SEATTLE--(BUSINESS WIRE)--The global protective coatings market was valued at US$ 16.39 Bn in 2018, and is projected to exhibit a CAGR of 8.7% over the forecast period (2019 – 2027), in terms of revenue.
Key Trends and Analysis of the Global Protective Coatings Market:
The global protective coatings market is expected to witness significant growth over the forecast period. Factors such as increasing infrastructural demand in emerging and developed regions coupled with surging demand for protective coatings attributed to growth in power sector is expected to boost the revenue for global protective coatings market in near future.
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Emerging economies such as China, India, Brazil, South Africa, and Gulf Cooperation Council (GCC) have witnessed rise in demand for new infrastructure and increased spending on maintenance of existing infrastructure. However, infrastructure in developed economies such the U.S. and Europe is aging and in turn, attracting investments for up-gradation projects.
Moreover, rising need across the globe for harnessing power from alternative sources such as solar, wind, and geothermal has resulted in increased installation of plants to harness these resources. Growth in the power sector is directly associated with growth of the global protective coating market, as these units need to withstand harsh conditions and highly corrosive elements. This scenario is likely to propel the demand for protective coatings from infrastructure and power sector over the forecast period.
Stringent government regulations focusing on reduced volatile organic compounds (VOC) emission is to act as major factor hampering growth of global protective coatings market. The solvent-based coatings market is witnessing volatility, due to high VOC emissions. VOC is hazardous to the environment, as it reacts with nitrogen to form ozone, thus contributing to ozone depletion. This has made various environmental regulatory bodies such as European Environment Agency (EEA) and The Environment Protection Agency to set VOC content limits for various coatings in the market.
For instance, The Environmental Protection Agency published the architectural coatings rule on September 11, 1998 (63 FR 48848) under authority of Section 183(e) of the Clean Air Act. This rule mandates limiting the amount of volatile organic compounds (VOC) in coatings products.
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Key Market Takeaways:
- The global protective coatings market is expected to exhibit a CAGR of 8.7% during the forecast period in terms of revenue. The market for protective coatings is expected witness growth, owing to increasing demand from various end-use industries such as automotive, infrastructure, mining, power, and oil & gas.
- Based on technology, water-based coatings offer major advantages over conventional solvent-based coatings, primarily with regard to low VOC emissions. The water-borne proactive coatings market has witnessed slow adoption rate in the recent past, especially in markets in emerging economies. This is attributed to high cost as compared to other similar functionality alternatives. However, with existing regulatory pressure currently, protective coatings manufacturers are working on continuous cost reduction initiatives in order to fuel adoption rates
- Among regions, Asia Pacific held dominant position in the global protective coatings market in 2018. Moreover, the region is expected to record fastest growth during 2019-2027. Demand for protective coatings is currently the highest in Asia Pacific and companies in this region account for largest production capacity of protective coatings as compared to other regions. Production capacity is expected to increase significantly in the region in the next eight years.
- Significant growth is expected in the Middle East and Asia Pacific protective coating market over the forecast period, as countries in these regions are focusing on modernizing infrastructure. For instance, Qatar’s successful bid to host the FIFA World Cup 2022 is estimated to bring investment of around US$ 150 Bn in various infrastructure projects in the near future.
- Key players operating in the global protective coatings market include, Akzo Nobel N.V., The Valspar Corporation, PPG Industries, Inc., Arkema Group, Kansai Paint Co. Ltd, The Sherwin-Williams Company, Sika AG, Wacker Chemie AG, Hempel A/S, and Jotun
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