The global protective coatings market is
expected to witness significant growth over the forecast period owing to the
increasing demand for anti-corrosion, thermal resistant, and durable coating
formulations in the aerospace and oil & gas industries. The rising demand
from key end-use segments such as oil & gas, aerospace, construction, and
industrial owing to its superior properties over its counterparts is expected
to propel the industry demand over the forecast period. The growing application
scope of protective coatings in the aforementioned segments can be attributed
to the growing need for low-VOC coating solutions, which offer resistance to
wear & tear, high temperatures, and corrosion, while ensuring low
maintenance costs.
Construction dominated
the industry, globally, in 2015. The growing infrastructure development in
emerging countries such as India, China, Brazil, and Russia is expected to
drive demand for the product in the construction end-use industry over the
projected period.
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Further key findings from the report suggest
·
Globally, epoxy and alkyd product segments
are slated to witness significant growth in terms of volume during the forecast
period, growing at a CAGR of over 10% during the forecast period. This is
mainly attributed to low VOC content, efficiency, and favorable government
policies, along with the rising demand from key end-use verticals such as
construction and aerospace.
·
Asia Pacific dominated the market for
protective coatings in 2015, with revenue of over USD 18 billion; and is estimated
to grow significantly over the coming years owing to the rising demand from
high-growth end-use segments such as construction, aerospace, and automotive.
·
Furthermore, the Asia Pacific region is
expected to grow the highest in terms of revenue during the forecast period,
slated to grow at a CAGR of over 9%. The region is dominated primarily by
China, which is likely to witness growth at a CAGR of nearly 10% during the
forecast period. However, rapid infrastructure expansion in India and Indonesia
is likely to drive growth over the forecast period.
·
Key participants in the industry include
AkzoNobel NV, PPG Industries, The Sherwin-Williams Co., and Arkema SA, among
others. In recent years, key players have turned towards capacity expansion and
new product developments to strengthen their positions in the industry
globally.
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Grand View Research has
segmented the global protective coatings market on the basis of resin type,
product, end-use, and region:
Resin Type Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014 - 2025)
·
Acrylic
·
Epoxy
·
Polyurethane
·
Alkyd
·
Polyester
·
Others
Product Outlook (Volume, Kilo Tons; Revenue, USD Million;
2014 - 2025)
·
Solvent-borne
·
Water-borne
·
Powder-based
·
Others
End Use Outlook (Volume, Kilo Tons; Revenue, USD Million;
2014 - 2025)
·
Construction
·
Oil & Gas
·
Aerospace
·
Industrial
·
Marine
·
Automotive
·
Power Generation
·
Mining
·
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2014 - 2025)
·
North America
o U.S.
·
Europe
o Russia
o Germany
·
Asia Pacific
o China
o India
o Japan
·
Central & South America
o Brazil
·
Middle East & Africa
o Saudi Arabia
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About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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