Protective Coating Market to Surpass 21.89 Billion by 2030 Drives Due to Escalating Wave of Infrastructural Development Projects
SkyQuest projects that the protective coating market will attain a value of USD 21.89 billion by 2030, with a CAGR of 5.2% over the forecast period (2023-2030). The widespread utilization of protective coatings across diverse industries underscores their critical role in safeguarding various sectors in the protective coating market. Industries such as construction, oil and gas, aerospace, industrial manufacturing, marine operations, automotive production, power generation, mining activities, and others heavily rely on protective coatings to preserve vital assets.
Westford, USA, Oct. 20, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the global protective coating market is currently experiencing a promising phase of growth, primarily attributed to the escalating wave of infrastructural development projects. The construction sector necessitates a diverse array of protective coating formulations tailored to address the distinct demands of various applications within this dynamic landscape.
Browse in-depth TOC on the “Protective Coating Market”
- Pages – 157
- Tables – 66
- Figures – 75
The ascending trajectory of the global protective coating market stands out as a paramount driver behind burgeoning growth in the protective coatings sector. This essential class of coatings finds extensive application across a diverse spectrum of end-use industries, including but not limited to construction, oil and gas, aerospace, industrial manufacturing, marine operations, automotive production, power generation, mining activities, and more.
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Prominent Players in Protective Coating Market
- PPG Industries Inc.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- Axalta Coating Systems LLC
- Hempel A/S
- Jotun A/S
- Nippon Paint Holdings Co. Ltd.
- BASF SE
- RPM International Inc.
- Kansai Paint Co. Ltd.
- The Valspar Corporation
- Sika AG
- Teknos Group Oy
- Masco Corporation
- Wacker Chemie AG
- Asian Paints Limited
- DAW SE
- Berger Paints India Limited
- Noroo Paint & Coatings Co. Ltd.
- Chugoku Marine Paints Ltd.
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Epoxy Segment is Expected to Grow the Market Due to Escalating Demand for Epoxy Coatings
The global protective coatings market is anticipated to be primarily influenced by the dominance of the epoxy segment throughout the projected forecast period. This projection is primarily underpinned by a pivotal factor: the escalating demand for epoxy coatings within developing countries.
The market in Europe stands out as the second-largest protective coating market, bearing testament to its substantial influence within the industry. A combination of factors notably propels the region’s ascendancy in this market.
Polyurethane Segment is Expected to Dominate the Market Due to the Distinctive Attributes Characterizing Polyurethane Coatings
Polyurethane segment is poised for swift protective coating market expansion, emerging as a prominent growth driver. This trajectory is attributed to the distinctive attributes characterizing polyurethane coatings. Renowned for their exceptional chemical, corrosion, and physical wear resistance, these coatings are a coveted choice across diverse industries.
Regional markets in the Asia Pacific are poised to assert their dominance over the protective coating market, driven by pivotal factors. The region’s burgeoning population, coupled with the rapid trajectory of urbanization and industrialization, is crucial in propelling its ascendancy.
A comprehensive analysis of the major players in the protective coating market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Protective Coating Market
- In 2022, Hempel made a significant entry into the protective coatings market by introducing Hempablade Edge 171, a pioneering solution for safeguarding wind turbine rotor blades through leading-edge protection (LEP). This innovative product not only boasts the distinction of exhibiting the most remarkable rain erosion performance data among liquid LEP offerings but also sets a new benchmark with its exceptionally low dry film thicknesses. This combination of attributes equips Hempablade Edge 171 to deliver prolonged defense against rain erosion, concurrently streamlining the application process to yield time and cost efficiencies.
- In a strategic move that bolstered its global business endeavors, Kansai Paint made headlines in August 2022 by successfully acquiring Westdeutsche Farben GmbH, a prominent German coatings manufacturer renowned for its technological prowess in water-based coatings.
Key Questions Answered in Protective Coating Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the market, and how these differences shape the market’s future growth?
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