“The Global Protective Coatings Market is expected to grow at a high CAGR during the forecasting period (2021-2028)”.
A protective coating is a layer of material applied to the surface of another article with the intent to prevent corrosion and improve the strength of that article.
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The Protective coating market has been driven by increasing infrastructural activities and expansion of the Oil & Gas industry. The growth in the Power sector is also propelling the demand for protective coatings.
The building and construction sector is observing high investments worldwide. So the rise in Infrastructural activities will drive the demand for protective coatings.
APAC region is currently experiencing the maximum growth rate in the construction industry, and it will boom the market for protective coatings in that region.
Protective coatings emit VOCs (Volatile organic compounds) which is responsible for air pollution. Stringent regulatory norms regarding VOC emissions globally could be a barrier to the growth of the protective coatings market.
By Resin Type
Oil & Gas
Rest of the World
The report segments the market by geography as North America, South America, Asia-Pacific, Europe, and the Rest of the world. Asia-Pacific region dominates the market for protective coatings with China leading the regional market.
The vast construction industry of China is growing at an insatiable rate. This high growth rate in the construction industry makes China, the largest market for protective coatings.
Also, because of the presence of two leading oil companies SINOPEC and CNCP, the oil & gas sector in the country is expanding which is also fuelling the demand for protective coatings. Japan and India are also contributing significantly to the market because of the growing construction activities in these regions.
PPG, AkzoNobel, and Sherwin-Williams are the key players who hold the majority of the market share. PPG and AkzoNobel operate globally, but Sherwin-Williams has a market share only in North America and South America because its operations are only limited to that region. In June 2017, Sherwin-Williams acquired Valspar Corporation, making it one of the largest companies in the protective coatings market.
PPG, AkzoNobel, The Sherwin-Williams Co., RPM International Inc., Nippon Paint Holdings Co, Axalta Coating Systems, The Valspar Corp., BASF SE, Kansai Paint Co. Ltd., and Arkema have been profiled in the report.