Increase in demand for protective coatings from the automotive industry and launch of more efficient and effective protective coatings are key factors driving market growth
The global protective coatings market size is expected to reach USD 19.46 Billion in 2028 and register a revenue CAGR of 5.5% during the forecast period, according to a latest report by Reports and Data. Increase in demand for protective coatings from the automotive industry is a key factor expected to drive market revenue growth during the forecast period. Protective coatings are increasingly utilized for protection against corrosion, ordinary damages, and fire. These provide vehicle manufacturers with easy-to-use and durable undercoating for products. Underbody coating solutions also offer heavy-duty stone chip protection to reduce vehicular noise. Growth in rail transport of developing countries such as China is boosting demand for protective coatings for fire protection and consequently, driving revenue growth of the market. Intumescent coatings are applied during manufacturing of trains because it offers passive fire safety protection. Increase in popularity of e-Vehicles is also resulting in growing utilization of protective coatings. Intumescent coatings enable vehicle manufacturers to produce more efficient and safer batteries for e-Vehicles because of protective properties of such coatings.
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Manufacturers of protective coating solutions are increasingly investing in research and development activities for the launch of enhanced and effective protective coating solutions and also engaging in collaborations, which is supporting market growth. New Interpon Redox range of AkzoNobel offer customers a one-stop-shop that provides the simplest solution for maximum protection against corrosion. Product range offers durable protection for a wide variety of substrates and pre-treatment methods and has a protective three-layer system for highly corrosive environments. Moreover, Kansai Paint collaborated with Jotun A/S in protective coating business which would help both companies in simultaneously expanding their product portfolios and help in strengthening their position in the global market.
Major players in the market include AkzoNobel, PPG Industries, Inc., Sherwin-Williams Company, JOTUN A/S, Hempel A/S, Nippon Paint Holdings Co., Ltd.¸ Sika AG, Kansai Paint Co., Ltd., RPM International Inc., and Axalta Coating Systems, Ltd.
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Some Key Highlights From the Report
- In August 2021, Sherwin-Williams Company announced that it has signed an agreement to acquire the European industrial coatings business of Sika AG. European industrial coating business of Sika AG engineers, manufactures and sells corrosion-protecting systems for high-value interior and exterior steel infrastructure, bridges, airports, rails, windmills, energy firms, chemical manufacturing, power transmission and stations, vessels and pipework, interior linings for oil and gas tanks, and water and wastewater applications. It also offers fire protection coating systems to protect wood, steel and concrete building components. The acquired business is expected to become part of the Performance Coatings Group operating segment of Sherwin-Williams Company.
- Epoxy segment is expected to account for largest revenue share in the global protective coatings market over the forecast period. Epoxy coatings offer enhanced durability and resistance which is boosting its usage across various end-use industries and also making it an ideal choice for many industrial coating applications, including steel, concrete, metal and more.
- Solvent-borne segment is expected to register significant revenue growth over the forecast period. Weatherability & anti-corrosive properties of solvent-borne protective coatings is boosting its usage across various end-use industries. It is widely utilized in industries having corrosive gases and high humidity.
- Construction segment revenue is expected to expand significantly over the forecast period. Increase in government investments and tax incentives provided for infrastructure development purposes is boosting the demand for protective coatings as it is utilized to protect the infrastructures from the external environment.
- The market in Europe is expected to register significant revenue CAGR over the forecast period. Manufacturers of protective coating solution such as Sika AG, AkzoNobel, Jotun, Hempel A/S, are trying to develop protective coating systems that would meet the protective performance requirements of the Latest European Standards and support the market growth in the region.
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For the purpose of this report, Reports and Data has segmented the global protective coatings market based on product, formulation, application, and region:
- Product Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
- Epoxy
- Acrylic
- Polyurethane
- Polyester
- Alkyd
- Others
- Formulation Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
- Water-Borne
- Solvent-Borne
- Powder-Based
- Others
- Application Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
- Construction
- Oil & Gas
- Aerospace
- Industrial
- Automotive
- Others
- Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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