ID: MRFR/CnM/6960-HCR | February 2021 | Region: Global | 111 pages
According to MRFR analysis, the Global Protective Coatings Market is projected to record a CAGR of 5.2% to reach USD 24.55 Billion by the end of 2025.
A protective coating is a covering that is applied on the surface of a material with the intent of inhibiting corrosion. A protective coating is done to reduce corrosion, by restraining the exposure of the material to a corrosive environment; it acts as a barrier between the atmosphere and material surface. For instance, zinc coatings over steel prevent the oxidation of steel, thus act as rust-resistant coating. These coatings can be applied by painting, spraying, plating or welding onto a material. Several materials can be used as protective coatings. Paints, tar, bitumen, plastics, and pitch are some of the common examples. Among which paint is the most widely used material for coatings.
The properties such as excellent adhesion and resistance to water, abrasion, impact, and chemical, protective coatings find applications in multiple end-use industries. Some of the popular product names for protective coatings are AQUAPON, RAYCRON, Devoe, Alkydprimer, ARMORSEAL HS, NIPPON PAINT RED OXIDE METAL PRIMER, Royale Matt, and TECT BARRIER SP (A) 500.
The factors driving the growth for the protective coating market are increasing building & construction activities, expanding automotive industry in the emerging economies, and increasing investments in infrastructure development, particularly Asia-Pacific and Latin America. Additionally, the consumption of protective coatings in applications such as metal coatings, floor coatings, wall & ceiling coatings, concrete coatings, wood coatings, and roof tile coatings is likely to fuel the global market growth.
Furthermore, increasing concern regarding environmental issues such as global warming and declining air quality index has led environmental agencies to limit the use of volatile organic compounds (VOCs) and increase the consumption of waterborne coatings, which is expected to fuel the global market growth during the forecast period.
However, fluctuating prices of raw materials such as pigments, additives, binders & resins, dispersants, curing agents, and solvents are likely to hinder the global market growth.
Pricing and Regulatory Analysis
The stringent regulations and standards for coatings used in the automotive, building & construction and oil & gas industries are likely to boost the demand for protective coatings during the forecast period. For instance, the American Society for Testing and Materials– ASTM G14-04, for ‘Standard Test Method for Impact Resistance of Pipeline Coatings’; the National Association of Corrosion Engineers– RP0188, for ‘Testing of Protective Coatings’; the American National Standards Institute– ANSI Z535.1, for ‘ Safety Color Code’; the European Federation of Corrosion– EFC 20, for ’Organic & Inorganic Coatings for Corrosion Prevention’, BRITISH STANDARD– BS 3900, for ‘Methods for Testing Coatings’; the International Organization for Standardization– ISO 1461, for ‘Metallic coatings by galvanization on fabricated ferrous products’; and the European Paints Directive 2004/42/EC, for ‘the maximum amount of VOCs content’.
Surging demand for green coatings due to increasing concern regarding environmental issues
Widespread use in the building & construction industry to protect materials from corrosion
Increasing demand in the automotive industry for protection and decorative purposes
Growing population coupled with rising disposable income
By Material Type
Acrylic: The acrylic resin held the largest market share of around 42% in 2018 and the segment is projected to register the highest CAGR of 5.40% during the forecast period. This is mainly attributed to inertness and excellent color retention ability of the resin. In 2017, acrylic paints and coating market was valued around USD 57.04 billion.
Epoxy: The segment held the second-largest share of the global protective coating market, over 22% in 2018. The growth is as epoxy coatings are easy to apply and resistant to temperature and chemicals.
Polyurethane: Polyurethane resin are used as binders and provide durability, toughness, abrasion resistance, and high gloss properties to protective coatings.
Alkyd: Alkyd resin held a significant share of the market owing to properties such as durability and resistance to wear and tear.
Polyester: Resins are UV resistant and water permeable.
Others: The segment includes fluoropolymer and polyether ether ketone.
By Product Type
Solvent-borne: The segment is expected to hold the largest share of the global protective coating market, owing to their high use in industrial coatings as they are resistant to changing environmental conditions such as humidity and temperature
Water-borne: It is expected to be the most opportunistic segment during the forecast period, owing to strict environmental regulations pertaining to VOCs.
Powder-based: These coatings are resistant to fading, chipping, wearing, and scratching than other finishes.
By End-Use Industry
Building & Construction: Held the largest market share of over 70% in 2018 and is expected to follow the same trend during the forecast period, owing to their use in protecting materials such as metals, walls, floors, woods, and others. In 2017, paints & coating, in the residential sector valued around USD 57 billion.
Oil & Gas: High-visibility colors, non-skid coatings on decks, and fire and heat resistant coating are some of the major uses of protective coating in oil & gas coating.
Aerospace & Defense: Aluminum protective coatings are generally used to prevent corrosion on material surface owing to changing environmental conditions at high altitudes.
Automotive: The second-largest segment, where they are used to increase the life span of automobiles.
Power Generation: Requires high-temperature-resistant coatings in turbines and cooling towers.
Marine: Chemical and water-resistant coatings are required to prevent corrosion of submarines and ships surfaces.
Others: The segment includes mining and energy.
North America: A well-established automotive industry coupled with increasing reconstruction activities in the region is expected to drive the growth of the regional market during the forecast period.
Europe: High emphasis on the use of green coatings in automobile production, power generation, and construction activities is likely to drive regional market growth.
Asia-Pacific: The market held the largest share of the global protective coating market in 2018 and is expected to maintain its dominance during the forecast period. The growth of the regional market is attributed to the expanding building and construction industry supported by the government of the region, increasing population and increasing demand for automobiles among individuals. For instance, in 2018, 5 million units of the passenger car were manufactured in China.
Latin America: Rapidly expanding automotive industry is expected to fuel the market growth for protective coatings in the region.
Middle East & Africa: Increasing construction activities and well-established oil & gas industry in the region is expected to boost the growth of the market.
Frequently Asked Questions (FAQ) :
The global protective coatings market is expected to reach USD 24.55 billion by 2025.
The market is expected to exhibit a strong 5.2% CAGR over the forecast period from 2019 to 2025.
The growing demand for longer lasting components in a number of end use industries is the major driver for the protective coatings market.
North America is the largest regional market for protective coatings.
Leading players in the protective coatings market include PPG Industries, AkzoNobel, and Sherwin-Williams, among others.