Global Protective Coatings Market - By Resin (Acrylic, Polyurethane, Epoxy, Alkyd, Polyester), By Formulation (Water Borne, Powder Based, Solvents Borne) By End-Use (Industrial, Marine, Oil & gas, Automotive, Mining)- Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Protective Coatings industry held USD 34.85 billion in 2020 and is expected to grow at a CAGR of 7.5% from 2020-2030. The growth in protective coatings industry is powered significantly by the growing construction industry. Protective coating is commonly used in diverse end-use industries including building, oil and gas, aerospace, manufacturing, marine, automotive, power generation, mining, and other industries resulting to the growth in protective coatings market. The coating is spread over various surfaces to protect against external environment which could harm the function or integrity of an object or component.

Market Dynamics and Factors:

The protective coatings market is growing because of the increasing infrastructural expansions, construction industry is witnessing favorable growth across the globe. Building infrastructures requires many protective coating formulations to acquire their requirements from different applications. Abrasion-resistant, intumescent, high-temperature and water-resistant coatings are among the industry's most commonly used protective coating products. Protective coatings are also used in various construction equipment to ensure wear and tear, corrosion resistance, durability and operational efficiency, which is leading to the increase in protective coatings market trends.

Epoxy resin held the largest segment in the protective coatings market with over approximately 38% of the market share in 2018, followed by the Polyurethane. The Epoxy coatings are used in building structural parts to improve resilience, durability and strength. Also used in grouts, crack injection, floor toppings and adhesives.

Furthermore, the protective coatings are used in home appliances such as washing machines and refrigerators to protect them from corrosive gasses, food acids and moisture, as well as to spread service life. The low VOC content and excellent anticorrosion performance along with the increased automotive and aerospace demand are the major factors boosting the overall protective coatings market size. Increasing demand for shipbuilding and repair, petrochemicals, and steel has also resulted in increased demand in protective coatings market.

Market Segmentation:

Based on resin, the protective coatings industry is segmented into acrylic, polyurethane, epoxy, alkyd, polyester. The protective coatings industry further is classified on the basis of formulation into water borne, powder based, solvents borne. The protective coatings market is divided into industrial, marine, oil & gas, automotive, mining based on end use. Geographic breakdown of protective coatings market includes regions comprising North America, Europe, Asia-Pacific, and Rest of the world.

Geographic Analysis:

The most dominating regional segment in protective coatings market is Asia Pacific with more than approximately 58% of the total revenue in 2018, and then followed by Europe. The region is projected to account for significant protective coatings market share over the forecast period due to rising demand for end-user protective coatings such as aerospace, power generation, mining, automotive, industrial, oil and gas, others. In Asia Pacific region, China led the biggest protective coatings industry in volume and revenue. Because of rapid industrialization and urbanization, presence of numbers of end-users, close proximity to suppliers of raw materials, and, especially in India and China, the protective coatings market is expected to boost in the coming years.

Asia Pacific has a huge population, especially in China and India, and is involved in many infrastructural development activities. Also, the availability of raw materials and less stringent VOC emission laws compared to Europe and North America region has given number of opportunities to develop the end-use sectors such as automotive, marine and manufacturing, among others contributing to the overall protective coatings market share.

Competitive Scenario:

The major players of global protective coatings market include, The Sherwin Williams Company, Nippon Paints, AkzoNobel NV, PPG Industries, and Hempel A/S, among other contributing to the major protective coatings market size.

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