Protective Coatings Market Size 2021
Protective Coatings Market was valued at USD 13.8 billion in 2021 and is projected to reach USD 17.8 billion by 2026, growing at a cagr 5.2% from 2021 to 2026. The civil building and infrastructure, by end use industry in APAC region is expecting a boom in the forecasted period and will lead to an increase in the demand for Protective Coatings.
Opportunities: Increasing demand for maintenance for existing substrates
Protective coatings are used in maintaining the existing substrates to extend their lifespans. Many industries have systems that run on continuous operations. Several of them are exposed to environmental changes or involve the use of harsh materials. This results in the deterioration in the structure of the equipment or decline in the efficiency of the process, which causes shutdown of the plant or stoppage in the overall operations. Protective coatings help in preventing these issues, thereby saving on the cost of shutdown and replacement of equipment. The marine industry is prone to damages in vessels, ships, and docks due to the corrosive action of seawater. Coatings, such as waterproofing coats and joints & crack filling coats are widely used for maintenance in the marine industry.
Civil Building and Infrastructure accounted for the fastest-growing segment of the Protective Coatings market between 2021 and 2026.
The civil building and infrastructure industry is the fastest-growing end-use industry for protective coatings. The primary purpose of protective coatings is to protect structures from solvents, dust, fungi, corrosion, humidity, and other threat that may affect the stability and functionality of the structures. Protective coatings also provide waterproofing solutions, thereby preventing water leakages. Protective coatings act as a protective barrier that enables structures such as buildings, dams, wells, bridges, floors, wood finishes, and exterior & interior walls to function in demanding environments and situations.
Protective Coatings Market Players
PPG Industries (US), AkzoNobel N.V. (Netherlands), Sherwin-Williams (US), Hempel (Denmark) and Jotun (Norway) are the major players in the Protective Coatings market.
Jotun is a leading supplier of protective coatings (steel and concrete protection) to companies in the offshore, energy, infrastructure, and hydrocarbon processing industries. In 2020, Jotun has experienced a high demand for protective coatings from the Brazil power generation industry for 216 wind towers and secured a record-breaking 256 contracts for wind towers scheduled for delivery in 2021. Jotun benefitted from increased activity in the oil & gas industry, which created a demand for Jotun products in both, the Offshore and Hydrocarbon Processing Industry (HPI) concepts.
