PPG Industries Inc., Arkema Group, Sherwin-Williams Company, Kansai Paint Company Limited, Jotun Group, Akzo Nobel N.V., Axalta Coating Systems, Nippon Paint Holdings Company Limited, Hempel A/S, and Sika AG are among the key players operating in the global protective coatings market, finds Transparency Market Research (TMR) in a new study. Evidently strategies adopted by these company have a profound impact on business currents sweeping the global protective coatings market. Hindrances to smooth operation of any of these companies will therefore act as a key restraint for the market as well. Meanwhile, decisions they take for capacity expansion and product development will enable the global protective coatings market gain impetus in the coming years.
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According to TMR, the global protective coatings market was worth US$12,463.7 mn in 2016. Exhibiting a promising CAGR of 5.10%, its overall valuation is likely to reach US$19,374.50 mn by the end of 2025. Based on application, the building and construction sector emerged as the leading segment in terms of volume in 2016. However, TMR foresees immense growth for the oil and gas segment in the coming years. On the basis of volume, Asia Pacific held dominance in a global scale, trailed by Europe and North America. “The rising investment in the building and construction sector, propelled by rapid industrialization and urbanization is likely to boost the protective coatings market in Asia Pacific,” said a lead TMR analyst.
Rising Demand from Building and Construction Industry will Boost Growth
The protective coatings market will primarily gain from the accelerating investment in building and construction activities worldwide. Furthermore, proliferation of government backed welfare housing schemes will inflate growth prospects for the market. Given the prevailing scenario at the global construction sector, the demand for rebuilding, renovation, and refurbishing of old buildings is on a rise. This in turn has fuelled the demand for protective coatings worldwide. Furthermore, the market will significantly benefit from factors such as lowered interest rates in the housing sector, which has opened doors for the influx of investment in the building and construction sectors. Spurred by the aforementioned factors, the global protective coatings market has set sail on a positive growth trajectory.
Stringent Regulatory Framework could Restrain Market
Besides the building the construction sector, the market is witnessing high demand for aerospace, oil and gas, marine, power generation, mining, automotive, and other industries. This is indicative of a promising future that is on card for the global protective coatings market. In addition, the rising demand for high-efficiency coating solutions from the aforementioned industries will create lucrative growth prospects for the market in the coming years. Protective coatings are usually applied to enhance resistance to wear and tear and corrosion, especially in high operating temperature. This makes protective coatings indispensable for varied industrial applications.
However, on the downside, the market might face troubles due to stringent regulator frameworks, curbing VOC emissions. Also the rising cost of raw materials will create obstacles for the global protective coatings market. Nonetheless, the continuously rising demand from diverse industries will enable the global protective coatings market exhibit a steady growth in the near future.
This review is based on a TMR report, titled “Protective Coatings Market (Resin Type – Acrylic, Epoxy, Polyurethane, Alkyd, and Polyesters; Product Formulation – Solvent Borne, Water Borne, and Powder Borne; End-use Industry – Building and Construction, Oil and Gas, Aerospace, Automotive, Industrial, and Marine) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.”
- Rising building and construction activities puts Asia Pacific at the market’s fore
- Stringent regulations curbing VOC emissions may pose threat to the market
The report segments the global protective coatings market as:
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