Global Protective Coatings Market Report and Forecast 2024-2032

Global Protective Coatings Market Outlook

The global market size for protective coatings reached a value of more than USD 14.46 billion in 2023. The global protective coatings market is expected to grow at a CAGR of 5.3% between 2024 and 2032, reaching a value of USD 23.02 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Trends in the Market

A protective coating is a layer of material applied on a surface in order to protect it from corrosive and abrasive environments. The protective coating forms a barrier protecting the structure or equipment that it is layered upon. There are different types of protective coatings available including surface, chemical, vitreous or porcelain, and anodising coatings. The protective coatings are made primarily of pigment, resin or binder, additives, and a medium such as water or solvent. 

• Protective coatings are integral for critical industries, as they prevent corrosion of surfaces, reducing the risk of damage and interruptions. Increasing demand from oil and gas, automotive, construction, marine, mining, industrial, power generation, aerospace among other end users have fuelled the growth of the market.

• Construction sector has been expanding owing to increasing urbanisation and population globally contributing to the growth of the global protective coatings market. Protective coatings are used in construction to improve the durability of buildings, extending their security and lifespan.

• With the growing trend of aesthetically pleasing interiors and décor across industries, protective coatings that are visually appealing are expected to increase in demand. New painting techniques and combining shades of protective coatings create layers that offer protection while looking stylish.

Market Analysis

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Based on formulation, the protective coatings market can be divided into water borne, powder based, and solvent borne, among others. By resin type, the market is categorised into epoxy, acrylic, polyurethane, and zinc, among others. On the basis of end use, the market is segmented into marine, oil and gas, power, construction, and others. Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global protective coatings market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• AkzoNobel N.V.

• PPG Industries, Inc.

• The Sherwin-Williams Company

• Hempel A/S

• Kansai Paint Co., Ltd.

• Nipsea Group

• Others

Market Share by Formulation

Solvent borne protective coatings have been leading the protective coatings market in the formulation segment and are expected to do the same in the forecast period. They facilitate easy drying, application, formation of long-lasting coating and provide various other benefits. The exceptional protection capabilities of solvent borne protective coatings have led to their wide applications in industrial sectors.

Water based protective coating has also been growing rapidly owing to the advancements and developments in the coating technologies. These formulations of protective coatings are safer for the environmental as well as for those applying the coatings due to lower levels of volatile organic compound (VOC) emissions. Thus, water-based segment is also expected to hold a growing share in the market in the forecast period. 

Market Share by Resin Type

The epoxy segment occupies a sizable share in the protective coatings market due to their ability to resist extreme heat as well as cold. Other factors such as easy and fast drying has also benefitted the market largely by reducing the production delay. The epoxy segment is also expected to hold the largest share in the market in the forecast period because of its resistant nature to chemicals, scratches, and oil leaks which help surfaces look new and remain durable. 

Polyurethane resin type of protective coatings are projected to witness growth in the market due to the glossy finish it provides, resulting in improved visual aesthetics. Additionally, polyurethane is often layered on top of other protective coatings to improve the cosmetic finish. 

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Competitive Landscape

AkzoNobel N.V. is a multinational chemicals company that has its headquarter in Amsterdam, Netherlands. It was founded in 1994 and is known to manufacture performance coatings and paints for use by customers personally and for use by industries.

PPG Industries, Inc. founded in 1883 is based out of Pennsylvania in the United States. It is an American chemical industry company that manufactures and supplies paints, specialty materials, and coatings globally. 

The Sherwin-Williams Company was founded in 1866 and has its headquarter in Ohio, United States. It is an American paint and coatings manufacturing company that produces and sells top quality paints, floorcoverings, coatings, and other similar products. 

Other market players include Hempel A/S, Kansai Paint Co., Ltd., and Nipsea Group, among others.

Key Highlights of the Report