ALBANY, New York, October 8, 2018 /PRNewswire/ --
The global protective coatings market depicts the presence of a highly fragmented and competitive vendor landscape, says Transparency Market Research on the basis of a recently published report. Such competitiveness mainly exists thanks to the presence of innumerable businesses. Achieving product differentiation, regulation of product costs and improving geographical reach are prime strategies implemented by most players operating in the global protective coatings market. The competition is prophesized to further intensify with implementation of innovative techniques to produce the protective coatings, along with an increase in the number of players present in this sector. Axalta Coating Systems, Sherwin-Williams Company, PPG Industries Inc., Hempel A/S, and Jotun Group, are some of the key companies operating in the global protective coatings market, among several others.
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As per expert analysts, the global protective coatings market had registered a revenue worth US$12463.7 mn in 2016. This revenue is further expected to increase up to a US$19374.50 mn until the end of 2025. Such growth is expected to occur at an impressive CAGR of 5.10% during the forecast period from 2017-2025. In terms on application, the global protective coatings market depicts the building and construction sectors as leading segments in terms of volume in 2016.
Booming Construction Industry Provides Mammoth Impetus to Market's Expansion
Increasing demand for coatings and similar materials in the construction industry is majorly boosting growth in the global protective coatings market. Moreover, several governments are implementing various helpful norms that involve welfare housing schemes mainly in developing economies. With a high prevalence of renovation and rebuilding construction projects, the demand for protective coatings is expected to further intensify.
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Apart from construction, the coatings find widespread demand owing to their highly advantageous characteristics such as resistance against corrosion and weathering, high durability, ruggedness, and ability to extend the shelf life of various product where they are used. The coatings are utilized on a widespread scale in innumerable sectors such as packaging, fabrication plants, aerospace, automobiles, assembly lines, factories, and many more. And as each of these industries is witnessing a handsome expansion, the global protective coatings market is foretold to display a steady growth in the near future.
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Lack of Coating Availability in Remote Regions Stunts Progress
However, the market is notably restrained owing to stringent regulations put forth by several environmental agencies that limits the use of the coatings. This is mainly due to the harmful effects caused by extensive use of the coatings in such on the environment. Moreover, production of these coatings might lead to VOC emissions, which also is detrimental to the surrounding environments. In addition, the global protective coatings market's growth is also hindered due to the lack of product's availability in remote and underdeveloped regions. Nonetheless, several companies are expected to improve their geographical presence in the market. This could certainly decrease the effects of most restraints affecting the global protective coatings market.
From a geographical perspective, the global protective coatings market is spread across North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe. Of these, Asia Pacific held a prime position in this market owing to rapidly increasing urbanization and industrialization occurring in the region. Apart from Asia Pacific, even Europe and North America hold a leading presence in this market owing to the existence of a strong industrial-based infrastructure.
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This review is based on a TMR report, titled "Protective Coatings Market (Resin Type - Acrylic, Epoxy, Polyurethane, Alkyd, and Polyesters; Product Formulation - Solvent Borne, Water Borne, and Powder Borne; End-use Industry - Building and Construction, Oil and Gas, Aerospace, Automotive, Industrial, and Marine) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025."
Key segments of the global protective coatings market:
By Resin Type
By Product Formulation
By End-use Industry
- Building and Construction
- Oil and Gas
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