Protective Coatings Industry is Slated To Grow Rapidly In The Coming Years (2020

Market Synopsis

According to the MRFR analysis, the Global Protective Coatings Market was valued at more than USD 17.22 billion in 2020 and is expected to reach over USD 24.55 billion by the end of 2027 at a CAGR of 5.2%.

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A protective coating is a barrier of paint or powder coatings that are applied on a material surface to prohibit corrosion thus, helps in making the metal inert from environmental changes. Protective coatings are important as they help to extend the lifetime of the substrate. Protective coatings can act as a barrier, sacrificial surface or as an inhibitive to protect the underlying element from water, oxygen, chemicals to hinder corrosion.

Pricing and Regulatory Analysis

The stringent standards and regulations for coatings used in automotive, building & construction and oil & gas industries are likely to propel the growth of the global protective market during the assessment period. For instance, the National Association of Corrosion Engineers– RP0188, for ‘Testing of Protective Coatings’, European Federation of Corrosion– EFC 20, for ’Organic & Inorganic Coatings for Corrosion Prevention’, American National Standards Institute– ANSI Z535.1, for ‘ Safety Color Code’, the European Paints Directive 2004/42/EC, for ‘the maximum amount of VOCs content’.

SEGMENTATION

By Material Type

Acrylic: The largest segment with a share of around 42% in 2020 and the segment is expected to register the highest CAGR of 40% during the forecast period. These are resistant to water, chemicals, corrosion, and exhibit excellent color retention. In 2017, acrylic paints and coating market was valued around USD 57.04 billion. Moreover, in the same year, 51.1% of global acrylic resin was consumed in the paints & coatings industry in Asia-Pacific, which was sized around 10,503 KT.
Epoxy: The second-largest segment of the global protective coating market, holding 22% share in 2020, due to its unique properties such as easy handling and are resistant toward chemical and temperature.
Polyurethane: Polyurethane resin are used as binders in protective coatings, owing to its properties such as durability, abrasion resistance, toughness, and high gloss polyurethane resins are majorly used in applications such as marine & aircraft coatings, oil field equipment coatings, and wood coating.
Alkyd: Held a significant share of the global protective coating market. As a result, the resin being resistant towards humidity and abrasion they are a good choice for cabinets & furniture, kitchens, and bathrooms.
Polyester: Resins are UV-resistant and water permeable are mainly used as decorative coatings for ceramics, metals, and glass.
Others: The segment includes fluoropolymer and polyether ether ketone

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By Product Type

Solvent-borne: The segment held the largest share of the Global Protective Coating Market in 2020, owing to its excellent resistance to corrosion. They are used as protective coatings, especially in the building & construction industry, however, the regulations for usage of VOCs in paints and coatings are expected to hinder the market growth.
Water-borne: It is expected to be the most opportunistic segment during the forecast period, as these coatings have low VOC content thus, making them a sustainable product and increasing their demand. However, these coatings are more susceptible to environmental changes such as temperature and humidity, compared to solvent-borne, which deems to hinder the segment’s growth.
Powder-based: Powder-based protective coatings are usually applied as a decorative and protective finish in metals owing to them being more resistant to fading, wearing, and scratching than other finishes. Power protective coatings are usually applied by spraying onto the surface of the substrate.

By End-Use Industry

Building & Construction: Held the largest market share of over 70% in 2020 and is expected to follow the same trend during the forecast period. They are mainly used in the architectural segment, as rust-resistant coatings in residential and non-residential purposes for coating metals, floors, woods, walls, and others. In 2017, the architectural segment, in paints & coatings was valued at around USD 78 billion.
Automotive: The segment held the second-largest share of the global protective coatings market, owing to their need in automobiles to protect the surface from abrasion, scratches, temperature changes, and water.
Oil & Gas: Owing to the constant contact of offshore machinery with seawater and prolonged exposure to UV rays leads to the need of protective coatings like non-skid coatings on decks, fire and heat resistant coating, and high-visibility colors, which thereby is expected to boost the market growth.
Aerospace & Defense: Uses protective coatings to prevent corrosion on the material surface at high altitudes due to changing environmental conditions such as humidity and temperature.
Power Generation: Require high-temperature resistant coating in cooling towers and turbines.
Marine: Water and chemical resistant coatings are required to prevent corrosion of ships and submarines surfaces.
Others: The segment includes energy and mining.

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By Region

North America: Market growth is driven by the demand for aluminum protective coatings in aerospace, automotive, and marine industries.
Europe: Driven by the presence of global leaders of the oil & gas and automotive industry.
Asia-Pacific: The largest and most opportunistic market.
Latin America: Increase in the number of assembling plants for automobiles.
Middle East & Africa: Strong base oil & gas industry and rising construction activities

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