Rapid Urbanization Driving Global Protective Coatings Market to New Heights

Persistence Market Research states that the global protective coatings market is forecast to expand at a 9.0% CAGR from 2016 to 2022, reaching a value of US$23.2 bn in 2022. Protective coatings are used in heavy machinery as well as consumer products across several industries such as automotive, marine, oil and gas, energy, mining, construction, commercial real estate, and aerospace. The global protective coatings market is particularly driven by the ongoing surge in infrastructure development and urbanization in developing countries such as China, India, and Brazil.

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Here’s a look at some of the other factors fueling the protective coatings market.

Key Trends in the Protective Coatings Market

  • The properties of protective coatings such as fire-resistant, corrosion-free, durability, and superior quality have benefited the global protective coatings market.

  • The protective coatings market is significantly fueled by the rising demand from several end-use industries such as oil and gas, construction, aerospace, automotive, and product finishing.

  • Owing to a number of environmental factors and the increasing demand for corrosion-resistant coatings, the oil and gas industry has emerged as a leading end user of the protective coatings market.

  • Companies within the protective coatings market have been expanding their production capacities and operations to newer regions, thereby fueling the overall market.

  • New product development as a leading growth strategy has also driven the protective coatings market.

  • An increasing number of technology and product innovations focused on cost-efficient and environment solutions is a key factor propelling the protective coatings market.

  • The preference for water-borne protective coatings over solvent-borne coatings is a key trend brought on by the implementation of strict environmental norms curbing VOC emissions.

  • The surge in investments to upgrade old infrastructure in developed nations and the rising demand for new infrastructure in developing countries have resulted in the growing demand for protective coatings.

  • Asia Pacific is the largest market for protective coatings and is projected to make up 41.60% of the overall market volume this year.

  • Registering a 9.40% CAGR from 2016 to 2022, Asia Pacific is also anticipated to emerge as the fastest growing region.

  • Europe is estimated to expand at a rather slow pace by 2022, accounting for a 21.30% share of the market by the end of the present year.

  • The Middle East and Africa and Latin America regions are both forecast to witness strong growth in the coming years.

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Making the most of these latest trends and driving factors are the players within the protective coatings market: Kansai Paint Co., Ltd., Wacker Chemie AG, Croda International PLC, AKZO Nobel N.V., The Sherwin-Williams Company, Sika Group, PPG Industries, Inc., Hempel Group, The Valspar Corporation, Arkema Group, and Jotun. These players and many others have recognized the potential of the protective coatings market and have stepped up expansion and business activities so as to maintain their position in the global market.

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