Protective Coatings Market size is set to grow by USD 22.40 billion from 2024-2028, Increased demand for water-borne coatings boost the market, Technavio

NEW YORK, Aug. 7, 2024 /PRNewswire/ -- The global protective coatings market size is estimated to grow by USD 22.40 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 10.87% during the forecast period. Increased demand for water-borne coatings is driving market growth, with a trend towards increasing focus on uv-curable coatings and nanocoatings. However, volatile raw material prices poses a challenge. Key market players include Akzo Nobel NV, Al Gurg Paints LLC, Asian Paints Ltd., Axalta Coating Systems Ltd., Berger Paints India Ltd, Chitra Insultec Pvt. Ltd., Dow Chemical Co., Hempel AS, Henkel AG and Co. KGaA, Jotun AS, Kansai Paint Co. Ltd., Nippon Paint Holdings Co. Ltd., NIPSEA Group, Plasma paints, PPG Industries Inc., RPM International Inc., Sika AG, The Chemours Co., The Sherwin Williams Co., and Wacker Chemie AG.

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Market Driver

The protective coatings market is highly competitive with vendors investing in research and development to introduce innovative technologies, such as protective nanocoatings and UV-curable protective coatings. Nanocoatings, like Halo Nano Matrix, are gaining popularity due to their cost-effectiveness and superior durability. Applications of nanocoatings span across various industries, including transport, industrial machinery, marine, and architectural sectors. They offer long-lasting shine solutions, are easy to apply, and effectively repel rain, dirt, and environmental contaminants. Although nanocoating technology has existed since the 1970s, its significance is increasing due to consumer interest. Key players, including Akzo Nobel and Axalta Coating Systems, are developing and distributing nanocoatings, fueling market growth. UV-cured protective coatings offer advantages such as quick drying time, increased operational speed, superior abrasion and adhesion, improved flexibility, better product quality, and resistance to chemicals and corrosion. These coatings use UV radiation for curing, eliminating the need for heat and temperature, and thus, reducing harmful VOC or hydrocarbon emissions. The rising demand for UV-curable and nanocoatings is expected to drive the growth of the global protective coatings market. 

The protective coatings market is experiencing significant trends in various sectors. Water-borne coatings are gaining popularity due to their eco-friendliness and low VOC emissions. The Epoxy segment continues to dominate, with Resin Insights projecting steady growth. Powder coatings and structural polyurethane coatings are also on the rise, particularly in the mining sector. PPG Industries, IMF, Hempel, Jotun, and others lead the market. Offshore, energy, and hydrocarbon processing industries, as well as power generation, are key end-users. Regulatory compliance, such as the Clean Air Act and OSHA, drive the shift towards low-emission solvent-borne and water-borne coatings. Acrylics, Alkyd, Epoxies, Polyurethane, and other resins continue to innovate and meet industry demands. Green Seal certification adds value to environmentally-friendly coatings. 

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Market Challenges

• Protective coatings are essential in various industries for corrosion prevention and surface protection. The manufacturing process involves the use of petrochemical feedstocks, primarily binders and solvents, such as polyesters, alcohols, and epoxy resins. Crude oil and natural gas serve as the fundamental raw materials for producing these binders. Volatility in crude oil prices directly impacts the cost of feedstock, with each petrochemical feedstock having a unique correlation to oil pricing. Factors like demand and supply, manufacturing processes, and production regions influence this correlation. As a result, unpredictable fluctuations in crude oil prices lead to varying resin prices, adversely affecting production costs and reducing vendors' profit margins. Consequently, the protective coatings market is anticipated to experience negative demand influences due to crude oil price volatility during the forecast period.
• The Protective Coatings market faces several challenges in various industries such as offshore, energy, hydrocarbon processing, and power generation. Regulatory bodies like the Clean Air Act and OSHA impose strict guidelines on VOC emissions, pushing the market towards water-borne coatings. Key players like Hempel, Jotun, PPG Industries, and others offer solutions in epoxies, acrylics, polyurethane, and alkyds. The Epoxy segment is expected to grow due to its superior protective properties. Green Seal certification is a trend, with companies like Hempel and Jotun offering eco-friendly alternatives. The mining sector also utilizes protective coatings, particularly structural polyurethane. Challenges include complying with regulations, reducing VOC emissions, and maintaining high performance standards. Companies invest in research and development to address these challenges, with Resin Insights reporting on the latest industry trends and innovations. Solvent-borne coatings face competition from powder coatings due to their environmental advantages. Overall, the market requires continuous innovation to meet the evolving needs of diverse industries.

