Brooklyn, New York, USA, 2021-Apr-29 — /Meridian Market Consultants/ — A fresh report has been published and added, recently, in the massive database of Meridian Market Consultants (MMC), which is developed using verified research methodologies and proven analytical approaches. The report determines diverse eminent factors and trends encouraging the market growth of the GlobalProtective Coatings Market. The research study is entitled “Protective Coatings Market: Opportunity Analysis and Future Assessment 2020-2028”, which profoundly examines the global market evolution, along with the in-depth knowledge of the future market potential and the statistics implicated in the development of the respective market during the forecast period of 2020-2028. For the avail and interest of the readers, the report arrives at the conclusion with a special emphasis on the comprehensive profiling of the leading players in the GlobalProtective Coatings Market.
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A protective coating is the layer of material that is being applied on the surface of another material in order to ensure and protect it from corrosion. It can be either metallic or non-metallic in nature. Apart from the corrosion-resistant property, protective coatings also have several other applications. It can also be applied to the materials that make them water-resistant and shock-proof. It also increases material aesthetic appeal and makes it water-resistant.
The global Protective Coatings Market in 2020 is estimated for more than US$ 21.9 Bn and expected to reach a value of US$ 31.0 Bn by 2028 with a significant CAGR of 4.5%.
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The protective coating market is primarily driven by the development in the infrastructure sector that involves both the building and construction of new buildings along with the renovation of existing ones.
Protective Coatings Market Dynamics
Factors like rising demand for durable products, increasing research and development activities along the adoption of technically advanced and innovative protective coating is also fuelling the growth of this market.
The global protective coatings market is expected to increase at a significant CAGR over the forecast period owing to the increasing demand of coatings that are specific for fuel-efficient automobiles, along with a growing need for low VOC coating solutions that offer extreme temperature resistance, corrosion resistance, wear & tear resistance, and low maintenance cost.
In addition, the rising demand for protective coatings from high growth end-use segments like the aerospace and automotive sector coupled with its eco-friendly nature is also boosting the demand for protective coatings in the market. However, the strict norms against the application of the solvent-borne coating and fluctuating cost of raw material restrict the overall growth of the market.
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Protective Coatings Market Key Players
The global protective coatings market is mainly dominated by AkzoNobel NV, Arkema SA, Axalta Coating Systems, FEIDAL Coatings, Hempel A/S, Novatic - The Coatings Group, PPG Industries, RPM International Inc., Sika AG, The Sherwin-Williams Co., The Valspar Corporation, and Wacker Chemie AG.
Protective Coatings Market Segmentation
The global protective coatings market is segmented on the basis of resin type, product, end-use, and region.
On the basis of resin type, the global protective coatings market can be segmented into acrylic, epoxy, polyurethane, alkyd, polyester, and others. On the basis of product, the global protective coatings market can be segmented into solvent-borne, water-borne, powder-based, and others. On the basis of end-use, the global protective coatings market can be segmented into aerospace, automotive, construction, industrial, marine, mining, oil & gas, power generation, and others.
Protective Coatings Market Regional Segmentation
On the basis of region, the global protective coatings market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. Asia Pacific protective coatings market is expected to be the most dominating market throughout the forecast period. Availability of key players and rapid industrialization and urbanization and the growing automotive industry Asian region is increasing the demand for protective coating. In addition, the incentives, government norms, and tax subsidiaries have drawn the attention of automotive original equipment manufacturers towards the developing countries like India, Malaysia, Thailand, and Indonesia for its production are of the revenue-boosting factors in the region.
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