Protective Coatings Market By Resin Type (Acrylic, Epoxy, Polyurethane, Alkyd), Product (Water-borne, Powder-based), End-Use (Construction, Oil & Gas, Aerospace, Industrial, Marine, Automotive, Power Generation), And Segment Forecasts, 2014 - 2025Report

Protective Coatings Market By Resin Type (Acrylic, Epoxy, Polyurethane, Alkyd), Product (Water-borne, Powder-based), End-Use (Construction, Oil & Gas, Aerospace, Industrial, Marine, Automotive, Power Generation), And Segment Forecasts, 2014 - 2025

Published: January 2017  |  110 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-351-5

Industry Insights

The global protective coatings market size was estimated at USD 24.90 billion in 2015 and is expected to witness significant growth over the forecast period, owing to the rising demand from key end-use industries, such as aerospace, oil & gas, construction, and automotive.

The growth of the aerospace and automotive industries in emerging regions is expected to have significant impacts on the market growth during the forecast period. The growth of these industries can be attributed to growing population and rising disposable incomes and the consequent increase in car sales and air passenger traffic.

U.S. protective coatings market revenue, by resin type, 2014 - 2025 (USD Million)

U.S. protective coatings market

The global protective coatings market has been segmented on the basis of resin type, product, end-use, and region. The resin type segment covers acrylic, epoxy, polyurethane, alkyd, and polyester.

These products find significant demand in end-uses such as construction, oil & gas, aerospace, industrial, marine, automotive, power generation, and mining, all of which have been covered in this research study.

Another key driver for the protective coatings industry is the increasing demand for high-efficiency coating solutions in end-use verticals such as aerospace and oil & gas, in addition to the product properties such as thermal resistance and resistance to wear & tear and corrosion, owing to the high operating temperatures in these verticals.

The key challenges faced by the industry include the stringent regulatory frameworks regarding VOC emissions and the rising costs of raw materials. Moreover, the rising demand for the raw materials and resins in other application industries may affect the availability of these materials for the development of protective coatings.

Asia Pacific is estimated to witness the highest growth during the forecast period, owing to the availability of raw materials, low costs of production, a large number of manufacturers, and high growth of the end-use verticals in the region.

Resin Type Insights

The key resin types covered in this research study are acrylic, epoxy, polyurethane, alkyd, and polyester. Globally, the epoxy coatings dominated the overall industry with a revenue of over USD 9 billion in 2015. This segment is also expected to witness the fastest growth during the forecast period, driven mainly by increasing demand from key end-use verticals, high operational efficiency, and superior properties.

Alkyd resins is another major product segment in the overall market, projected to witness significant revenue growth of nearly 9% during the forecast period. This growth can be attributed to the increasing demand from end-use segments such as construction, automotive, and oil & gas, among others.

Product Insights

The key products covered in this research study are solvent-borne, water-borne, and powder-based. Globally, the solvent-borne segment dominated the overall industry with a revenue of over USD 8.5 billion in 2015. This segment is, however, expected to witness the slowest growth during the forecast period, owing to the stringent regulations on solvent-based compound and associated high VOC content.

The water-borne coating is another major product segment in the overall industry, projected to witness the highest revenue growth of nearly 11% during the forecast period. This growth can be attributed to the increasing demand from end-use segments for water-based solutions owing to their environmental-friendly attributes.

End-Use Insights

The protective coatings industry has been segmented on the basis of end-use into construction, oil & gas, aerospace, industrial, marine, automotive, power generation, mining, and others. The global market is dominated by the construction segment as of 2015, having accounted for revenue of over USD 5 billion in 2015, primarily driven by the rising infrastructure development activities in key emerging countries such as Russia, India, Brazil, and China, among others.

Global protective coatings market share, by end-use, 2015 (%)

Global protective coatings market

Furthermore, the growth of the overall industry is expected to be driven by the aerospace and oil & gas segments, which are expected to record high growth rates of around 11%, in terms of revenue, during the forecast period. This rapid growth can be attributed to the growing population, economic and industrial growth, and growing need for energy sources, most notably in the Asia Pacific region.

Regional Insights

The Asia Pacific and Central & South American regions offer significant growth potential for the protective coatings industry over the coming years, primarily driven by the growth of end-use verticals, industrial growth, economic growth, and low costs of production, notably in countries such as Brazil, China, and so on.

The industry in Europe is currently witnessing modest growth, mainly owing to the political and economic instabilities in major countries of the region, such as the UK and Germany. However, the growth of the regional market is expected to be driven further by Russia, where the construction industry has witnessed a boom in recent years, thereby resulting in increased demand for the product.

Competitive Insights

The key players in the global protective coatings market include Wacker Chemie AG, AkzoNobel NV, The Sherwin-Williams Co., PPG Industries, Axalta Coating Systems, and Arkema SA, among others. These players have adopted capacity expansions and new product developments as key strategies for consolidating their positions in the global industry.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2014 - 2015

Forecast period

2016 - 2025

Market representation

Revenue in USD Million; volume in kilo tons & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America & Middle East & Africa

Country scope

U.S., Canada, Russia, Germany, China, India, Japan, Brazil, Saudi Arabia

Report coverage             

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts volume and revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the 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

      • U.S.

    • Europe

      • Russia

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

Key questions answered by the report
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