Dublin, Feb. 11, 2021 (GLOBE NEWSWIRE) -- The "Protective Coatings Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The protective coatings market by revenue is expected to grow at a CAGR of approx. 6% during the period 2021-2026.
The global protective coatings market is expected to grow over 1.4X times in terms of revenue during the forecast period. In 2020, the market witnessed reasonable growth, with over 41% of the share contributed by the APAC market, especially India, China, and Japan. The growth of protective coatings in the European region has been boosted by the development in oil and gas segments and investments in various infrastructure projects during 2015-2019.
The growth of protective coatings in the European market declined in 2020 due to the outbreak of the COVID-19, which resulted in the abrupt downturn in the European construction market. The market has been highly affected by the COVID-19 outbreak due to variations in the construction business and raw material prices, production of raw material, and implementation of lockdown in various countries.
Increasing pricing pressures and a shortage of labor in many countries have impacted the construction and infrastructure development activities. However, the global protective coatings market share is expected to witness sudden traction in demand during 2021.
Global Protective Coatings Market Segmentation
The global protective coatings market research report includes a detailed segmentation by resin type, formation type, functional solutions, end-user industry, geography. The demand for epoxy coatings is likely to increase during the forecast period on account of increased stringency by government bodies to reduce the application of volatile organic compounds (VOC). Also, epoxy protective coatings are witnessing high adoption as they offer excellent corrosion protection and water resistance. The consumption of epoxy resins has increased in North America over the period owing to the increasing demand for eco-friendly coatings from the construction industry.
In terms of formulation, water-based protective solutions are expected to observe the highest growth during the forecast period. An increase in infrastructure and construction projects and the high adoption of water-based solutions are the major drivers for the growth. Another factor is government regulations for the usage of volatile organic compounds and the pressure to follow CO2 emission norms. These regulations are positively influencing the demand for waterborne coating solutions across the globe, particularly in the APAC region.
The APAC region is the largest market for anti-corrosion protective coatings. Staggering economic growth and high application of anti-corrosion agents in construction, marine, and automotive sectors are influencing the growth of anti-corrosion solutions. China is the leading producer and consumer of anti-corrosion agents due to the rapid industrialization and the increased application in marine, oil and gas, construction, transportation, and automotive end-user industries.
Thailand, South Korea, Indonesia, and India are other key countries that are observing high demand for anti-corrosion solutions. Moreover, the demand for anti-corrosion agents will increase with the resumption of construction and infrastructure development projects across the world, which were stalled due to the outbreak of the COVID-19 pandemic.
The global infrastructure investment is expected to reach $94.4 trillion by 2040, and further $3.6 trillion will be required for sustainable development goals. The APAC region will dominate the infrastructure investments with current investments as well as during the forecast period. Hence, to protect the substrate from corrosion and other environmental effects and the increasing infrastructure development, the demand for protective coatings in the construction segment is expected to grow substantially.
INSIGHTS BY VENDORS
Due to the highly competitive and volatile environment, the protective coatings market growth mainly depends on the ability to anticipate, gauge, and adapt to the constantly changing market trends with environment-friendly coatings with low or no VOC content and successfully introduce new or improved products on time.
AkzoNobel, PPG industries, The Sherwin Williams Company, Nippon Paints, RPM International, and Axalta are the major players that are trying to expand their markets through profitable partnerships and merger strategies whereas the domestic vendors are capitalizing on the product portfolio that best suits the domestic needs and wants.
KEY QUESTIONS ANSWERED
What is the value of the protective coatings market during the forecast period?
Which region's revenue is expected to be affected by the outbreak of the COVID-19 pandemic?
What innovations are being introduced in the protective coatings industry by vendors?
What is smart coating technology? Who are the major end-users of smart coatings?
Who are the leading market players in the protective coatings market?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7.1 Impact Of COVID-19
8 Market Opportunities & Trends
8.1 Construction And Infrastructure Development
8.2 Corrosion Resistance In Storage Tanks
8.3 Increasing Innovations In Protective Coatings Market
8.4 Restoration And Rehabiliation Of Water Storage Structures
9 Market Growth Enablers
9.1 Evolving Aerospace Market
9.2 High Performance Direct To Metal Coatings
9.3 New Technology To Address Voc Regulations
9.4 Smart Coatings
10 Market Restraints
10.1 High Cost Of Raw Materials
10.2 Increasing Environmental Regulations
11 Supply Chain Analysis
12 Growth Opportunity By Segments
12.1 By Resin
12.2 By Formulation Type
12.3 By Functional Solution Type
12.4 By End-User Industry
13 Market Landscape
13.1 Historical Overview 2015-2019
13.2 Market Size & Forecast 2020-2026
13.3 Five Forces Analysis
14 Resin Type
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
15 Formation Type
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
16 Functional Solution Type
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.4 Thermal or Fire Protective
16.5 Scratch Protection
17 End-User Industries
17.1 Market Snapshot & Growth Engine
17.2 Market Overview
17.4 Oil And Gas
17.8 Power Generation
18.1 Market Snapshot & Growth Engine (Revenue)
18.2 Market Snapshot & Growth Engine (Volume)
18.3 Geographic Overview
PPG Industries Inc.
Axalta Coatings Systems
Other Prominent Vendors
Chugoku Marine Paints
Tnemec Company Inc.
Wacker Chemie AG
Innovative Chemical Products (ICP) Group
NOROO Paint & Coatings
Premium Coatings and Chemicals
Jamestown Coating Technologies
For more information about this report visit https://www.researchandmarkets.com/r/4gh5u8
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