The global protective coating market size is projected to expand at a formidable momentum owing to the booming growth of the construction industry in major economies, states Fortune Business Insights™ in its report, titled “Protective Coatings Market Size, Share & Industry Analysis, By Type (Acrylic, Epoxy, Polyurethane, Alkyd, Polyester, Other), By Formulation (Solvent based, Water based, Powder based), By Application (Building & Construction, Oil & Gas, Industrial, Marine, Mining, Power, Automotive, Other) and Regional Forecast, 2021-2028”. According to a report by Oxford Economics and Global Construction Perspectives, by 2030, the volume of global construction output will soar at 85%, reaching USD 15.5 trillion in value. The report notes that the 57% of this rise will be contributed by China, India, and the US. Protective coatings have emerged as an efficient solution for safeguarding the exteriors of brick-and-mortar structures from hostile weather elements such as rain, snow, and harsh sunlight. Moreover, these materials not only provide protection from weather and pollutants, but they also augment the aesthetics of the structure. Thus, as the demand for construction activities continues to rise, the adoption of protective coatings is likely to increase in the near future.
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Highlights of the Report:
- Detailed analysis of the drivers, trends, and challenges shaping the market’s growth;
- Tangible insights into the various segments of the market;
- Granular study of the key market players, their profiles, and their strategies; and
- Thorough examination of the regional developments impacting the market growth.
Growing Urban Populations to Surge Product Demand
Urban areas around the globe are expanding at a staggering pace and the projections for the next few decades are astounding. The Department of Economic and Social Affairs (DESA) of the UN, for instance, estimates that the proportion of the global urban population will rise to 68% from the current 55% by 2050. In other words, according to the DESA’s forecast, there will be an influx of 2.5 billion people in urban agglomerations in the next three decades, with 90% of the growth expected to occur in Asia and Africa. This will inevitably skyrocket the demand for buildings in cities across the globe, as governments will need to provide sufficient housing facilities to the rapidly increasing number of people. Protective coatings will play a central role in enhancing the robustness and durability of constructions and with the increasing availability of water-based, eco-friendly coatings, the adoption of these materials is likely to escalate in the near future.
Asia Pacific to Hold Dominant Position; North America to Follow
Asia Pacific is poised to dominate the protective coatings market share for the foreseeable future, primarily as a result of a flourishing construction industry. In addition to this, core industries such as oil & gas, mining, and power generation are also developing speedily in the region, which will brighten the outlook for the market.
In North America, the market is expected to thrive owing to the increasing uptake of environment-friendly coating products in the residential and commercial sectors. The market in Europe, on the other hand, is anticipated to experience a dynamic growth period on account of the extensive utilization of advanced protective coatings in the region’s well-established automotive industry.
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Strategic Product Releases by Key Players to Characterize Market Competition
The wide scope of innovation offered by this market is encouraging key players to invest in R & D and come up with novel coating solutions. In response, market companies are not only focused on developing such solutions but they are also releasing them strategically to gain a decisive edge over the rest of the participants.
- June 2020: BASF launched virtual “AUVOT” (Automotive Vehicles of Trends) shapes to provide OEMs with a realistic idea of colors and effects on a completed vehicle in its early design phase. Displaying the dynamics of color and geometry, AUVOTS aims at highlighting the importance of light in the digital automotive coatings domain.
- March 2020: PPG Industries completed the acquisition of Alpha Coating Technologies, a specialist in powder coatings. The takeover allows PPG to expand its portfolio of protective coatings for light industrial applications and heat-sensitive substrates.
List of Key Players Covered in the Protective Coatings Market Report:
- Nippon Paints
- PPG Industries
- Sherwin-Williams Company
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