Protective Coatings Market Share, Growth, Opportunities 2032
Protective Coatings Market Share, Growth, Opportunities 2032
Segments - Protective Coatings Market by Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, and Zinc), Technology (Solven-based, Water-based, and Powder Coatings), End-use Industry (Water & Wastewater Treatment, Power Generation, Civil Building & Infrastructure, Power Generation, Marine, Petrochemicals, Oil & Gas, Food & Beverages, and Others), Application (Abrasion Resistance, Chemical Resistance, Fire Protection, Heat Resistance, Corrosion Resistance, Pipe Coatings, Tank Linings, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024–2032
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| Report ID :MC-6591
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Report Description
Protective Coatings Market
The global protective coatings market size was USD 15.5 Billion in 2023 and is projected to reach USD 23.2 Billion by 2032, expanding at a CAGR of 4.7% during 2024–2032. Increasing demand for eco-friendly and sustainable coating and the use of advanced technologies are expected to enhance the performance and durability of protection coatings.
Protective coating is a layer of material applied to a surface to protect it from various forms of damage, wear, and corrosion. The primary purpose of a protective coating is to prevent or reduce the effects of environmental factors and chemical reactions that cause degradation or failure of the underlying material. Innovations in coating technologies are enhancing the performance and application efficiency of protective coatings.
Growing environmental concerns and stringent regulations on volatile organic compound (VOC) emissions are pushing the industry toward eco-friendly solutions. The increasing demand for green coatings, which have low environmental impact is driving the market in the coming years.
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In March 2023, Axalta Coating Systems, LLC unveiled its latest innovation, the ICONICA collection of Alesta SD powder coatings, tailored for the US construction and architectural sector. These coatings, formulated with a polyester resin base, boast exceptional durability. The ICONICA line combines top-tier stabilizers and pigments, ensuring extended longevity for architectural endeavors through enhanced external durability.
Protective Coatings Market Dynamics
Major Drivers
Growing urbanization and industrial growth in developing regions are major drivers. The need for durable and long-lasting infrastructure is pushing the demand for protective coatings to safeguard buildings, bridges, and other structures from environmental damages. Additionally, the infrastructure and construction sector are major consumers of the product. These coatings are essential for protecting structures from corrosions, fire, and UV radiation by extending their lifespan and reducing maintenance costs.
Existing Restraints
High price of raw materials used in protective coatings such as resins, pigments, and solvents are subject to volatility due to factors such as supply chain disruption, and fluctuation in crude oil prices. This volatility affects production cost and profit margins. Moreover, supply chain disruption by events such as COVID-19 lead to shortages and increased costs of essential raw materials further straining manufacturers. The protective coatings market is highly competitive with numerous players ranging from large multinational corporations to small local manufacturers.
Emerging Opportunities
Growing awareness about the importance of corrosion protection is driving the demand for corrosion-resistant coatings. Opportunities for companies to develop products that meet the growing demand for reliable and durable solutions. The development of nanomaterials and nanotechnology is expected to revolutionize the coatings industry, offering improved performance, durability, and sustainability. The development of new coating technologies, such as 3D printing and nanotechnology, is expected to revolutionize the coatings industry.
Scope of the Protective Coatings Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.
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Attributes |
Details |
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Report Title |
Protective coatings Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2023 |
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Historic Data |
2017 -2022 |
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Forecast Period |
2024–2032 |
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Segmentation |
Resin Type (Epoxy, Polyurethane, Acrylic, Alkyd, and Zinc), Technology (Solven-based, Water-based, and Powder Coatings), End-use Industry (Water & Wastewater Treatment, Power Generation, Civil Building & Infrastructure, Power Generation, Marine, Petrochemicals, Oil & Gas, Food & Beverages, and Others), Application (Abrasion Resistance, Chemical Resistance, Fire Protection, Heat Resistance, Corrosion Resistance, Pipe Coatings, Tank Linings, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Arkema; Akzo Nobel N.V; Axalta Coating Systems LLC; Beckers Group; Brillux; Deutsche Amphibolin- Werke; PPG Industries, Inc; The Sherwin-Williams Company; RPM International Inc; Wacker Chemie AG |
Regional Outlook
In terms of region, protective coatings market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific held a large share of the market in 2023 due to the rising demand for protective coatings to enhance the durability and longevity of bridges, highways, buildings, and other structures with increasing urbanization and infrastructure development projects.
