Protective Coatings Market Trends

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

Protective Coatings Market Trends

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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Browse Key Market Insights with Data Illustration:


Author Credits:  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.
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