The Protective Coatings market is projected to grow from USD 13.8 Billion in 2021 to USD 17.8 Billion by 2026, at a CAGR of 5.2% between 2021 and 2026. The key factor driving the growth of the market is increasing demand from Civil building and infrastructure sector.
“Marine end-use industry segment is estimated to be the largest segment of the Protective Coatings market.”
The volume of seaborne trade will double from 9 billion tons per year to somewhere between 19 and 24 billion tons by 2030. In 2030, China will play a key role as the emerging maritime superpower in shipping. China will see the largest growth in commercial fleet ownership, rivaling Greece and the rest of the European countries combined. China will become the world’s primary maritime market, leading in shipbuilding, seaborne trade, and vertically integrated ownership and ship management. The different global players have also stated that China has a huge local marine market, increasing the demand for protective coatings. Also, a company like Jotun has increased its activity in drydocking by 14% in China because of the increased marine and shipping industry.
“APAC is the forecasted to be the fastest-growing Protective Coatings market during the forecast period.”
The APAC encompasses a diverse range of economies with different levels of economic development. China, India, and Japan were the largest contributors in the region and together accounted for 63.6% of the total revenue share of protective coatings in 2020, in terms of volume. The growth of the region is majorly attributed to the development of civil building & infrastructure, marine, and power generation industries, and across industries such as automotive, consumer goods & appliances, building & construction, and furniture.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.
Breakdown of Primary Interviews:
- By Company Type: Tier 1 – 46%, Tier 2 – 36%, and Tier 3 – 18%
- By Designation: C Level – 18%, D Level – 27%, and Others – 55%
- By Region: APAC – 45%, North America – 18%, Europe – 9%, South America- 9%, and the Middle East & Africa – 9%
The key companies profiled in this report are PPG (US), Akzonobel N.V. (Netherlands), Jotun (Norway), Sherwin-Williams (US) and Hempel (Denmark).
The Protective Coatings market has been segmented based on Technology (Solvent based, Water-based, Powder coatings, and others), by chemistry (Polyurethane, Epoxy, Acrylic, Alkyd, Zinc and others), by end-use industry (Offshore structures/ oil and gas – Exploration, Production, and Transmission, Petrochemical – Refineries and Chemical Processing, Marine, Cargo Containers, Power generation, Water and Wastewater system, Civil Building & Infrastructure, Food & Beverages, and others), by Application, and by Region (APAC, North America, Europe, South America, and Middle East & Africa). The end-use industry segments are further analyzed for each country in the respective regions.
Reasons To Buy the Report
From an insight perspective, this research report focuses on various levels of analyses ? industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on Protective Coatings offered by top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for Protective Coatings across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the market