Press Release

Global Protective Coatings Market to Grow at a CAGR of 5.3% During 2024-2032, Driven by Rising Demand for Protective Coatings in End Use Sectors

Global Protective Coatings Market

According to a new report by EMR titled, ‘Global Protective Coatings Market Report and Forecast 2024-2032’, the market attained a value of nearly USD 14.46 billion in 2023. The market is further expected to grow at a CAGR of 5.3% between 2024 and 2032, to reach a value of USD 23.02 billion by 2032.

The end-use markets, such as the automotive sector, are demanding protective coatings with high scratch resistance, chemical resistance, and low VOC content, which aids the protective coatings market growth. Solvent-borne protective coating systems offer the automotive sector high scratch resistance in a low-VOC formulation. Further, speciality solvent-borne acrylic coatings have a fast-curing time and allow the production of high-solids coatings that can be sprayed.

 

The need to reduce emissions and meet shortened lead times compels wood product manufacturers to adopt high-performing water-based coatings for interior and exterior applications. To paint large machinery, manufacturers are increasing the demand for direct-to-metal (DTM) coatings that provide impressive resistance to corrosion, chemicals, and UV, with a cost-saving reduction in material consumption. Th rising sustainability awareness among consumers is increasing the demand for low-VOC coatings, as well as APEO-free and BPA-free coating systems.

 

In February 2023, PPG Industries, Inc. (NYSE: PPG) launched PPG STEELGUARD® 951 coating, an innovative epoxy intumescent fire protection coating. The coating is designed to meet the demands of modern architectural steel and provides three hours of cellulosic fire protection. The product based on PPG’s patented flexible epoxy technology, offers excellent durability and edge retention properties. During a fire, the coating expands from a thin, lightweight film into a thick, foam-like layer, insulating the steel.

 

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Market Breakup by Formulation, Resin Type, End Use, and Region:

  • The market is segmented based on formulation into water borne, powder based, solvent borne, and others.
  • By resin type, the market is segmented into epoxy, acrylic, polyurethane, zinc, and others.
  • By end use, the market is segmented into marine, oil and gas, power, construction, and others.
  • Region-wise, the global market for protective coatings can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • There is a growing demand for protective coatings in the automotive sector, primarily driven by the need to protect the vehicle body from the wear and tear associated with high speeds, UV rays, and other environmental hazards.
  • Tightening regulatory pressures and new sustainability initiatives are boosting the demand for low and ultra-low-VOC protective coatings.
  • The trend to use water-based coatings and UV-curable systems is becoming increasingly popular as chemical suppliers, formulators, and equipment producers are improving their technology to use these systems.
  • In the industrial sector, there is a growing demand for direct-to-metal (DTM) coatings. DTM coatings are a two-in-one solution providing the aesthetics of a topcoat and the protection of a primer. These coatings are directly applied to a metal surface and can attach without the need for a primer.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for protective coatings for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) market information for the formulation, resin type, end use, and major regions of protective coatings.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the protective coatings market are AkzoNobel N.V., PPG Industries, Inc., The Sherwin-Williams Company, Hempel A/S, Kansai Paint Co., Ltd., Nipsea Group, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Formulation
  • Resin Type
  • End Use
  • Region
Breakup by Formulation
  • Water borne
  • Powder based
  • Solvent borne
  • Others
Breakup by Resin Type
  • Epoxy
  • Acrylic
  • Polyurethane
  • Zinc
  • Others
Breakup by End Use
  • Marine
  • Oil and Gas
  • Power
  • Construction
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • AkzoNobel N.V.
  • PPG Industries, Inc.
  • The Sherwin-Williams Company
  • Hempel A/S
  • Kansai Paint Co.,Ltd.
  • Nipsea Group
  • Others

 

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