USD 18,445.89 Million Growth in Global Protective Coating Resins Market Size - Industry Analysis, Market Trends, Market Growth, Opportunities

Global Protective Coating Resins Market Share Is Expected To Grow At A CAGR Of 2.10% By 2028

NEW YORK, April 18, 2023 /PRNewswire/ -- As per Facts and Factors study, the global protective coating resins market size was worth USD 16,283.4 million in 2021 and is estimated to grow to USD 18,445.89 million by 2028, with a compound annual growth rate (CAGR) of approximately 2.10% over the forecast period.

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Protective Coating Resins Market: Overview

A protective coating is a layer of material put into the surface of another material to inhibit or block corrosion. A protective coating is conceivably metallic or non-metallic. Increasing the utilization of liquid and bio-based epoxy resin drives the global protective coating resin market. Numerous epoxy resins are broadly utilized in electrode-position (ED) and industrial coatings, especially in transportation, industrial maintenance, and marine industries. Epoxy resins are often used in powder coatings. The use of liquid epoxy resin in developing giant solids and ultra-high solids formulations is becoming increasingly common. Liquid epoxy resin is utilized to attain 100% solid epoxy compositions for utilization as concrete surfaces, tank linings, and other related applications. It is frequently supplemented with phenoxy and novolac resins to expand performance and features.

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Key Insights:

• As per the analysis shared by our research analyst, the global protective coating resins market value is expected to grow at a CAGR of 2.10% over the forecast period.
• In terms of revenue, the global protective coating resins market size was valued at around USD 16,283.4 million in 2021 and is projected to reach USD 18,445.89 million by 2028.
• Increasing utilization of liquid and bio-based epoxy resin to propel the market's growth.
• By product type, the acrylic category dominated the market in 2021.
• By end-user, the infrastructure & construction categories dominated the market in 2021.
• The Asia Pacific dominated the global protective coating resins market in 2021.

Facts and Factors published the latest report titled "Protective Coating Resins Market Size, Share, Growth Analysis Report By Product Type (Acrylic, Epoxy, Polyurethane, Alkyd, Polyester, Others), By End-User (Infrastructure & Construction, Oil & Gas, Aerospace, Marine, Automotive, Power Generation, Mining, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" into their research database.

Industry Dynamics:

Global Protective Coating Resins Market: Growth Drivers

• Rising demand for polyurethane resins drives the market growth.

Polyurethane coatings, especially 16, 2K, or occasionally 3K, are widely utilized in the automotive OEMs, transportation, automotive refinish, wood, industrial finishes, decorative coatings, and severe-service marine and high-performance industrial segments. Polyurethane resins have been increasing over the past few years due to their beneficial performance properties and ability to be utilized in lower VOC formulations. A dominant and flourishing sub-segment of polyurethanes in the U.S. is 2K polyurea. Polyurethane water-borne dispersions (PUDs) are being developed to observe the growing stringent VOC requirements. They are utilized to formulate single-component coatings with better abrasion resistance compared to water-borne acrylics. That can also be merged with other water-borne resins to meet cost targets and performance demand. 

Global Protective Coating Resins Market: Restraints

• High prices of raw materials and energy hinder the market growth.

The factor that restrains the global protective coating resins market is that the protective coatings are overpriced, and their cost of manufacturing is also increasing with the rise in the price of energy. Fluctuating crude oil prices and changing foreign currency fluctuations have resulted in costly raw materials. Raw materials for protective coatings differ significantly in terms of prices that range from USD 2.5/kg to USD 10/kg. Acrylics are the least expensive and cost around USD 2.5/kg. Polyurethane and alkyd protective coatings are accessible in the price range of USD 3/kg to USD 4/kg. Epoxies are the costliest protective coatings, costing around USD 4.5/kg–USD 10/kg. Furthermore, manufacturers' raw material prices are also loaded with the additional cost incurred due to the increased taxes on energy, resulting in higher operating costs and lower profit margins.

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Protective Coating Resins Market: Opportunity

• Increasing demand for maintenance for existing substrates boosts the market opportunities.

Protective coatings are utilized in maintaining the existing substrates to expand their lifespans. Various industries have systems that run on continuous operations. Numerous of them are revealed to be environmental changes or involve the utilization of bitter materials, which results in the deterioration in the composition of the equipment or reduced efficiency of the process, which causes the plant's shut down or stop the overall operations. Protective coatings prevent these issues, saving the shutdown cost and equipment renewal. The marine industry is prone to harm in vessels, ships, and docks due to the corrosive action of seawater. Coatings, such as waterproofing coats and link & crack filling coats, are extensively used for marine industry maintenance.

Global Protective Coating Resins Market: Segmentation

• The global protective coating resins market has been segmented into product types, end-user, and region.

The market is segmented on product types: acrylic, epoxy, polyurethane, alkyd, polyester, and others. Acrylic resin has the biggest market share in the protective coating resin market. Due to its utilization in architectural coatings, floor finishes, and automobile coatings, acrylic is the most popular resin type. Polyurethane is the second most utilized form of resin. The appliances industry is the largest powdered polyurethane end-users, used in refrigerators, dryer drums, and range cabinets. The overpriced polyurethane is mitigated by its fine performance features, ability to heal at lower baking temperatures, and cheap volatile organic compound (VOC) concentration.

Based on end-user, the market is segmented into infrastructure & construction, oil & gas, aerospace, marine, automotive, power generation, mining, and others. The infrastructure & construction segment is expected to become the fastest growing as the primary purpose of protective coatings is to secure structures from solvents, dust, fungi, corrosion, humidity, and other threats that may impact the stability and functionality of the structures. Protective coatings also supply waterproofing solutions, thereby stopping water leakages. Protective coatings act as a preservative barrier that authorizes structures, including buildings, dams, wells, bridges, floors, wood finishes, and exterior & interior walls, to function in demanding environments and situations.

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List of Key Players in Protective Coating Resins Market:

• Akzo Nobel
• Axalta Coatings systems
• RPM International
• Dow Chemical Company
• Sherwin-Williams Company
• Arkema Group
• Allnex Group
• Hempel
• Jotun
• Sika
• PPG Industries
• Wacker Chemie.

Key questions answered in this report:

• What are the growth rate forecast and market size for PROTECTIVE COATING RESINS Market?
• What are the key driving factors propelling the PROTECTIVE COATING RESINS Market forward?
• What are the most important companies in the PROTECTIVE COATING RESINS Market Industry?
• What segments does the PROTECTIVE COATING RESINS Market cover?
• How can I receive a free copy of the PROTECTIVE COATING RESINS Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• The Asia Pacific dominated the protective coating resins market in 2021.

The Asia Pacific dominated the market in 2021 and is likely to keep its position during the forecast period. The demand in the region is dynamically influenced by government subsidies, automotive production, construction activities, interest rates, and consumer spending, all of which are important elements of GDP. China is the largest market for protective coating resins, with the highest demand coming from the marine industry. Additionally, the Indian government has launched numerous investment promotion initiatives to help infrastructure and construction projects, which is expected to assist further growth in the regional protective coating resin market.

Global Protective Coating Resins Market is segmented as follows:

Protective Coating Resins Market: By Product Type Outlook (2023-2028)

• Acrylic
• Epoxy
• Polyurethane
• Alkyd
• Polyester
• Others

Protective Coating Resins Market: By End-User Outlook (2023-2028)

• Infrastructure and Construction
• Oil and Gas
• Aerospace
• Marine
• Automotive
• Power Generation
• Mining
• Others

Protective Coating Resins Market: By Region Outlook (2023-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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