Mar 15, 2021: Industry Insights:
The
global protective coatings market was valued at USD 24.90 billion in 2015. The
growth in this market is primarily an outcome of significant consumption in key
end-use industries such as construction, oil & gas, and aerospace.
The
growth in the protective coatings market is expected to be positively impacted
by the rise in the aerospace and automotive industries worldwide. The rising
demand for passenger cars and the growing air traffic, most notably in emerging
regions, are expected to drive the growth of this industry during the forecast
period.
The
product finds major applications in the construction, mining, power generation,
aerospace, industrial, and marine industries, among which the construction
segment accounted for the largest share in 2015. The growing infrastructure
development in emerging countries such as India, Brazil, and China are
anticipated to drive the demand for the product during the forecast period.
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The
key restraints for the growth of the industry include the stringent government
regulations, especially in the U.S. and European countries, regarding the
volatile organic compound (VOC) emissions and increasing cost of raw materials.
The rising demand for raw materials in the other end-use segments may
negatively impact the growth of the industry during the forecast period.
Resin Type Insights
In
terms resin types, the industry has been segmented into acrylic, epoxy,
polyurethane, alkyd, and polyester. The epoxy coatings segment dominated the
overall industry revenues in 2015, accounting for revenues of over USD 9
billion. The growing demand for high operational efficiency in key application
verticals can be considered the primary factor driving the product growth.
The
alkyd resins segment is expected to observe a significant growth during the
forecast period, driven by the growing application scope in segments such as
automotive, construction, and oil & gas.
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summary of this report @ https://www.millioninsights.com/industry-reports/protective-coatings-market
Product Insights
In
terms of products, the industry has been categorized into water-borne,
powder-based, and solvent-borne. In 2015, the solvent-borne segment accounted
for revenues of nearly USD 8.5 billion, thereby dominating the overall industry
revenue. However, this segment is anticipated to observe slow growth during the
forecast years owing to strict government regulations on the use of
solvent-based compounds with high VOC content.
Water-borne
coatings is another key segment, which is expected to experience the highest
revenue growth of nearly 11% during the forecast period. Increasing demand for
environmental-friendly products from key end-use verticals is slated to drive
the segment growth.
End-use Insights
The
industry has been segmented into construction, oil & gas, aerospace,
mining, industrial, power generation, automotive, marine, and others, on the
basis of end use. The construction segment dominated the overall industry,
accounting for revenues of over USD 5 billion in 2015. This dominance and
future growth of this segment can be attributed to rising infrastructure
development activities and investments in emerging countries of Asia Pacific
and Central & South America.
The
growth of the aerospace and oil & gas segments is also expected to drive
the demand for protective coatings during the forecast period, projected to
grow at a CAGR of nearly 11%. This can be attributed to the increasing demand
for the products in thermal barrier and surface protection applications, in the
aforementioned industries, which witness high-temperature operations.
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