Governments in Asia Pacific are investing heavily in infrastructure, further fueling the demand for protective coatings. The automotive industry in Asia Pacific is one of the largest and fastest-growing in the world. Protective coatings are extensively used in automotive manufacturing for anti-corrosion coating, scratch resistance, and aesthetic appeal. The demand for automotive coatings due to the rise in vehicle production and sales in the region.
The market in Europe anticipated to expand at a considerable CAGR during the forecast period. Europe stands as the second-largest market for protective coatings globally. Countries such as Germany, France, and the UK, are witnessing a surge in infrastructure spending, sustained by favorable economic conditions. Thus surging investments and propelling the demand for protective coatings across various sectors within the region.
Protective Coatings Market Segment Analysis
Resin Type Analysis
Based on resin type, the protective coatings market is classified as epoxy, polyurethane, acrylic, alkyd, and zinc. The polyurethane coatings segment held a large market share in 2023. Polyurethane coatings offer excellent flexibility, abrasion resistance, and UV stability. It is widely utilized in applications where a high level of durability and weather resistance is required, such as in aerospace, automotive, and outdoor structures.
The acrylic coatings segment is expected to have substantial CAGR during the projected period. Acrylic coatings are valued for their fast-drying properties, good weatherability, and color retention. It finds application in architectural coatings, automotive topcoats, and decorative finishes due to their aesthetic appeal and ease of application.
Technology Analysis
On the basis of technology, the protective coatings market is segmented into solvent-based, water-based, and powder coatings. The solvent-based coatings segment held a large market share in 2023.
Solvent-based coatings use organic solvents as the primary carrier for the resin and other additives. They are known for their excellent adhesion, durability, and resistance to harsh environmental conditions. Solvent-based coatings provide fast drying times and high film build, making them suitable for applications where a thick protective layer is required. However, it often contains volatile organic compounds (VOCs), which contribute to air pollution and health risks. Despite this, solvent-based coatings remain popular in industries such as automotive, marine, and industrial maintenance, where performance is paramount.
The water-based coatings segment held a sizable share of the market in 2023. Water-based coatings use water as the primary carrier for the resin and other additives, offering an environmentally friendly alternative to solvent-based coatings. It has low VOC content and odor and easy to cleanup, making them safe to use and good for indoor air quality. Water-based coatings are widely used in architectural, automotive, and furniture applications, and in industries where environmental regulations are stringent. While it has slightly slower drying times as compared to solvent-based coatings, advancements in technology have improved their performance, making them increasingly competitive in various markets.
End-use Industry Analysis
On the basis of end-use industry, the market is divided into water & wastewater treatment, power generation, civil building & infrastructure, power generation, marine, petrochemicals, oil & gas, food & beverages, and others. The water & wastewater treatment segment is expected to register high CAGR during the projected period.
Protective coatings are used to protect structures and equipment in water and wastewater treatment facilities from corrosion, chemical attack, and abrasion. It is applied to pipes, tanks, valves, pumps, and other infrastructure components to extend their service life and ensure operational efficiency.
The power generation segment is projected to record considerable CAGR during the forecast period. In the power generation industry, protective coatings are applied to turbines, boilers, pipelines, and other equipment to protect against corrosion, erosion, and high temperatures. These coatings help maintain the reliability and performance of power generation facilities, including thermal power plants, hydroelectric dams, and nuclear power plants.
Application Analysis
Based on application, the protective coatings market is fragmented into abrasion resistance, chemical resistance, fire protection, heat resistance, corrosion resistance, pipe coatings, tank linings, and others. The chemical resistance segment held a large market share in 2023.
