Global Protective Coatings Market
The protective coating is a layer applied to a surface to protect it from the external environment that could compromise the integrity or functionality of an object or part. Household products, heavy machinery, marine, automotive, and oil & gas industries utilize Protective Coatings. Such coatings, when applied regularly, offer long-range security, extending the useful life of a structure. These coatings protect and improve the aesthetic appeal of metal, plastic, and wooden goods.
According to our recent research study, the Global Protective Coatings Market will be significantly impacted by the recession in the next years. While price inflation is predicted to moderate in 2023, economic growth will undoubtedly slow down significantly as interest rates rise. According to IMF forecasts, global inflation will drop from 8.8% in 2022 to 6.5% in 2019. Because inflation is only expected to fall to 8.1% in 2023, developing economies will get less relief. Energy and raw material prices will be high for a long as well. Additionally, the partial reversal of globalization, labor shortages in many Western nations that drive manufacturing costs, and the shift to a shared economy to address the biggest threat to our species all contribute to inflation.
The Protective Coatings Market has led to a surge in building and construction activity, expanding the automotive industry in emerging economies, and increasing infrastructure development investments. The increase in investments in infrastructure upgrades and the rise in the number of older structures being repaired are only a few factors predicted to support growth in the protective coating industry. Additionally, the use of Protective Coatings in applications like floor coatings, metal coatings, wall and ceiling coatings, concrete coatings, wood coatings, and roof tile coatings is also anticipated to fuel the growth of the global market. Furthermore, rising environmental concerns like global warming and a decline in the air quality condition index have compelled environmental departments to raise the cost of waterborne coatings and restrict the use of volatile organic compounds (VOCs), which is anticipated to propel the growth of the protective coating market over the forecast period. Rising investments in emerging nations’ demand for new infrastructure and deteriorating infrastructure in wealthy ones are among the factors.
The Asia Pacific region dominates the Global Protective Coatings Market.Due to the rising demand for Protective Coatings from end-users like aerospace, automotive, mining, power generation, industrial, oil & gas, the region is expected to hold a sizable market share over the forecast period. Asia Pacific is home to a sizable population, primarily in China and India, active in several infrastructure developments and building projects. On the other hand, the second-largest market for Global Protective Coatings is in Europe. The Protective Coatings Market in the area is predicted to be considerably driven by rising infrastructure spending, particularly in nations like Germany, France, and the UK, along with favorable economic conditions. Additionally, throughout the forecast period, demand for Protective Coatings in Europe is anticipated to rise due to increased demand from end-use sectors like power generation, aerospace, and automotive.
Some of the prominent players in the Global Protective Coatings Market include- Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (US), The Sherwin-Williams Company (US), The Valspar Corporation (US), Jotun (Norway), Hempel Group (Denmark) and others.