Protective Coatings Market To Reach $19.55 Billion By 2030

Protective Coatings Market Growth & Trends

The global protective coatings market size is expected to reach USD 19.55 billion by 2030, expanding at a CAGR of 6.3% from 2023 to 2030, according to a new study published by Grand View Research, Inc. Rising demand from aerospace industry is expected to fuel the growth.

Protective coatings are widely used in aerospace application such as in exterior topcoats, fuel tanks, anti-chafe, wings, and others. They provide protection to equipment and assemblies against erosion, corrosion, chemical attack, and abrasion, and thereby help extend the life and efficiency of components. The demand for aerospace and defense equipment is anticipated to witness significant growth across the globe over the forecast period. The resurgence of global security threats coupled with growth in the defense budget of key nations are expected to drive the aerospace industry in the forthcoming years.

Based on resin segment, epoxy is anticipated to expand at the highest growth rate over the forecast period. Epoxy resin offer high flexibility and abrasion and corrosion resistance, thus, paving their way for use as protective coating in various end use industries such as automotive, construction, oil and gas, mining, power generation, marine, and others.

Water borne segment is projected to witness substantial growth during the forecast period. It is widely used in household applications and confined and poorly ventilated spaces. They have low Volatile Organic Compound (VOC) content, thus, making them more eco-friendly compared to their counterparts. This coating is used where solvent-borne coatings are anticipated to react with the substrate. Waterborne coating is an ideal primer on account of its properties including excellent thermal and corrosion resistance.

Based on end user, industrial segment is projected to grow significantly over the next seven years. Industrial machinery is exposed to high temperatures, corrosive fluids, and gases that can deteriorate it. Protective coating is used for heat exchangers, boilers, transformers, containers, and material handling equipment to protect them from heat and humidity. They provide the equipment with improved impact and abrasion resistance due to their impermeability.

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Protective Coatings Market Report Highlights

• The construction segment accounted for the largest revenue share of 22.0% in 2022.

• The aerospace segment is expected to expand at the fastest CAGR of 7.9% during the forecast period. The global aerospace industry has been experiencing steady growth due to rising air travel demand and the expansion of commercial aviation activities.

• Epoxy segment is potentially fueling the protective coatings market growth owing to its rising demand in various end-use industries

• Asia Pacific dominated the market with a revenue share of 78.4% in 2022 and is expected to expand at the fastest CAGR of 7.2% during the forecast period.

Protective Coatings Market Segmentation

Grand View Research has segmented the global protective coatings market on the basis of resin, formulation, end user, and region:

Protective Coatings Resin Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Acrylic

• Epoxy

• Polyurethane

• Alkyd

• Polyester

• Others

Protective Coatings Formulation Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Solvent Borne

• Water Borne

• Powder Based

• Others

Protective Coatings End User Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Construction

• Oil & Gas

• Aerospace

• Industrial

• Marine

• Automotive

• Power Generation

• Mining

• Others

Protective Coatings Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players of Protective Coatings Market

• Akzo Nobel N.V.

• Arkema

• Axalta Coating Systems, LLC

• PPG Industries, Inc.

• The Sherwin-Williams Company

• RPM International Inc.

• Wacker Chemie AG