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CHEMICALS AND ADVANCED MATERIALS

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, Electro less 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 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • July, 2022: PPG Industries, Inc.has announced its partnership with Aerobrand, a U.K. airline brand and design consultancy company to provide enhanced services that combines paint supply and design.
  • July, 2022: AkzoNobelto expand its coatings portfolio is acquiring the wheel coating business of LankwitzerLackfabrik GmbH.

Global Composite Coatings Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Composite-Coatings-Market-Analysis-CAGR

The global composite coatings market is estimated to garner a notable revenue by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a huge revenuein the year 2021. The primary growth factor of the market growth in the forecast period is the increased utilization of composite coatings in packaging industry. The boom in packaging industry is expected to generate lucrative opportunities for the key players of 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.

Composite-Coatings-Market-Overview

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Composite coatings act as thermal barriers or intumescent layers that is helpful in enhancing the durability and provide corrosion resistanceagainst fire, heat, corrosion, and harmful radiations. These protective layers are applied to various substrates with the techniques of laser melt injection,brazing, and others. Manufactured by joining two or more substances, composite coatings are light in weight and have uniform coating thickness and consistency in any surface. The composite coatings are mostly used in the packaging industry for waterproofing and thermal barriers for the 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 recent study done in 2022, the total number of packaging manufacturing companies operating in the world was counted to be around 100,000 with a 5 million job opportunities.

Global Composite Coatings Market: Growth Drivers and Challenges

Growth Drivers

  • Increased Investments in Construction IndustryThe anti-corrosive and self-lubricating advantages of composite coatings in expected to increase its 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 –The global steel production reached to around 1950 million tons in 2021, a 4% increase from 2020 with 1870 million tons.
  • Expansion of Automotive Industry – With more than USD 200 billion of revenue generated by India’s automotive industry in 2021, it is set to become world’s 3rd largest automotive industry by 2030.
  • Growth in Manufacturing Industry – The revenue generated by manufacturing sector of the United States region is projected to reach approximately USD 9 trillion. Also, in the year of 2018, there were around 740,840 manufacturing enterprises in the region.

Challenges

  • Stringent Regulatory Policies
  • Higher Costs Associated with Manufacturing Process
  • Fluctuating Costs of Raw Materials

The composite coatingsmarket is segmented and analyzed for demand and supply by end user into aerospace & defense, industrial, medical, food industry, oil & gas, transportation, and others. Out of these, the oil & gas segment is projected to garner the highest revenue by 2031. Composite coatings are used to add protective layersto 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 is 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 of 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.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Composite Coatings Market Regional Synopsis

Regionally, the global composite coatings market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, owing to the expansion of chemical industry.As per recent estimates, the United States is one of the largest national producers of chemical products globally, with its chemical shipments value of almost USD 750 billion in 2021. Also, the value added by the U.S. chemistry in that same year amounted to over USD 440 billion.Also, the rising investments in the research and department sectors, focus on building infrastructures coupled with GDP growth and expansion of automotive industry are some of the other factors that are expected to fuel the market growth in the assessment period. In the year of 2020, the revenue of the United States motor vehicle and parts dealers was USD 1.2 trillion.

Composite-Coatings-Market-Analysis-Size-Share

The global composite coatings market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global composite coatings market includes the following segments:

By Resin Type

  • Polyester
  • Polyamide
  • Epoxy
  • Others

By Application

  • Anti-corrosion
  • Thermal Protection
  • UV Protection
  • Others

By Technique

  • Brazing
  • Electro less Plating
  • Laser Melt Injection
  • Others

 

 

By End User

  • Aerospace & Defense
  • Industrial, Medical
  • Food Industry
  • Oil & Gas
  • Transportation
  • Others
 

Top Featured Companies Dominating the Global Composite Coatings Market

  • AkzoNobel
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • 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.

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