Protective Coatings Market Size & Share, by Resins (Acrylic, Epoxy, Polyurethane, Alkyd, Polyester); Technology (Solvent Borne, Water-Borne, Powder Based); End-user (Construction, Oil & Gas, Aerospace, Industrial, Marine, Automotive, Power Generation, Mining) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 1314
  • Published Date: Feb 06, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Protective Coatings Market size is anticipated to surpass USD 30 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of protective coatings was over USD 20 Billion.The primary factor that is attributed for the market growth is the expansion of construction industry in the recent period. The recent data revealed that in 2020, the total spending in the U.S. construction sector amounted to be around USD 2 trillion.

Rising population, urbanization, and industrial growth have resulted in the rising need for infrastructure development and construction across the globe. Therefore, the demand of protective coatings is also expected to rise steadily in the forecast period. As a result, the employment rate in the construction sector is anticipated to grow. The increment in employment rate in the construction industry is further projected to increase the sales of protective coatings in the forecast period. Recent calculations stated that there were almost 10 million construction workers in the United States, approximately 8% of the total working population as of 2021.        


Protective Coatings Market
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Protective Coatings Sector: Growth Drivers and Challenges

Growth Drivers

  • Growth in Automotive Industry –Protective coatings are the preferred choice in building vehicles to restrict abrasion and wear-resistant. Also, the resistance towards high-temperature, intumescent, and water make protective coatings a vital component in automotive industry. Thus, an expansion in automotive sector is expected to bring lucrative growth opportunities for protective coatings market too. The recent statistics reveal that the global automotive industry is expected to reach approximately USD 9 trillion by 2030.  
  • Rapid Development in Real Estate Sector – As per recent estimates, the revenue generation of real estate companies worldwide stood at approximately USD 10 billion in 2021.
  • High Investments by Companies in R&D Activities – World Bank showed the data of Research and Development expenditure to be 2.63% of total GDP in 2020, up from 2.13% of total GDP in 2017. 
  • Rapid Industrialization and Urbanization - United Nations Organization released the data stating that about 55% of the global population was living in urban areas in 2018, which is forecasted to increase to 68% by 2050.

Challenges

  • Strict Rules Regarding Toxic Nature
  • Rising Concern for Utilizing Volatile Organic Compounds (VOC)
  • Governmental Rules Regarding Adverse Effect on Environment

Protective Coatings Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~ 6%

Base Year Market Size (2022)

~ USD 20 Billion

Forecast Year Market Size (2033)

~ USD 30 Billion

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Protective Coatings Segmentation

End-user (Construction, Oil & Gas, Aerospace, Industrial, Marine, Automotive, Power Generation, Mining)

The protective coatings market is segmented and analyzed for demand and supply by end-user into construction, oil & gas, aerospace, industrial, marine, automotive, power generation, mining, and others. Out of these, the construction sector is attributed to garner the highest market share by 2033, owing to rising construction sector for residential, commercial and industrial properties. As per estimations, in 2020, there were almost 100 million single family homes in the U.S.

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.

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

          By Resins

  • Acrylic
  • Epoxy
  • Polyurethane
  • Alkyd
  • Polyester
  • Others

         By Technology

  • Solvent Borne
  • Water-Borne
  • Powder Based
  • Others

          By End-User

  • Construction
  • Oil & Gas
  • Aerospace
  • Industrial
  • Marine
  • Automotive
  • Power Generation
  • Mining
  • Others

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Protective Coatings Industry - Regional Synopsis

Regionally, the global protective coatings market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to the rapid expansion of construction industry in the region. The building construction industry in Asia Pacific is expected to reach USD 3 million by 2024, with a robust CAGR with 7%.  Also, the increased the utilization of protective coatings in vehicles, along with the presence of major key players and leading exporters and importers of vehicles in the region is anticipated to bring lucrative growth opportunities for the protective coatings market in the forecast period. International Organization of Motor Vehicle Manufacturers (OICA) statistics revealed that the total production of vehicles in the region was 46 million in 2021, a rise from 44 million in 2020. Similarly, the total sales in the region was 42 million in 2021, a rise from 40 million in 2020.

Research Nester
Protective Coatings Market Size
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Companies Dominating the Protective Coatings Landscape

top-features-companies
    • Sika AG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • PPG Industries, Inc.
    • Akzo Nobel N.V.
    • Arkema
    • Sherwin-Williams Company
    • Wacker Chemie AG
    • RPM International Inc.
    • Hempel A/S
    • Axalta Coating Systems
    • Kansai Nerolac Paints Limited

In the News

  • Sika AG is all set to acquire MBCC Group, the former BASF Construction Chemicals. The acquisition will complement and broaden the company’s product and solution offerings.
  • PPG Industries, Inc. has launch of PPG PITTHANE ULTRA LS polyurethane topcoat to expand its coating line. This product is formulated for applications in corrosive environments that require low sheen to limit glare and hide surface imperfections.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 1314
  • Published Date: Feb 06, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rising construction processes along with expansion of automotive industry and high investment in research and development sector are some of the factors that are anticipated to drive the market growth.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023-2033.

The strict rules regarding toxic nature along with rising concern for utilizing Volatile Organic Compounds (VOC) and governmental rules regarding adverse effect on environment are expected to hamper the market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Sika AG, PPG Industries, Inc., Akzo Nobel N.V., Arkema, Sherwin-Williams Company, Wacker Chemie AG, RPM International Inc., Hempel A/S, Axalta Coating Systems, Kansai Nerolac Paints Limited, and other key players.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by resin, technology, end-user, and by region.

The construction segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Protective Coatings Market Report Scope
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