The global protective coatings market size is projected to grow from USD 12.9 billion in 2021 to USD 21.2 billion in 2028. As per a report published by Fortune Business Insights™ in a report, titled, “Protective Coatings Market, 2021-2028,” the market stood at USD 12.0 billion in 2020. It is set to exhibit a CAGR of 7.3% during the forecast period 2021-2028.
Report Coverage-
The research report of the protective coatings industry offers a comprehensive analysis of existing companies that can affect the market outlook throughout the forthcoming years. In addition to that, it provides an accurate assessment by highlighting data on multiple aspects that may contain growth drivers, opportunities, trends, and hindrances. It also represents the overall market size from a global perspective by analyzing historical data and qualitative insights.
Drivers & Restraints-
Urgent Need to Deploy Corrosion Management Measures will Spur Growth
Metals often create compounds, such as sulfides, carbonates, hydroxides, and oxides according to the environment they are exposed to. The NACE International IMPACT stated that corrosion worldwide costs approximately USD 2.5 trillion every year. It holds around 3.4% of the global GDP. The implementation of corrosion management measures can save 15 and 35% of the cost of corrosion across the globe annually. Various industries are nowadays inclining towards lightweight metals. These coatings aid in isolating the surface that is prone to corrosion happening because of multiple environmental elements. However, these coatings contain liquefying substances that can evaporate during a chemical process when exposed to oxygen. It further emits volatile organic compounds (VOCs). Hence, regulatory bodies have restricted the usage of solvent-borne solutions. It may hinder the protective coatings market growth.
Segments-
Epoxy Segment to Lead Backed by Ability to Withstand Heat and Cold
Based on the resin type, the market is divided into epoxy, polyurethane, alkyd, acrylic, inorganic zinc, and others. Out of these, the epoxy segment generated the largest protective coatings market share in 2020 and is likely to maintain its position in the upcoming years. These coatings are capable of withstanding extreme heat and cold. They are also resistant to chemical exposure, scratches, and oil leaks. Hence, the coating is prevented from wearing out.
Competitive Landscape-
Key Companies Aim to Gain Competitive Edge through Acquisitions and New Product Launches
The global market houses numerous big, small, and medium companies that are presently focusing on acquisitions and new product launches to gain a competitive edge. A few others are investing in R&D activities to expand their portfolios. Below is one of the significant industry developments:
Information source:
https://www.fortunebusinessinsights.com/protective-coatings-market-102942