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