The global composite coatings market is expected to grow at a substantial rate owing to the increasing demand for oil & gas, transportation, and the marine industry. The product offers superior corrosion and chemical resistance, which is expected to have a positive impact on industry trends over the next eight years. Moreover, it exhibits excellent insulation properties and offers attractive finishing, which is expected to drive the market over the forecast period.
Composite coatings are manufactured by combining two or more substances shielding against corrosion. These coatings are manufactured using various resins including polyurethane and epoxy, which provide excellent waterproofing and corrosion protection which is preferred by end-use industries including oil & gas, and aerospace. Rising demand for these coatings in the oil & gas industry wherein hauls and pipes are essential components, is expected to propel demand over the next eight years.
Composite coatings act as thermal barrier coatings providing excellent protection from radiant heat and hot gas. Additionally, it provides fire resistance property to the coated material which in turn is expected to fuel the usage of the product. It is characterized as thin conductive materials to offer EMC (electromagnetic compatibility) and RF (radio frequency) guarding against carbon composites.
The composite coatings comprise of layers including top coat, base coat, primer, and adhesive substrate. The base layer is applied to the primer which acts as a water repellent and an extra layer of protection. Furthermore, the topcoat is applied which is the uppermost layer of protection which also comprises of decorative color. Thus, it provides four layers of protection to the material with a decorative finish which is expected to fuel the market growth.
Construction is one of the most common industries where composite coatings are used to defend steel from corrosion. Rising demand for the product as a thermal barrier and intumescent layer is expected to propel the composite coatings market over the projected period. Pipelines in the oil & gas industry play a vital role in the transportation of liquid and gases to their destination. These pipelines often are exposed to the atmosphere alleviating issues such as the generation of corrosion on its surface. Composite coatings market is expected to grow on account of properties such as excellent corrosion resistance, thus are expected to gain high demand in pipe coating applications over the projected period.
Rolling, brushing, and dipping is the widely used technologies for applying composite coatings on the substrate. Brushing technology is the most preferred technology by the manufacturers as it is easy, and can be used on smaller sections. Furthermore, there are certain advanced techniques such as electroless and electrochemical plating. Initiatives taken by the manufacturers to invest in R&D to come up with a better, environment-friendly, and low-cost product is expected to have a positive impact on the industry trends.
Roller method of applying coatings is faster than brushing, however, it is not commonly used. It is not suitable for surfaces that are rarely flat such as steel which limits its application in a few industries such as construction. This technique is considered to be less efficient at various occurrences including roof sheets, fixing, and corners thereby limiting its use against their counterparts which is projected to hamper its market.
The market is competitive in nature as there are numerous players present in the market across the globe. Moreover, the scope for technological innovations and advancements in the industry is also expected to open new avenues for industry growth over the next eight years. The Asia Pacific is a major market owing to the robust manufacturing base of oil & gas, and food & beverage.
The demand for these coatings in North America is anticipated to grow at a significant rate owing to rising demand for aerospace, defense, oil & gas, and transportation applications. Rising demand for low VOC coatings owing to rising consumer awareness towards health and safety coupled with stringent regulations to limit adverse effects of the coatings on the environment is expected to compel manufacturers to invest in R&D and innovations to meet these criteria.
The key players in the composite coatings market are PPG Industries, Inc., Mader Group, K C Jones Plating Company, Twin City Plating, Axalta Coating Systems, LLC, A.W. Chesterton Company, Endura Coatings, and Nickel Composite Coating Inc.
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The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor.