Protective Coating Market

Protective Coating Market Outlook (2023 to 2033)

Based on a detailed analysis by research consultants at Fact.MR, the global protective coating market is estimated to be valued at US$ 25.25 billion in 2023 and is forecasted to expand at a CAGR of 6.3% to reach US$ 46.51 billion by the end of 2033.

Protective coatings are typically applied to metals to shield them from corrosive environments by reducing corrosion. These protective coatings incorporate a range of chemistries and products to resist abrasion, corrosion, weather, and other external elements. Automotive, aerospace, oil and gas, construction, marine, and industrial are a few of the industries that frequently use these coatings.

Report Attributes	Details
Protective Coating Market Size (2022A)	US$ 23.2 Billion
Estimated Market Value (2023E)	US$ 25.25 Billion
Forecasted Market Value (2033F)	US$ 46.51 Billion
Global Market Growth Rate (2023-2033)	6.3% CAGR
United States Market Share (2023)	19.8%
China Market Growth Rate (2023 to 2033)	7% CAGR
Key Companies Profiled	The Sherwin-Williams Company Akzo Nobel N.V. BASF Coatings Deutsche Amphibolin-Werke Beckers Group Tikkurila Brillux Cromology Teknos Meffert AG Farbwerke Mankiewicz IVM Chemicals Kansai Paints Co. Ltd. The Valspar Corporation PPG Industries Inc. Arkema Group Sika AG Wacker Chemie AG Hempel A/S Jot

Protective Coating Consumption Analysis (2018 to 2022) vs. Market Projections (2023 to 2033)

Worldwide sales of protective coatings increased at a CAGR of 4% between 2018 and 2022. The history of the market for protective coatings is long and varied. The main purpose of early coatings, which were constructed from organic materials such as clay and bitumen, was to protect against UV radiation and weather damage. Chemical coatings now account for the majority of the industry and offer a variety of alternatives for features, including corrosion protection, thermal insulation, and fire protection.

Due to rising demand from the automotive, aerospace, construction, and oil and gas industries, the protective coating market is projected to continue to expand over the next 10 years. New coatings with even greater protection and durability are likely to arise to fulfill the changing needs of these industries as nanotechnology and other innovative materials advance.

• Short Term (2023 to 2026): Because of growing awareness of the need to conserve culturally significant works such as sculptures and architectural components, demand for protective coatings is anticipated to grow significantly.
• Medium Term (2026 to 2029): Over the medium term, the market is anticipated to expand steadily due to rising demand for protective coatings across a variety of industries, including automotive, construction, and marine.
• Long Term (2029 to 2033): Long-term market growth is anticipated to be substantial due to the need for sustainable coatings and growing emphasis on environmental laws. The market is anticipated to exhibit significant growth in the emerging economies of Asia and Latin America.

On the back of the aforementioned facts, the market is predicted to expand at a CAGR of 6.3% during the forecast period (2023 to 2033), according to Fact.MR, a market research and competitive intelligence provider.

Why are Protective Coatings in High Demand across the Globe?

“Increasing Need for Corrosion Prevention in Infrastructure Projects”

Growing need for protective coatings across a range of end-use sectors, including construction, automotive, aerospace, marine, and oil & gas, is the main factor driving the global market. To stop corrosion, abrasion, and damage brought on by hostile surroundings and extreme weather, these industries need efficient protective coatings.

The market is mostly driven by the growing need for corrosion prevention in infrastructure development and renovation projects. Demand for high-performance coatings that can shield buildings and structures from corrosion, rust, and other environmental elements has increased with the expanding urbanization and development activities around the world.

Expansion of the automobile and aerospace industries has contributed to market growth. While automotive coatings are utilized for a variety of applications, including corrosion protection, aesthetic appeal, and functional needs, aerospace coatings are used to preserve the exterior and interior components of aircraft. Another growth-driving factor is the expanding oil & gas sector, as coatings are utilized to shield pipelines and storage tanks from corrosion brought on by severe weather and chemicals.

What are the Main Hindrances to Market Growth?

“High Cost of Raw Materials Required for Producing Eco-friendly Coatings”

Strict environmental regulations are one of the main issues holding back the growth of the market. Regulatory agencies have placed restrictions on the usage of coatings that contain dangerous substances such as volatile organic compounds (VOCs).

• The United States Environmental Protection Agency imposes limitations on the quantity of VOCs permissible in architectural coatings produced or imported by manufacturers.

There has been an increase in demand from clients in other industries for eco-friendly coatings. Awareness of their environmental impact has led to an upsurge in the demand for environmentally friendly coatings. Due to this, the creation of non-toxic, aqueous, bio-based coatings with a higher VOC content has increased.

Some of the key restraints include the need for eco-friendly coatings and the high cost of raw materials used in their production. Manufacturers must adhere to standards while providing customers with affordable and environmentally friendly options to capitalize on the anticipated growth of the coatings business.

Country-wise Insights

Which Factors are Driving the Demand for Protective Coatings in India?

“Increasing Number of Residential, Commercial, and Industrial Construction Projects”

India is emerging as a significant player in the global market. Due to the country's growing industrial operations and developing infrastructure, the industrial coatings market has experienced tremendous expansion in recent years.

One of the key reasons driving the demand for protective coatings has been the expansion of the construction sector, a large consumer of protective coatings. Demand for coatings that offer defense against corrosion, abrasion, and harsh weather conditions has increased as a result of the rise in residential, commercial, and industrial construction projects.

Due to the availability of trained labor, efficient business practices, and a sizable consumer market, India is increasingly becoming a desirable location for car manufacturing. India is likely to become a major player in the global protective coatings business, especially for industrial coatings, as a result of its rapid industrialization and infrastructure development.

Why is the Protective Coating Market Flourishing in Germany?

“High Focus on Research into Production of Sustainable Coatings”

The market for anti-corrosion coatings in Germany is expanding for several reasons. The nation's robust economy and reputation for its industrial capabilities is a key factor. Germany's booming construction and automotive industries have also given rise to favorable conditions for manufacturers of protective coatings.

The country has rigorous environmental rules and regulations, which has prompted an emphasis on the development of ecologically friendly and sustainable coatings. Demand for goods that not only effectively shield surfaces from damage but also for those that have minimal negative effects on the environment has surged as a result.

Many high-tech businesses that create cutting-edge coatings for several sectors are based in Germany. As a result, the country has become a center for surface protection coating research and development, which has fueled the sector's expansion. In general, Germany's rise in the worldwide protective film market has been aided by its robust economy, rising industries, emphasis on sustainability, and innovation.

Category-wise Insights

What’s Leading to Considerable Sales of Water-borne Coatings?

“Low VOC Content and Enhanced Corrosion Resistance of Water-borne Coatings”

Due to its environmental friendliness, straightforward application, and durability, the water-borne-based category is one of the market's main growth drivers. By adding a layer of defense for corrosion protection, weathering, and wear and tear, protective films and coatings are used to prolong the life and quality of goods, buildings, and structures.

Water-borne coatings have grown in popularity recently as compared to powder coatings due to their low toxicity and green characteristics. When compared to solvent-based coatings, which release toxic emissions into the atmosphere, water-borne coatings have a lower VOC content, making them more desirable.

Because of their resilience to abrasion, peeling, and chipping, water-borne coatings are also chosen. This makes them perfect for coating massive structures like bridges, pipelines, and oil rigs. Water-borne coating solutions are more popular among experts and do-it-yourselfers due to their simple application and rapid drying time. Water-borne coatings are also less combustible and risky than solvent-based coatings, making them safer for both the environment and workers.

How is the Commercial Real Estate Sector Driving Market Expansion?

“Growing Need for UV-resistant Coatings in Commercial Construction”

Commercial real estate is expanding rapidly, particularly in emerging economies where there is a rising demand for office space, retail establishments, lodging, and industrial complexes. This expansion boosts the demand for protective coatings. The need for these coatings is also driven by the creative products that have been produced as a result of technological developments and the creation of new coatings that offer improved defense against co, UV radiation, and other environmental variables.

Global demand for protective coatings is anticipated to be mostly driven by the commercial real estate sector, and manufacturers are likely to keep spending on R&D to take advantage of this growth prospect.

Competition Landscape

Leading protective coating manufacturers are The Sherwin-Williams Company, Akzo Nobel N.V., BASF Coatings, Deutsche Amphibolin-Werke, Beckers Group, Tikkurila, Brillux, Cromology, Teknos, Meffert AG Farbwerke, Mankiewicz, IVM Chemicals, Kansai Paints Co. Ltd., The Valspar Corporation, PPG Industries Inc., Arkema Group, Sika AG, Wacker Chemie AG, and Hempel A/S, Jotun.

As a result of increasing demand for protective coatings, market players are expanding their product portfolios to stay at the forefront of the competition. Companies are focusing on mergers and acquisitions to expand their business in different parts of the world and to increase their market reach.

• In August 2023, AkzoNoble completed the acquisition of the Chinese Decorative Paints business of Sherwin-Williams. This acquisition is expected to strengthen the business's position outside of the premium class, allow for additional market segmentation, and improve the company's standing in China.

Manufacturers are implementing the use of renewable and sustainable energy in their operations. Companies are focusing on sustainability and innovation to stay ahead of the market while reducing their environmental effect and complying with regulations.

• In July 2023, BASF Coatings declared the adoption of 100% renewable energy across all its operations in China, a significant step towards achieving global sustainability goals in carbon reduction, material efficiency, and safe, sustainable solutions.

Players in the market are also moving toward net zero transformation and offering clients coatings with a reduced carbon footprint.

Fact.MR has provided detailed information about the price points of key manufacturers of protective coatings positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Protective Coating Market Research

• By Technology :

  • Solvent-borne
  • Water-borne
  • Powder
  • Others

• By Resin :

  • Epoxy
  • Polyurethane
  • Acrylic
  • Alkyd
  • Polyester
  • Others

• By Application :

  • Infrastructure
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Commercial Real Estate
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Industrial Plants & Facilities
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Oil & Gas
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Power
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Others
  • Mining
    • Epoxy
    • Polyurethane
    • Acrylic
    • Alkyd
    • Polyester
    • Other

• By Region :

  • North America
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Western Europe
  • Eastern Europe
  • Middle East & Africa