The protective coatings market is expected to value at USD 14,014.37 million in 2018 and reach USD 16,073.43 million in 2022, registering an estimated CAGR of 2.78%, during 2018-2023 (the forecast period).
The demand for protective coatings is driven by the rapid infrastructure activities growth in the emerging economies, accompanied by the rising usage of eco-friendly coatings.
The infrastructure (construction) industry dominated the protective coatings market in 2017. The growing population, coupled with the increasing purchasing power among the middle-class population in developing economies such as India, South Korea, and ASEAN Countries, is boosting the need for infrastructural projects such as recreational centers, shopping malls, sophisticated health care centers, high-rise buildings, residential complexes, and many others, further, accelerating the usage and high demand for protective coatings. Power industry is expected to register the fastest growth through the forecast period, 2018-2023.
Another major factor driving the growth of the protective coatings market is the increasing usage of eco-friendly coatings. However, the harmful and hazardous impact of solvent-borne coatings on human health and environment, combined with the enactment of stringent environmental regulations by the international agencies, are hindering the solvent-borne coatings market growth. Consequently, boosting the demand for eco-friendly coatings such as water-borne coatings, and powder coatings.
AREAS WHERE SCOPE OF PROTECTIVE COATINGS GROWTH IS RISING
In terms of consumption, Asia-Pacific dominated the protective coatings market in 2017 and is expected to register a CAGR of 3.10% during the forecast period, 2018-2023. In this region, the major demand for protective coatings is from the consistently increasing infrastructure activities in emerging economies, such as India, and ASEAN countries.
NOTABLE DEVELOPMENTS IN THE MARKET
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