Published Date : Dec 19, 2016
ALBANY, New York, Dec 19, 2016 - The report titled “Global Protective Coatings Market 2016–2020” studies the market from different angles to understand the current competitive dynamics and future prospects of growth. Based on its findings, it forecasts the global market for protective coatings to expand at a CAGR of 9.23% during the period 2016 from 2020.
The protective coating helps provide chemical inertness thereby thwarting harm such as corrosion caused by adverse environmental conditions, ultraviolet (UV) light, and heat. Protective coatings are used in both consumer products and in heavy machineries used in automotive, marine, and oil and gas industry, among others. At the forefront of driving the demand in the global protective coatings market is the rapidly growing infrastructure sector and the fast reviving housing market. A recent development in the protective coatings market is the soaring popularity in the highly efficient UV-curable coatings that offers faster assembly line benefits. Automotive original equipment manufacturers are lapping up the technology as coatings help reduce fuel consumption and lower the production costs. This is another growth driver fuelling the market.
The report finds that strict rules regarding solvent-borne coatings, volatile raw material prices, and emergence of innovative coating technologies to be some of the major restraints to the market. A few of the latest trends in the market listed in the report are introduction of fluoropolymer topcoats and development of nano-coatings. Having cast a thorough glance at the market drivers, restraints, and trends, the report segments the market based on various parameters to study it in further details.
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For example, based on technology the report divides the market into solvent-borne coatings, water-borne coatings, and powder coatings. Depending upon the type of resin, the market can be segmented into epoxy, alkyd, acrylic, and polyurethane. Among them, epoxy resins segment leads the market with maximum share on account of its impressive customizability and easy to apply and remove properties. Further, based on end use segment, the market can be classified into infrastructure, oil and gas, automotive and aerospace.
Regionally, the report segments the market into the Americas, Asia Pacific, Europe, and the Middle East and Africa. Among these, Asia-Pacific, on the back of China and India, dominates the protective coating resins market and is expected to register maximum growth rate, both in terms of value and volume. The report applies Porter’s Five Forces Analysis to understand the present competitive scenario in the market by factoring in supplier power, buyer power, competitive rivalry, threat of substitution, and threat of new entry.
Some of the prominent players in the market that have been profiled in the report are Sherwin-Williams, AkzoNobel, PPG Industries, and Axalta Coating Systems. Their market share and product offerings have been detailed in the report.
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