Introduction to Protective Coating Market
The protective coating protect the surfaces from various external factors such as fire, rust, abrasion and others. A protective coating is applied as a layer on the material surface in order to inhibit corrosion. The protective coatings offer protection against environmental conditions such as extreme weather exposure, marine conditions, atmospheric pollutants and a wide range of chemicals.
The protective coatings are used for protection of steel structures. Protective coatings are applied for its fire-retardant and anticorrosion properties on metal infrastructures such as bridges, rails and other. The protective coatings are widely used for various end use industries such as infrastructure, oil and gas, construction, aerospace, marine, automotive and others.
Market Size and Forecast
The global protective coating market is observing robust growth on account of increasing infrastructure and construction, thereby driving the demand of protective coatings in the market. The advancement in automotive industry coupled with the increasing demand for its protection from various external factors is projected to drive the protective coating market.
According to the World Bank, 39% of the infrastructural requirement is in Asia-Pacific region which is expected to drive the protective coatings market in the region during the forecast period. Protective coating market is anticipated to record a CAGR of 10% over the forecast period. The protective coating market is expected to reach a value of USD 22 billion at the end of the forecast period.
Rising Demand for Infrastructure and Construction Industry
High economic development coupled with rising disposable income in various countries is increasing the construction and infrastructural development. This in turn drive the market growth of protective coatings during the forecast period. Additionally, various favorable government laws for construction industry is expected to fuel the protective coatings market.
Widespread application in Oil and Gas Industry
Increasing advancement in oil and gas industry is driving the protective coatings market during the forecast period. The corrosion and various chemicals can hamper the industrial processes in oil and gas industry. This increases the application of protective coatings on various machines and instruments in order to protect from deterioration.
The high cost of raw materials used for manufacturing of protective coatings is expected to restrict the growth of market in the forthcoming years. Additionally, the usage of protective coatings emit various toxic gases.
Our-in depth analysis of the global protective coating market includes the following segments:
By Resin Type
By End Use Industries
On the basis of regional analysis, global protective coating market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is expected to be the leading region for protective coatings market during the forecast period. In Asia Pacific region, China is expected to be the dominant region on the account of construction and infrastructural growth in the country. Additionally, the increasing infrastructure development coupled with the rising application of protective coatings in countries such as China, India and japan drives the growth of protective coatings market during the forecast period.
North America is anticipated to grow at a highest rate during the forecast period on the back of high application in aerospace and marine industry. Additionally, the rapidly expanding construction industry in the region is also driving the market growth of protective coatings during the forecast period.
Europe is witnessing significant growth in the protective coatings market. This is on the account of increasing demand for protective coating in countries such as Germany and U.K.
Global protective coating market is further classified on the basis of region as follows:
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