Composite Coatings Market Analysis by Resin Type (Polyester, Polyamide, Epoxy, and Others); by Application (Anti-corrosion, Thermal Protection, UV Protection, and Others); by Techniques (Brazing, Electroless Plating, Laser Melt Injection, and Others)and by End Users (Aerospace & Defense, Industrial, Medical, Food Industry, Oil & Gas, Transportation, and Others)– Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 4261 | Published Date: Feb 22, 2023
The global composite coatings market is estimated to garner a revenue of ~USD 2 Billion by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 1 Billion in the year 2022. The primary growth factor of the market growth in the forecast period is the increased utilization of composite coatings in the packaging industry. The boom in the packaging industry is expected to generate lucrative opportunities for the key players in the composite coatings market. As of 2022, the revenue catered by the global packaging industry every year was calculated to be approximately USD 500 billion. Packaging is very crucial in the food sector as it prevents spoilage of the food inside. The packaging industry uses composite coatings to manufacture packaging films by adding plasticizers and additives to enhance the shelf life of food products.
Composite coatings are mostly used in the packaging industry for waterproofing and thermal barriers for safety. Thus, the increase in the number of packaging manufacturing industries is expected to increase the adoption rate of composite coatings in the future. As per a recent study done in 2022, the total number of packaging manufacturing companies operating in the world was counted to be around 100,000 with 5 million job opportunities. Packaging is used in various sectors including agriculture, healthcare, personal care, electronics, and industrial goods. The packaging protects the products from thermal and mechanical damage during manufacturing, transport, and distribution. To avoid this composite coating is very useful as it comprises layers of protection that use paper, foil, or plastic additives to prevent damage. The leakage and spillage problems are more when manufacturing and transporting liquid or semi-solid forms of cosmetic and personal care products. The composite packaging comes in handy in these situations.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 1 Billion |
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Forecast Year Market Size (2033) |
~ USD 2 Billion |
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Regional Scope |
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Growth Drivers
Increased Investments in the Construction Industry with Rising Disposable Income –The anti-corrosive and self-lubricating advantages of composite coatings are expected to increase their utilization in constructing infrastructures. Thus, the booming construction industry is expected to propel the composite coatings market. The global construction industry expenditure is forecasted to increase to USD 17.5 trillion by 2030. Also, the United States construction industry gathered almost USD 2 trillion in 2019.
High Level of Steel Production with Increasing Use in the Construction and Automotive Sector – Global steel production reached around 1950 million tons in 2021, a 4% increase from 2020 with 1870 million tons.
Expansion of the Automotive Industry Owing to Increasing Number of Purchases – With more than USD 200 billion of revenue generated by India’s automotive industry in 2021, it is set to become the world’s 3rd largest automotive industry by 2030.
Growth in Manufacturing Industry with Rapid Urbanization and Modernization – The revenue generated by the manufacturing sector of the United States region is projected to reach approximately USD 9 trillion. Also, in the year 2018, there were around 740,840 manufacturing enterprises in the region.
Challenges
The global composite coatings market is segmented and analyzed for demand and supply by techniques into brazing, electroless plating, laser melt injection, and others. Out of these segments, the brazing segment is estimated to garner the largest market share. This technique allows giving a tough and high resistance during the coating process compared to the other techniques. The brazing method provides water resistance and corrosion resistance to the surface. This is also believed to protect from damage caused by UV rays, scratches, heat, and fire. As the composite coating is lightweight and used in the aerospace industry, the brazing technique is applied in the automobile, aerospace, and defense sector to get a perfect result. All these factors together are estimated to boost the market growth. As per the reports, the aerospace sector made a revenue of over USD 700 billion in 2021 increasing by about 5% from the year 2020 around the world.
The global composite coatings market is also segmented and analyzed for demand and supply by end-users into aerospace & defense, industrial, medical, food industry, oil & gas, transportation, and others. The oil & gas segment is expected to garner a significant share among these segments. Composite coating is used as a protective coating to add shielding layers to increase the hardness and shelf-time in equipment such as pipelines, vessels, and subsea equipment, for proper functioning. Composite coatings in the oil & gas industry are used in various processes of exploration & production, transportation & storage, refining& petrochemical. Thus, the escalation in the oil & gas industry is expected to generate considerable revenues for the key players in the composite coatings market. The oil & gas industry is one of the largest sectors in the world in terms of dollar value, generating an estimated USD 5 trillion in 2022.
Our in-depth analysis of the global composite coatings market includes the following segments:
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By Resin Type |
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By Application |
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By Techniques |
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By End Users |
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The North American composite coatings market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing transportation, aerospace, and defense industry across the region during the forecast period. The rapid growth of urbanization leads to increasing construction projects that are heading the higher utilization of paints and coatings, this as a result is estimated to drive the composite coatings market growth further throughout the forecast period in the region. Also, the increasing exports and imports of oil & gas owing to meet the demand. The rising automobile purchases owing to the rising spending ability of people with increasing economic standards of middle-class people in the region. In the United States, according to the estimations, the revenue from motor vehicles and their parts reached more than USD 1 trillion in 2021 and the automobile industry attributes to 3% of America’s GDP. The increasing disposable income of people is one of the reasons for the growing number of automobiles on road. And government initiatives to improve infrastructure and hospital facilities is estimated to increase the construction sector which in turn boosts the growth of the market in the coming years.
PPG Industries, Inc. has announced its partnership with Aerobrand, a U.K. airline brand and design consultancy company to provide enhanced services that combine paint supply and design.
AkzoNobel to expand its coatings portfolio is acquiring the wheel coating business of LankwitzerLackfabrik GmbH.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The expansion of the construction industry along with the high investments for building infrastructures along with the blooming packaging industry are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2033.
Ans: The fluctuating costs of raw materials and additional expenses for the manufacturing process are estimated to be the growth-hindering factors for market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are AkzoNobel, PPG Industries, Inc., Sherwin-Williams Company, RPM International Inc., AZTRON TECHNOLOGIES, LLC, Axalta Coating Systems, A.W. Chesterton Company, OM Sangyo Co., Ltd., Axalta Coating Systems, SURTECKARIYA Co., Ltd and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, technique, end users, and by region.
Ans: The oil & gas segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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