Protective Coatings Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Protective Coatings Market is segmented By Resin Type (Polyurethane, Epoxy, Acrylic, Alkyd, Polyester, Others), By Formulation (Solvent-based, Water-based, Powder-based), By End-Use (Oil & Gas, Automotive, Aerospace, Marine, Mining, Construction, Industrial, Power, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

The global protective coatings market reached USD million in 2023 and is projected to witness lucrative growth by reaching up to USD million by 2031. The market is growing at a high CAGR  during the forecast period (2024-2031). A layer of substance is put to an object's surface as a protective coating to shield it from deterioration or damage.

A variety of materials, including metals, plastics, concrete, wood and more, can be covered with the coating. Corrosion prevention, wear and tear reduction, aesthetic appearance improvement, thermal insulation and improved chemical resistance are among the common goals of protective coatings. Paint, varnish, epoxy, polyurethane and other compounds can all be used to create protective coatings.

Market Summary 

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Market Dynamics

The growing infrastructure sector

The primary market for protective coatings is the infrastructure sector. A significant issue in the infrastructure sector is surface deterioration of a structure. Due to the loss of cover and corrosion of surface reinforcements, surface deterioration may cause structural issues. The use of protective coatings reduces degradation.

The coating material must be long-lasting, adhere strongly to the substrate's surface and be compatible with expansion or contraction caused by temperature variations. Projects and investments in the infrastructure industry are expanding in a number of nations, including China, Germany, India and U.S. ​

The rising need for water treatment

For the past years, there has been a sharp increase in the need for water treatment to ensure effective use. Since wastewater contains dangerous compounds including human waste, oils, food scraps, chemicals, soaps and others that require treatment before letting off to the environment, wastewater treatment has grown in popularity across the globe to prevent damage to the environment.

Concrete is used to make water tanks because of its higher water retention property, but when concrete is exposed to chemicals for an extended period of time, it becomes damaged. As a result, protective coatings are applied over the substrate to prevent such long-term damages, which has increased demand for protective coatings.

Market Segment Analysis

The global protective coatings market is segmented based on resin, application, product formulation and region.

The rising applications of solvent-borne formulations in various end-use industries

The largest product formulation sector, according to estimates, is solvent borne. The oil and gas, maritime, automotive and industrial sectors all frequently use the solvent-borne protective coating. Solvent-borne coatings are employed in the industrial sector where it is not advisable to utilise water-borne coatings and where the components may be vulnerable to corrosion. It is also employed in industries that produce corrosive gases and have significant levels of humidity. Due to the increasing infrastructure development in rising nations like China, India, Brazil and Russia, the need for solvent-borne coatings is anticipated to increase in these nations. 

Market Geographical Share

The large construction sector in China and India

The market for protective coatings is predicted to be dominated by Asia-Pacific. The world's largest building market is in China. Every time there was a significant downturn in the economy, the construction industry helped the nation's growth. China is a large producer of chemicals worldwide, making it a centre for chemical processing. The sector's need for protective coating is anticipated to rise throughout the forecast period as a result of the rising demand for various chemicals globally.

Companies and Competitive Landscape

The major global players include PPG Industries, AkzoNobel, The Sherwin-Williams Co., RPM International Inc., Nippon Paint Holdings Co, Axalta Coating Systems, The Valspar Corp., BASF SE, Kansai Paint Co. Ltd. and Arkema.

Key Developments

• In September 2022, Hempel introduced Hempablade Edge 171, a new protective coating for leading-edge protection (LEP) on wind turbine rotor blades. The product offers the best liquid LEP rain erosion performance data and some of the thinnest dry film thicknesses offer long-term rain erosion protection while cutting down on application time and expense.
• August 2022 saw the acquisition of Westdeutsche Farben GmbH by Kansai Paint, strengthening the company's global commercial operations. Westdeutsche Farben is a German coatings manufacturer with technological expertise in water-based coatings.
• May 2022 saw the completion of a collaboration agreement between Jotun Group and Med Investment Holding SpA to produce paints and protective coatings through a joint venture with Technover P. in a recently constructed and well-equipped factory in the Tizi-Ouzou neighbourhood.

The global protective coatings market report would provide approximately 61 tables, 63 figures and 204 pages.