NEW YORK — Market intelligence company StraitsResearch, Pune, India, announced the release of a new report covering the protective coatings industry. According to the report, the global protective coatings market was valued at $12.2 billion in 2021 and is projected to reach $16.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.4%.
The study found that the building industry's global expansion has boosted demand for protective coatings dramatically. Globally, population growth, urbanization and industrialization have raised the need for infrastructure development and construction, particularly in fast-growing countries in Asia-Pacific, Central and South America, and the Middle East.
Among the reasons for growth within the protective coatings market, the study found that the demand for green coatings, which have a high utilization rate, less waste, and lower costs to apply, tops the list of growth drivers. It predicts that powder coatings will provide new opportunities for the market, since they are a good replacement for solvent-based products. According to the study, these coatings are less expensive and more environmentally friendly than liquid paint. High curing temperatures are required for powder coating applications, which can be challenging to achieve with heat-sensitive materials like plastic and wood. To address these challenges, many developers have attempted to enhance curing temperatures. The study reports that powder coatings may now be fixed at 120 °C, utilizing new infrared and UV curing technologies, which considerably reduce the previously required temperature. As a result of this innovation, the spectrum of materials and industries that can potentially profit from powder in the future has grown significantly.
Powder coatings are also eco-friendly, making them a viable option for many large coating companies to reduce their carbon footprint. These coatings produce much fewer volatile organic molecules because they do not require the application of a solvent to a surface. Writers of the report expect that powder coatings will replace other traditional coatings in the coming years due to these factors, offering growth potential for protective coatings during the forecast period.
Analyzed by region, Asia-Pacific has the most dominant position in the global protective coatings market. The report predicts it will reach a value of $8,825 million by 2030, growing at a CAGR of 4.3%, the highest during the forecast period. China is a hub for chemical processing in the Asia-Pacific, accounting for a significant proportion of the chemicals produced globally. With the increasing need for various chemicals worldwide, the demand for protective coating from this sector is anticipated to rise during the forecast period. North America is the second-largest shareholder in the regional market. It is estimated to reach a predicted value of $3,475 million by 2030, growing at a CAGR of 2.9%. Protective coatings have significant demand from the United States construction sector. Europe holds the third-largest position in the market. It is estimated to reach a value of $2,750 million by 2030, growing at a CAGR of 2.7%. The chemical industry in Germany is the largest in Europe. Germany is the primary chemical manufacturer, accounting for more than 70% of all chemical exports from Europe.
By product type, the global protective coatings market is segmented into epoxy, polyurethane, vinyl ester, polyester, and other. The epoxy segment dominates the global protective coatings market. It is estimated to reach a value of $7,065 million by 2030, growing at a CAGR of 3.5 %. By technology, the global protective coatings market is segmented into waterborne, solventborne, powder, and other technologies. The solventborne technology currently dominates the global protective coatings market. It is estimated to reach a predicted value of $7,085 million by 2030, growing at a CAGR of 3%. By end-use industry, the market is segmented into oil and gas, mining, power, infrastructure, and others. According to the report, the infrastructure segment holds the most commanding position in the global protective coatings market. It is expected to reach a predicted value of $6,120 million by 2030, growing at a CAGR of 3.8%. Growth in this segment is due, in part, to rapidly growing infrastructure projects across the globe.
To learn more about the report, Protective Coatings Market: Information by Product Type (Epoxy, Polyurethane), Technology (Water-Borne, Solvent-Borne), End-Use Industry (Oil and Gas, Mining), and Region — Forecast till 2030, visit https://straitsresearch.com/report/protective-coatings-market/toc.