In industries such as aerospace, oil & gas, and power generation, the machinery, equipment, and components are subject to high operating temperatures. Thus, there is a growing requirement in these industries for efficient coating solutions that offer effective protection of the components and equipment. Heat management, corrosion control, and reduction of wear & tear are the key factors driving this demand for protective coatings across end-use verticals. The growth of these industries, most notably in emerging countries such as Russia, China, India, and Brazil, is expected to have significant impacts on the industry growth during the forecast years.
The overall industry growth is expected to be driven primarily by the epoxy segment during the forecast period. This growth can be attributed to the superior properties of epoxy-based products, including efficiency, thermal resistance, and durability. The growing demand for these products in key end-use segments such as construction and industrial is likely to drive the growth of this segment.
Global protective coatings market, by region, 2015 (%)
The construction industry dominated the overall market in 2015, owing to the growing infrastructure development activities in emerging countries such as Russia, China, India, and Brazil, and the consequent requirement for protective coatings. The growing population and rising disposable incomes in emerging regions are expected to increase demand pressure on industry verticals such as oil & gas, energy & power, and automotive, among others. The resultant capacity expansions and the increase in production output would require larger volumes of the product to be applied on components, equipment, and so on. Thus, these verticals are also expected to have positive impacts on the overall growth of the industry.
The global market is dominated by the Asia Pacific region, followed by Europe and North America. The Asia Pacific region is also projected to grow at the highest growth rate during the forecast period. This growth can be attributed to the rapid growth of key end-use verticals in the region, such as construction, oil & gas, aerospace, and automotive, among others. Emerging regions such as Asia Pacific and Central & South America are anticipated to be high potential markets for protective coatings over the coming years, with Brazil leading the industry in Central & South America region.
In-depth report on global protective coatings market by Grand View Research:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.