The growth in the ProtectiveCoatings market is expected to be positively impacted by the rise in the aerospace and automotive industries worldwide. The rising demand for passenger cars and the growing air traffic, most notably in emerging regions, are expected to drive the growth of this industry during the forecast period.
The
product finds major applications in the construction, mining, power generation,
aerospace, industrial, and marine industries, among which the construction
segment accounted for the largest share in 2015. The growing infrastructure
development in emerging countries such as India, Brazil, and China are
anticipated to drive the demand for the product during the forecast period.
The
key restraints for the growth of the industry include the stringent government
regulations, especially in the U.S. and European countries, regarding the
volatile organic compound (VOC) emissions and increasing cost of raw materials.
The rising demand for raw materials in the other end-use segments may
negatively impact the growth of the industry during the forecast period.
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Resin Type Insights
In
terms resin types, the industry has been segmented into acrylic, epoxy,
polyurethane, alkyd, and polyester. The epoxy coatings segment dominated the
overall industry revenues in 2015, accounting for revenues of over USD 9
billion. The growing demand for high operational efficiency in key application
verticals can be considered the primary factor driving the product growth.
The
alkyd resins segment is expected to observe a significant growth during the
forecast period, driven by the growing application scope in segments such as
automotive, construction, and oil & gas.
Product Insights
In
terms of products, the industry has been categorized into water-borne,
powder-based, and solvent-borne. In 2015, the solvent-borne segment accounted
for revenues of nearly USD 8.5 billion, thereby dominating the overall industry
revenue. However, this segment is anticipated to observe slow growth during the
forecast years owing to strict government regulations on the use of
solvent-based compounds with high VOC content.
Water-borne
coatings is another key segment, which is expected to experience the highest
revenue growth of nearly 11% during the forecast period. Increasing demand for
environmental-friendly products from key end-use verticals is slated to drive
the segment growth.
End-use Insights
The
industry has been segmented into construction, oil & gas, aerospace,
mining, industrial, power generation, automotive, marine, and others, on the
basis of end use. The construction segment dominated the overall industry, accounting
for revenues of over USD 5 billion in 2015. This dominance and future growth of
this segment can be attributed to rising infrastructure development activities
and investments in emerging countries of Asia Pacific and Central & South
America.
The
growth of the aerospace and oil & gas segments is also expected to drive
the demand for protective coatings during the forecast period, projected to
grow at a CAGR of nearly 11%. This can be attributed to the increasing demand
for the products in thermal barrier and surface protection applications, in the
aforementioned industries, which witness high-temperature operations.
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Regional Insights
The
Asia Pacific accounted for a major share of the overall industry in 2015,
having recorded revenues of over USD 18 billion. This regional industry segment
is expected to continue its dominance in the coming years, as a result of the
presence of numerous manufacturers, easy availability of raw materials, rising
construction initiatives being taken by governments, and low production costs.
China is expected to be among the highest growing markets for the product
worldwide during the forecast period, projected to grow at a CAGR of nearly
10%.
The
European region is expected to observe slow growth in the protective coatings industry,
primarily owing to the political and economic instabilities in the region. The
industry in Russia has been witnessing a significant boost in the construction
sector, which is expected to offer high growth potential to product
manufacturers in the region during the forecast period.
Competitive Insights
The
protective coatings industry is highly competitive, with key manufacturers
spread worldwide. The key global players in this industry include Wacker Chemie
AG, BASF SE, AkzoNobel NV, The Sherwin-Williams Co., and PPG Industries. These
players have adopted strategies such as capacity expansion and new product
developments to gain a competitive edge over competitors in the global
industry.
The
aforementioned global companies are, however, faced with significant
competition from Chinese manufacturers. The significant positions of these
Chinese players can be attributed to the low production costs, easy
availability of raw materials, and rapid growth of the end-use verticals in the
region.
Market Segment:
Resin
Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
• Acrylic
• Epoxy
• Polyurethane
• Alkyd
• Polyester
• Others
Product
Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
• Solvent-borne
• Water-borne
• Powder-based
• Others
End
Use Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
• Construction
• Oil & Gas
• Aerospace
• Industrial
• Marine
• Automotive
• Power Generation
• Mining
• Others
Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• North America
• U.S.
• Europe
• Russia
• Germany
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Middle East & Africa
• Saudi
Arabia
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