Protective Coatings Market Size to Grow at a CAGR of 5.30% in the Forecast Period of 2023-2028
The Global Protective Coatings Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global protective coatings market, assessing the market on the basis of its segments like formulation, resin type, end use and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Protective Coatings Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.30%
The surging demand for protective coating materials for corrosion protection has bolstered the growth of the protective coatings market. The growing construction activities and infrastructure is a major factor driving the growth of this market. Due to rapid urbanisation and increasing pollution levels in the citiessudden weather changes, protective coatings are readily being used on concrete buildings and structures to safeguard them from physical damage or weather changes and increase their life. This wide adoption of coatings for the protection of buildings, coupled with the introduction of vibrant colours to concrete to improve its their aesthetic appeal, is likely to enhance the growth of this market in the projected period.
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The growing usage of protective coatings in transformers, containers, and boilers significantly reduces the impact of exposure to high temperatures, and corrosive fluids and gases, which is augmentings the growth of this the market for protective coatings, owing to their increased demand. Due to its scratch-resistant and rapid-drying nature, the eEpoxy resin types of protective coatings segment of this market is are expected to witness a robust growth due to their scratch-resistant and rapid-drying nature , owing to its and surging deployment in industries. The protective coatings market is also likely to be supported by the flourish, owing to the surging rising demand for protective coatings for wind turbine rotor blades, in order to reduce the effect of rain erosion. The demand for waterproof and crack-filling protective coatings for the marine end uses industry is on a rise, due to the corrosive action of seawater, which ultimately cases causes damage to docks, ships and vessels.
Protective Coatings Industry Definition and Major Segments
A Protective protective coating is a layer of material applied to the surface of another material to reduce prevent damage and corrosion, by limiting the exposure of the metal original material to the environment. Apart from increasing the material’s wear resistance, these coatings also help in boosting their aesthetic appeal. Coatings can be applied as thin films to prevent degradation and maintain the function and properties of an objectthe product.
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On the basis of formulation, the market is segmented into:
• Water borne
• Powder based
• Solvent borne
• Others
Based on resin type, the market is classified into:
• Epoxy
• Acrylic
• Polyurethane
• Zinc
• Others
On the basis of end use, the market is divided into:
• Marine
• Oil and Gas
• Power
• Construction
• Others
Based on region, the market is differentiated into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Protective Coatings Market Trends
The increasing demand for protective coatings for household as well as industrial purposes has augmented the growth of the protective coatings market. The growing usage of protective coatings and its increased applications across various industries is a key trend observed in this market. The rising use of industrial electronic appliances and their prolonged exposure to pollutants in the environment signifies increases the need for protective electronic coatings which might can provide protection to the electronics against moisture and corrosion. This is likely to contribute significantly to the growth of this market.
The governments of various countries are increasingly engaging in the construction of various infrastructure, in order to boost the economic development, surging. This surges the demand for protective coatings. , thus augmenting the growth of the protective coatings market. The availability of cost-efficient, and highly durable, and easy to apply coatings has readily further accelerated the growth of this the protective coatings marketmarket.
Due to the increasing consumer awareness regarding sustainability and environment protection, market players are focussing on developing eco-friendly products like nano-coatings and green coatings, which is likely to expand this the market in the futurepotential. The prevalence of wastewater management systems due to the rising prominent risk of water-borne diseases is creating a growing demand for water tanks, which further compels the demand for protective coatings in order to avoid long-term damages, bolstering the protective coatings market.
Key Market Players
The major players in the global protective coatings market report are
• AkzoNobel N.V.
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Hempel A/S
• Kansai Paint Co.,Ltd.
• Nipsea Group
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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