Coatings designed for chemical resistance provide protection against corrosive substances, acids, solvents, and other chemicals. It is commonly used in industries such as chemical processing, petrochemicals, pharmaceuticals, and wastewater treatment to safeguard equipment, tanks, pipelines, and storage vessels from chemical attack and degradation.
The corrosion resistance segment to held sizable market share in 2023. Corrosion-resistant coatings are formulated to protect metal surfaces from corrosion caused by exposure to moisture, chemicals, saltwater, and atmospheric conditions. It is widely used in industries such as marine, oil and gas, aerospace, and infrastructure to prevent rust and degradation of assets and structures.
Segments
The protective coatings market has been segmented on the basis of
Resin Type
- Epoxy
- Polyurethane
- Acrylic
- Alkyd
- Zinc
Technology
- Solven-based
- Water-based
- Powder Coatings
End-use Industry
- Water & Wastewater Treatment
- Power Generation
- Civil Building & Infrastructure
- Power Generation
- Marine
- Petrochemicals
- Oil & Gas
- Food & Beverages
- Others
Application
- Abrasion Resistance
- Chemical Resistance
- Fire Protection
- Heat Resistance
- Corrosion Resistance
- Pipe Coatings
- Tank Linings
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Arkema
- Akzo Nobel N.V
- Axalta Coating Systems LLC
- Beckers Group
- Brillux
- Deutsche Amphibolin- Werke
- PPG Industries, Inc
- The Sherwin-Williams Company
- RPM International Inc
- Wacker Chemie AG
Competitive Landscape
Key players competing in the global protective coatings market are Arkema; Akzo Nobel N.V; Axalta Coating Systems LLC; Beckers Group; Brillux; Deutsche Amphibolin- Werke; PPG Industries, Inc; The Sherwin-Williams Company; RPM International Inc; Wacker Chemie AG. These companies engage in partnerships, mergers, acquisitions, product launches, and production expansion to get ahead an edge over their competitors.
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In June 2022, the Polynt Group revealed plans to enhance its coating resin manufacturing capabilities, targeting the North America’s coating industry. The company's objective is to address the increasing demands within the paints and coatings sector by offering a range of resin technologies, including alkyd, polyester, copolymer, emulsion, and urethane.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Protective Coatings Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Protective Coatings Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Protective Coatings Market - Supply Chain
4.5. Global Protective Coatings Market Forecast
4.5.1. Protective Coatings Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Protective Coatings Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Protective Coatings Market Absolute $ Opportunity
5. Global Protective Coatings Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Protective Coatings Market Size and Volume Forecast by Applications
5.3.1. Abrasion Resistance
5.3.2. Chemical Resistance
5.3.3. Fire Protection
5.3.4. Heat Resistance
5.3.5. Corrosion Resistance
5.3.6. Pipe Coatings
5.3.7. Tank Linings
5.3.8. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Protective Coatings Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Protective Coatings Market Size and Volume Forecast by End Users
6.3.1. Water & Wastewater Treatment
6.3.2. Power Generation
6.3.3. Civil Building & Infrastructure
6.3.4. Power Generation
6.3.5. Marine
6.3.6. Petrochemicals
6.3.7. Oil & Gas
6.3.8. Food & Beverages
6.3.9. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Protective Coatings Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Protective Coatings Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Protective Coatings Demand Share Forecast, 2019-2026
8. North America Protective Coatings Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Protective Coatings Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Protective Coatings Market Size and Volume Forecast by Applications
8.4.1. Abrasion Resistance
8.4.2. Chemical Resistance
8.4.3. Fire Protection
8.4.4. Heat Resistance
8.4.5. Corrosion Resistance
8.4.6. Pipe Coatings
8.4.7. Tank Linings
8.4.8. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Protective Coatings Market Size and Volume Forecast by End Users
