LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global protective coatings market is expected to grow at a CAGR of more than 9% during the forecast period.
This research report titled ‘Global Protective Coatings Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
In terms of geography, APAC dominated the market with a share of 66.7% in 2015. The region is likely to sustain its market share over the forecast period and grows considerably due to the growth in infrastructure development, especially in developing economies such as India and China.
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Based on technology, the report categorizes the global protective coatings market into the following segments:
- Solvent-borne coatings
- Water-borne coatings
- Powder coatings
Global solvent-borne coatings market
Solvent-borne coatings can be categorized into high-solid solvent-borne coatings and conventional solvent-borne coatings. Solvent-borne construction coatings are cheaper than other technologies. Most conventional solvent-borne coatings emit high levels of volatile organic compounds (VOCs).
Stringent regulations regarding the emission of VOCs, especially in North America and Western Europe are compelling producers to develop eco-friendly alternatives to coatings and paints. These alternatives meet the performance characteristics of solvent-borne coatings and do not emit VOCs. These products are more economical than other technologies; thereby they are gaining prominence. “The adoption rate of such alternatives is lower in developing economies like China and India, due to the lack of well-defined regulations. However, growing awareness regarding such eco-friendly alternatives is expected to increase their consumption significantly,” says Swapnil Tejveer Sharma, a lead analyst at Technavio for research on paints, coatings, and pigments.
Global water-borne coatings market
Over the years, the water-borne coatings market has seen continual innovation, with vendors focusing on the introduction of eco-friendly products and coatings with functional benefits. Owing to the low VOC content, water-borne coatings are replacing solvent-borne coatings in most applications.
Water is used as a dispersal agent for the resin of water-borne coatings. It constitutes around 80% of the volume of the coating, with traces of other solvents such as glycol ethers. Therefore, they are environment-friendly and easy to use. These coatings are customized to offer benefits such as graffiti resistance and self-cleaning characteristics. These coatings are gaining wide application in the US and Western Europe as regulations regarding the emission of VOCs in these regions are stringent.
Global powder coatings market
Powder coating is a completely solid coating application. In this process, dry powder, when baked at sufficiently high temperatures, melts to form a continuous film. For thermosetting materials condensation or addition polymerization takes place. This fused film has the uniformity, color, toughness, and other properties generally associated with protective and decorative coatings.
These coatings also prevent against chipping, corrosion, fading, scratches, have greater wear resistance, and are environment-friendly. Well formulated powder coatings are most preferred as they do not produce hazardous wastes. Among all existing finishing coatings, powder coatings are the largest growing, accounting for more than 15% share in North America alone.
Swapnil says, “Powder coatings are gaining popularity in a wide range of applications, including aerospace, construction, and mainly the automotive industry. This is attributable to the fact that it provides better durable finish than liquid paints, along with offering a smooth lustrous finish.”
The top vendors highlighted by Technavio’s research analysts in this report are:
- AkzoNobel
- Axalta Coating Systems
- PPG Industries
- RPM International
- Sherwin-Williams
Browse Related Reports:
- Global Waterborne Coatings Market 2016-2020
- Global Automotive Refinish Coatings Market 2016-2020
- Protective Coatings Market in APAC 2015-2019
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