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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~ 6% |
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Base Year Market Size (2022) |
~ USD 20 Billion |
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Forecast Year Market Size (2033) |
~ USD 30 Billion |
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:
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By Resins |
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By Technology |
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By End-User |
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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.
Author Credits: Smruti Ranjan, Rajrani Baghel
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