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Segment Overview 

This protective coatings market report extensively covers market segmentation by 

1. Technology 
• 1.1 Solvent-borne
• 1.2 Waterborne
• 1.3 Powder coatings
2. End-user 
• 2.1 Infrastructure and construction
• 2.2 Oil and gas
• 2.3 Automotive
• 2.4 Aerospace
• 2.5 Others
3. Resin Type
• 3.1 Epoxy
• 3.2 Alkyd
• 3.3 Polyurethane
• 3.4 Others
4. Geography 
• 4.1 APAC
• 4.2 Europe
• 4.3 North America
• 4.4 Middle East and Africa
• 4.5 South America

1.1 Solvent-borne- The Protective Coatings Market refers to the industry that produces and supplies protective coatings for various applications. These coatings shield surfaces from wear, corrosion, and other damaging elements. Key players in this market include PPG Industries, AkzoNobel, and Sherwin-Williams. They offer solutions for industries like automotive, construction, and oil & gas. Growth is driven by increasing infrastructure development and rising demand for durable, high-performance coatings.

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The global paints and coatings market is experiencing robust growth, driven by rising demand in construction and automotive industries. Similarly, the global antimicrobial coatings market is gaining traction due to heightened awareness of hygiene and infection control. Key players include PPG Industries, AkzoNobel, and Sherwin-Williams.

Research Analysis

The protective coatings market encompasses a range of products including Acrylics, Polyurethane, Alkyd, Epoxies, and Powder coatings. These coatings are utilized across various industries such as power generation and mining to enhance durability, corrosion resistance, and improve the aesthetic appeal of surfaces. Regulatory compliance, with regulations like the Clean Air Act and OSHA, is a significant factor driving the market's growth. The Epoxy segment holds a substantial market share due to its high performance and ability to reduce VOC emissions. Key trends include the increasing adoption of structural polyurethane coatings and the shift towards eco-friendly alternatives like Green Seal certified coatings. Notable companies include Hempel, Akzo Nobel NV, and PPG Industries, among others.

Market Research Overview

The protective coatings market encompasses a wide range of products used to shield various surfaces from environmental hazards, corrosion, and wear. Key product categories include IMF (Industrial Maintenance Coatings) such as Acrylics, Polyurethane, Alkyd, and Epoxies. The Epoxies segment holds significant market share due to its superior resistance to chemicals and temperature. The market caters to diverse industries like Offshore, Energy, Hydrocarbon processing, and Power generation sectors. Regulatory compliance with regulations such as the Clean Air Act and OSHA drives the shift towards low VOC (Volatile Organic Compounds) emissions coatings, including Water borne coatings and Powder coatings. Resin Insights projects continued growth for the market, with the Epoxy segment expected to dominate. Sectors like Mining and Infrastructure also contribute significantly. Structural Polyurethane coatings offer high durability and are widely used in infrastructure projects. PPG Industries and other key players offer innovative solutions to meet evolving industry demands.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology
• Solvent-borne
• Waterborne
• Powder Coatings
• End-user
• Infrastructure And Construction
• Oil And Gas
• Automotive
• Aerospace
• Others
• Resin Type
• Epoxy
• Alkyd
• Polyurethane
• Others
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio