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Albany, New York, April 09, 2019 (GLOBE NEWSWIRE) -- The global protective coatings market depicts a fragmented and competitive landscape, with prominent players scattered across the globe, says Transparency Market Research (TMR). Key players in the market are focusing on new product development, business expansion, and merger & acquisition to expand their market share. For instance - in June 2017, Sherwin-Williams acquired Valspar Corporation, a sixth largest paint manufacturer of the world thus making Sherwin-Williams one of the largest protective coatings manufacturer across the globe.
Apart from this, major companies are strengthening their distribution network in order to expand their customer reach. A few players in the protective coatings market are ramping their investments to expand their reach and development of advanced materials such as smart coating materials. However due to lack of adequate testing these smart coating materials are still restricted to laboratory environment.
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Other than above, some of the other prominent players operating in the global protective coatings market are PPG Industries Inc, Arkema Group, Kansai Paint Company Limited, Akzo Nobel N.V., Jotun Group, Axalta Coating Systems, Hempel A/S, Sika AG, and Nippon Paint Holdings Company Limited.
According to TMR, the global protective coatings market was noted at a valuation of US$12,463.7 mn in 2016.The market is anticipated to rise at an impressive CAGR of 5.10% from 2017 to 2025. Rising at this CAGR, the global protective coatings market is expected to touch a valuation of US$19,374.50 mn by the end of forecast period.
The building and construction sector is projected to lead the applications segment of the protective coatings market. This is because of factors like rising investments in building and construction industry and rapid industrialization occurring across the globe. On the basis of geography, Asia Pacific is likely to hold immense opportunities for the growth of protective coatings market during the forecast period.
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Ability of Protective Coating to Increase Life Span of Machinery Propels Growth
The protective coatings are making quite a splash in the market owing to the rising demand among consumers. The protective coatings market is driven by an increasing demand for protective coatings in end user industries. Some of the major end use industries of protective coatings are building and construction, oil and gas, aerospace, automotive, industrial and marine. Rise in construction of new infrastructure in emerging economies and growing need to maintain aging infrastructure in developed economies are major drivers of the protective coatings market. Furthermore, the ability of protective coating to provide excellent adhesion and resistance to abrasions, environmental impacts, and chemicals are increasing their demand in the industrial and aerospace machinery. Along with this, protective coatings increase life span of a substrate for near about three to five years. This is expected to bolster growth in the global protective coatings market.
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Stringent Government Regulation to Control VOC Emission to Imped Growth
Despite of several drivers, growth in the global protective coatings market is impeded by stringent government regulations over the usage of VOC material. Apart from the availability of cheaper substitutes and volatility of raw material used to manufacture protective coatings are major factors likely to hamper growth of the global protective coatings market during the forecast period. Nevertheless, innovations in product and technology focused on eco-friendly and cost-efficient solutions and increasing adoption of water-borne protective coatings are expected to fuel the protective coatings market over the forecast period.
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The above review is based on a TMR report, titled, “Protective Coatings Market (Resin Type - Acrylic, Epoxy, Polyurethane, Alkyd, and Polyesters; Product Formulation - Solvent Borne, Water Borne, and Powder Borne; End-use Industry - Building and Construction, Oil and Gas, Aerospace, Automotive, Industrial, and Marine) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.”
The report segments the global protective coatings market as:
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