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Protective Coatings Market To Witness Enhanced Growth Owing To Rising Demand From Construction, Oil & Gas And Aerospace Industries Till 2025 | Million Insights

Protective Coatings Market To Witness Enhanced Growth Owing To Rising Demand From Construction, Oil & Gas And Aerospace Industries Till 2025 | Million Insights

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According to new report available with Million Insights, the growth in the protective coatings market is expected to be positively impacted by the rise in the aerospace and automotive industries worldwide. The rising demand for passenger cars and the growing air traffic, most notably in emerging regions, are expected to drive the growth of this industry during the forecast period.

Industry Insights:

The global protective coatings market was valued at USD 24.90 billion in 2015. The growth in this market is primarily an outcome of significant consumption in key end-use industries such as construction, oil & gas, and aerospace. The growth in the protective coatings market is expected to be positively impacted by the rise in the aerospace and automotive industries worldwide. The rising demand for passenger cars and the growing air traffic, most notably in emerging regions, are expected to drive the growth of this industry during the forecast period.

The product finds major applications in the construction, mining, power generation, aerospace, industrial, and marine industries, among which the construction segment accounted for the largest share in 2015. The growing infrastructure development in emerging countries such as India, Brazil, and China are anticipated to drive the demand for the product during the forecast period. The key restraints for the growth of the industry include the stringent government regulations, especially in the U.S. and European countries, regarding the volatile organic compound (VOC) emissions and increasing cost of raw materials. The rising demand for raw materials in the other end-use segments may negatively impact the growth of the industry during the forecast period.

Full Research Report On Protective Coatings Market Global Analysis available at: https://www.millioninsights.com/industry-reports/protective-coatings-market

Resin Type Insights

In terms resin types, the industry has been segmented into acrylic, epoxy, polyurethane, alkyd, and polyester. The epoxy coatings segment dominated the overall industry revenues in 2015, accounting for revenues of over USD 9 billion. The growing demand for high operational efficiency in key application verticals can be considered the primary factor driving the product growth.

The alkyd resins segment is expected to observe a significant growth during the forecast period, driven by the growing application scope in segments such as automotive, construction, and oil & gas.

Product Insights

In terms of products, the industry has been categorized into water-borne, powder-based, and solvent-borne. In 2015, the solvent-borne segment accounted for revenues of nearly USD 8.5 billion, thereby dominating the overall industry revenue. However, this segment is anticipated to observe slow growth during the forecast years owing to strict government regulations on the use of solvent-based compounds with high VOC content.

Water-borne coatings is another key segment, which is expected to experience the highest revenue growth of nearly 11% during the forecast period. Increasing demand for environmental-friendly products from key end-use verticals is slated to drive the segment growth.

End-use Insights

The industry has been segmented into construction, oil & gas, aerospace, mining, industrial, power generation, automotive, marine, and others, on the basis of end use. The construction segment dominated the overall industry, accounting for revenues of over USD 5 billion in 2015. This dominance and future growth of this segment can be attributed to rising infrastructure development activities and investments in emerging countries of Asia Pacific and Central & South America. The growth of the aerospace and oil & gas segments is also expected to drive the demand for protective coatings during the forecast period, projected to grow at a CAGR of nearly 11%. This can be attributed to the increasing demand for the products in thermal barrier and surface protection applications, in the aforementioned industries, which witness high-temperature operations.

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Regional Insights

The Asia Pacific accounted for a major share of the overall industry in 2015, having recorded revenues of over USD 18 billion. This regional industry segment is expected to continue its dominance in the coming years, as a result of the presence of numerous manufacturers, easy availability of raw materials, rising construction initiatives being taken by governments, and low production costs. China is expected to be among the highest growing markets for the product worldwide during the forecast period, projected to grow at a CAGR of nearly 10%.

The European region is expected to observe slow growth in the protective coatings industry, primarily owing to the political and economic instabilities in the region. The industry in Russia has been witnessing a significant boost in the construction sector, which is expected to offer high growth potential to product manufacturers in the region during the forecast period.

Competitive Insights

The protective coatings industry is highly competitive, with key manufacturers spread worldwide. The key global players in this industry include Wacker Chemie AG, BASF SE, AkzoNobel NV, The Sherwin-Williams Co., and PPG Industries. These players have adopted strategies such as capacity expansion and new product developments to gain a competitive edge over competitors in the global industry.

The aforementioned global companies are, however, faced with significant competition from Chinese manufacturers. The significant positions of these Chinese players can be attributed to the low production costs, easy availability of raw materials, and rapid growth of the end-use verticals in the region.

Related Reports of this Category available at Million Insights:
https://www.millioninsights.com/industry/chemicals-and-materials

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