LONDON--(BUSINESS WIRE)--The global protective coatings market is expected to post a CAGR of almost 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Water-borne coatings are increasingly being used in the aerospace, oil and gas, marine, power generation, mining, automotive, and other industries, as it has low VOC emissions, toxicity, and flammability. These coatings are also environmentally friendly and cost-effective compared to their solvent-based counterparts as they do not require additives, thinners, or hardeners. Also, the quantity of water-borne coatings needed for a surface area is relatively lower than other coatings. Such factors will lead to the growth of the global protective coatings market.
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As per Technavio, new plants and capacity expansion will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Protective Coatings Market: New Plants and Capacity Expansion
Vendors in the market are significantly investing in the development of advanced industrial coatings. Some are focusing on strengthening their global presence by expanding their manufacturing capacities. For instance, in 2018, Axalta Coating Systems opened its new manufacturing facility in Gujarat, India, to cater to the demand from the automobile and industrial sectors. The expansion of many such manufacturing facilities is leading to the growth of the global protective coatings market.
“Increasing focus on UV-curable coatings and nanocoatings and the emergence of green coating technology will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Protective Coatings Market: Segmentation Analysis
This market report segments the global protective coatings market by technology (solvent-borne, water-borne and powder coating), resin (epoxy, alkyd, polyurethane, and others), end-users (infrastructure and construction, oil and gas, automotive, aerospace and others) and geography (Americas, APAC and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growing demand for automobiles and related components in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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