Co. Ltd, The Sherwin-Williams Company, Sika AG, Wacker Chemie AG, Hempel A/S, and Jotun.

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Anagha Kulkarni
Anagha Kulkarni,

Anagha Kulkarni
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