8.7.1. Water & Wastewater Treatment
8.7.2. Power Generation
8.7.3. Civil Building & Infrastructure
8.7.4. Power Generation
8.7.5. Marine
8.7.6. Petrochemicals
8.7.7. Oil & Gas
8.7.8. Food & Beverages
8.7.9. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Protective Coatings Demand Share Forecast, 2019-2026
9. Latin America Protective Coatings Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Protective Coatings Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Protective Coatings Market Size and Volume Forecast by Applications
9.4.1. Abrasion Resistance
9.4.2. Chemical Resistance
9.4.3. Fire Protection
9.4.4. Heat Resistance
9.4.5. Corrosion Resistance
9.4.6. Pipe Coatings
9.4.7. Tank Linings
9.4.8. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Protective Coatings Market Size and Volume Forecast by End Users
9.7.1. Water & Wastewater Treatment
9.7.2. Power Generation
9.7.3. Civil Building & Infrastructure
9.7.4. Power Generation
9.7.5. Marine
9.7.6. Petrochemicals
9.7.7. Oil & Gas
9.7.8. Food & Beverages
9.7.9. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Protective Coatings Demand Share Forecast, 2019-2026
10. Europe Protective Coatings Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Protective Coatings Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Protective Coatings Market Size and Volume Forecast by Applications
10.4.1. Abrasion Resistance
10.4.2. Chemical Resistance
10.4.3. Fire Protection
10.4.4. Heat Resistance
10.4.5. Corrosion Resistance
10.4.6. Pipe Coatings
10.4.7. Tank Linings
10.4.8. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Protective Coatings Market Size and Volume Forecast by End Users
10.7.1. Water & Wastewater Treatment
10.7.2. Power Generation
10.7.3. Civil Building & Infrastructure
10.7.4. Power Generation
10.7.5. Marine
10.7.6. Petrochemicals
10.7.7. Oil & Gas
10.7.8. Food & Beverages
10.7.9. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Protective Coatings Demand Share Forecast, 2019-2026
11. Asia Pacific Protective Coatings Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Protective Coatings Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Protective Coatings Market Size and Volume Forecast by Applications
11.4.1. Abrasion Resistance
11.4.2. Chemical Resistance
11.4.3. Fire Protection
11.4.4. Heat Resistance
11.4.5. Corrosion Resistance
11.4.6. Pipe Coatings
11.4.7. Tank Linings
11.4.8. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Protective Coatings Market Size and Volume Forecast by End Users
11.7.1. Water & Wastewater Treatment
11.7.2. Power Generation
11.7.3. Civil Building & Infrastructure
11.7.4. Power Generation
11.7.5. Marine
11.7.6. Petrochemicals
11.7.7. Oil & Gas
11.7.8. Food & Beverages
11.7.9. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Protective Coatings Demand Share Forecast, 2019-2026
12. Middle East & Africa Protective Coatings Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Protective Coatings Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Protective Coatings Market Size and Volume Forecast by Applications
12.4.1. Abrasion Resistance
12.4.2. Chemical Resistance
12.4.3. Fire Protection
12.4.4. Heat Resistance
12.4.5. Corrosion Resistance
12.4.6. Pipe Coatings
12.4.7. Tank Linings
12.4.8. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Protective Coatings Market Size and Volume Forecast by End Users
12.7.1. Water & Wastewater Treatment
12.7.2. Power Generation
12.7.3. Civil Building & Infrastructure
12.7.4. Power Generation
12.7.5. Marine
12.7.6. Petrochemicals
12.7.7. Oil & Gas
12.7.8. Food & Beverages
12.7.9. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Protective Coatings Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Protective Coatings Market: Market Share Analysis
13.2. Protective Coatings Distributors and Customers
13.3. Protective Coatings Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Arkema
13.4.2. Akzo Nobel N.V
13.4.3. Axalta Coating Systems LLC
13.4.4. Beckers Group
13.4.5. Brillux
13.4.6. Deutsche Amphibolin- Werke
13.4.7. PPG Industries, Inc
13.4.8. The Sherwin-Williams Company
13.4.9. RPM International Inc
13.4.10. Wacker Chemie AG
Methodology
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