The global protective coatings market is estimated to be USD 16,149.82 million currently in 2016. The market is projected to reach USD 19,904.40 million by 2021, at an estimated CAGR of 4.27% during the forecast period 2016 - 2021.
Protective coatings protect the surface of materials from light, water, abrasives, oil, chemicals, temperature changes, biological agents, etc. Hence, they provide benefits such as resistance to abrasion, corrosion, fire and chemicals, along with waterproofing and thermal insulation.
Active investments in infrastructural development in growing economies, and accelerating demand for eco-friendly coatings are augmenting the growth of the market. The increased need for durable products as substitutes is also driving the market for protective coatings. On the flip side, increasing cost of raw materials and stringent environmental regulations & standards are acting as roadblocks to the growth of the market.
The global protective coatings market, on the basis of technology, has been segmented into solvent-borne, water-borne, powder, and others. Water-borne coatings are slowly replacing solvent-borne coatings. Further, the market has been segmented on the basis of resin type into alkyd, acrylic, epoxy, polyurethane, polyesters and others. By type, the global protective coatings market has been segmented into coil coatings, waterproof coatings, heat resistant coatings, anti-fouling coating, corrosion protective coatings and others. On the basis of end-user industry, the market has been segmented into automotive, aerospace (by coating type, by region, major players), marine (by resin type, by coating type, by region, major players), construction, oil & gas, power generation, mining and others).
Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific, North America (United States, Canada, Mexico, and Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), South America (Brazil, Argentina, and Rest of South America), and Middle-East and Africa (UAE, Saudi Arabia, South Africa, and Rest of Middle-East & Africa) are the geographical regions taken into consideration in this study. As of 2016, Asia-Pacific has been estimated to lead the global protective coatings market in terms of consumption, with a market share of 50.49%, followed by North America and Europe.
The market is eyeing sharp growth owing to opportunities, such as development of new technologies for protective coatings along with eco-friendly and cost-effective coatings. Some of the major companies dominating the market for its products and continuous product developments are AkzoNobel, RPM International, PPG Industries, Nippon Paints, Sherwin-Williams and Beckers Group.