Russia Protective Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russia Protective Coatings Market Analysis
Russia's Protective Coatings Market is expected to reach $359 million by the end of this year and is projected to register a CAGR of over 2.5% during the forecast period. The COVID-19 pandemic negatively affected the current study market. However, post-pandemic, the rising implementation of infrastructural projects and the rising oil and gas industry have revived the country's protective coatings market.
- The rising demand from Russia's oil and gas industry is expected to drive the country's protective coatings market.
- Fluctuations in the prices of raw materials are expected to hamper the market's growth. The war in Ukraine has also significantly affected market growth.
- The rising demand for powder coatings is expected to offer various opportunities for market growth during the forecast period.
Russia Protective Coatings Market Trends
This section covers the major market trends shaping the Russia Protective Coatings Market according to our research experts:
The epoxy resins segment expected to dominate the market
- Epoxy resins are one of the most commonly used resins in protective coating formulations. Epoxy resin and polyurethane hardener are two of the significant components of epoxy coating formulations. When mixed, the resin and hardener engage in a chemical reaction that creates cross-linking of the elements as it cures.
- Epoxy-based coatings are used for walls, floors, tanks, bricks, natural stone, etc. They are also used in terrace and bathroom waterproofing. Furthermore, these waterproofing products can be used as wall coatings in areas of food manufacture and storage, such as dairies, grain silos, and breweries.
- The epoxy-based protective coatings offer protection against acids, alkalis, solvents, fuels, fatty acids, salt or sugar solutions, chemical cleaning agents, and much more. It is appropriate for heavy-duty industrial floors.
- The prices of epoxy resin coatings have increased compared to other resins due to the increase in raw material prices. However, due to its advanced properties, the epoxy resins segment registered a CAGR of over 2.2% during the forecast period.
- Because of the above reasons, it is likely that the demand for protective coatings made from epoxy resin will grow during the forecast period.
Oil and Gas Industry to dominate the market
- In the oil and gas industry, protective coatings are used mostly because they offer excellent corrosion resistance, water resistance, and fire resistance. In the oil and gas industry, safety protocols play a vital role, so protective coatings are used to avoid risks related to damage, accidents, and the health of workers.
- Russia is one of the world's top three crude oil producers. The country relies heavily on revenues from the oil and gas industries. For instance, in 2021, the oil and gas industry in the country contributed 45% of the Russian federal budget.
- In 2021, the Russian production output of crude oil reached 10.5 million barrels per day (bpd), making up 14% of the world's total supply. And in 2021, the country exported 4.7 million bpd of crude oil to countries around the world. China is a significant importer of Russian crude (1.6 million BPD).
- Russia's crude oil exports have been hurt by the ongoing war between Russia and Ukraine and by economic sanctions from other European countries.However, in 2022, after Russia increased its crude oil shipments to China, the total shipments are expected to reach up to 17 billion cubic meters (bcm), or 60 percent more than the last year.
- Also, Russia has been increasing its capacity to export liquefied natural gas (LNG) in order to compete with the United States, Australia, and Qatar, which are all exporting more LNG.In 2021, the government came out with a long-term plan for LNG development. The goal was to export between 110 and 190 bcm/year of LNG by 2025.
- All of the aforementioned factors are expected to have an impact on the country's market for protective coatings.
Russia Protective Coatings Industry Overview
The Russian protective coatings market is fragmented in nature. Some of the market's major players (not in any particular order) include Axalta Coating Systems, The Sherwin-Williams Company, PPG Industries, Inc, RPM International Inc., and Huntsman International LLC.
Russia Protective Coatings Market Leaders
Axalta Coating Systems
Huntsman International LLC.
PPG Industries, Inc.
RPM International Inc.
The Sherwin-Williams Company
*Disclaimer: Major Players sorted in no particular order
Russia Protective Coatings Market News
- The recent developments pertaining to the major players in the market are being covered in the complete study.
Russia Protective Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing demand from Russia's Oil and gas industry
4.1.2 The rising implementation of infrastructural projects in Russia
4.2 Restraints
4.2.1 High prices of Raw materials
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Value in USD Million)
5.1 End-user Industry
5.1.1 Oil and Gas
5.1.2 Mining
5.1.3 Power
5.1.4 Infrastructure
5.1.5 Other End-user Industries
5.2 Technology
5.2.1 Waterborne
5.2.2 Solventborne
5.2.3 Powder Coatings
5.2.4 UV-Cured
5.3 Resin Type
5.3.1 Acrylic
5.3.2 Epoxy
5.3.3 Alkyd
5.3.4 Polyurethane
5.3.5 Polyester
5.3.6 Other Resin Types
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Axalta Coating Systems
6.4.2 Beckers Group
6.4.3 Henkel AG & Co. KGaA
6.4.4 Huntsman International LLC.
6.4.5 PPG Industries, Inc.
6.4.6 Russian Paints Company
6.4.7 Sika AG
6.4.8 RPM International Inc.
6.4.9 The Sherwin-Williams Company
6.4.10 Tikkurila
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 The rising demand for Powder Coatings in Protective coatings end user industries.
Russia Protective Coatings Industry Segmentation
Protective coatings are materials applied to the substrate surfaces of steel and concrete structures to protect them from environmental damage and corrosion. The market involves the use of coatings on new structures as well as the maintenance of existing structures. These structures can include industrial, commercial, and public infrastructure but exclude house buildings and private apartments. The protective coatings market is segmented by end-user industry, technology, and resin type. By end-user industry, the market is segmented into oil and gas, mining, power, infrastructure, and other end-user industries. By technology, the market is segmented into solvent-borne, waterborne, powder, and UV-cured. The market is segmented by resin type: acrylic, epoxy, alkyd, polyurethane, polyester, and others. The report offers market size and forecasts in terms of revenue (USD million) for all the above segments.
| End-user Industry | |
| Oil and Gas | |
| Mining | |
| Power | |
| Infrastructure | |
| Other End-user Industries |
| Technology | |
| Waterborne | |
| Solventborne | |
| Powder Coatings | |
| UV-Cured |
| Resin Type | |
| Acrylic | |
| Epoxy | |
| Alkyd | |
| Polyurethane | |
| Polyester | |
| Other Resin Types |
Russia Protective Coatings Market Research FAQs
What is the current Russia Protective Coatings Market size?
The Russia Protective Coatings Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in Russia Protective Coatings Market?
Axalta Coating Systems, Huntsman International LLC., PPG Industries, Inc., RPM International Inc. and The Sherwin-Williams Company are the major companies operating in the Russia Protective Coatings Market.
What years does this Russia Protective Coatings Market cover?
The report covers the Russia Protective Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Russia Protective Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Russia Protective Coatings Industry Report
Statistics for the 2024 Russia Protective Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Russia Protective Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
