The market is expected to value at USD XX million in 2017 and reach USD XX million in 2022, registering an estimated CAGR of XX%, during 2017-2022 (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 construction industry has a dominant market share in the protective coatings market. 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. Apart from this, the protective coatings market is witnessing demand growth from aerospace, marine, and oil & gas industries.
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 accounted for the largest market size, with a value of USD million and is projected to register an estimated CAGR of XX%, during 2017-2022 (the forecast period), which is higher than regions such as North America, Asia-Pacific, Europe, South America, and the Middle-East & Africa. 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. Additionally, Based on the resin type, the market has been segmented into alkyd, acrylic, epoxy, polyurethane, polyester, and others. Moreover, in 2017, the demand for protective coatings is expected to increase higher than other resin types such as acrylic, epoxy, polyurethane etc., as shown below:
NOTABLE DEVELOPMENTS IN THE MARKET
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