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Global Protective Coatings Surge Seen

Thursday, July 31, 2014

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Riding a wave of "remarkable growth,” the global protective coatings market is in for some boom years, boosted by spiking end-user demand and a push for environmentally friendly products, a new report says.

"The global protective coatings market, along with its end products, has witnessed remarkable growth in the past few years," reports "Protective Coatings Market by Resin Type, by Technology & by Application—Global Trends & Forecast to 2019."

And the next five years should be strong as well, the report adds.

The market is expected to be worth $18.4 billion by 2019; in 2013, that estimate was $10.5 billion. The market will enjoy a Compound Annual Growth Rate (CAGR) of 9.75 percent from 2014 to 2019, the report says.

©iStock / ssuaphoto

End-user industries and the development of new products are expected to drive protective coatings market growth from 2014 to 2019, according to a new report.

Potential in the construction, oil and gas, automotive, aerospace and product finishes markets will drive growth; the introduction of, and continuing demand for, new and improved products will add their own push.

The report was published July 23 by MarketsandMarkets, a global market research and consulting company based in Dallas, TX. The company publishes several hundred reports per year for various industries.

Construction Takes Control

Construction applications dominated the market in 2013, accounting for almost 49.82 percent of the total demand, according to the report.

"Rising need for infrastructure is driving the consumption of protective coatings in the construction industry," the report says.

Construction was followed by the automotive industry, mainly because of its "high penetration" throughout all regions.

The automotive and aerospace industries' market for protective coatings is expanding due to "accelerating demand for efficiency."

In the oil and gas industry, increasing demand for protection from corrosion and environmental factors is expected to rapidly grow the market. 

MarketsandMarkets

The Asia-Pacific region dominated global growth, accounting for 68.52 percent of demand in 2013. Europe was the second largest region, followed by North America.

"Other end-use industries such as marine, wind turbines, chemical & fertilizer industry, and OEMs have not commercialized the use of protective coatings and are thus set to record a lower growth rate," the report says.

Asia-Pacific: 'The Most Important Market'

According to the report, the global protective coatings market is experiencing a "huge surge," particularly in the Asia-Pacific region, which is currently the fastest-growing market, driven by flourishing infrastructure and automotive sectors.

Accounting for about 68.52 percent of the global demand in 2013, the Asia-Pacific region is "the most important market," the report says.

High growth potential for protective coatings in the infrastructure and automotive sectors in China and India will bolster the region's future growth, the report says.

Europe and North America were the second- and third-largest regions, respectively, for coatings consumption.

Resins Restrict Growth

Market players are developing new products to drive growth, and most companies are developing new and improved products to meet end-user industry demand. Additionally, companies are reaching into new regions by geographically expanding their operations and production capacities, the report says.

Technology types analyzed in the report include solvent-borne, water-borne and powder finishes.

"Stringent government regulations" are forcing the rapid replacement of solvent-borne coatings with water-borne and other environmentally friendly technologies.

©iStock / shime02

The value of the protective coatings market in 2013 was estimated to be $10,594.6 million, and that total will continue to grow from 2014 to 2019 with a projected CAGR of 9.75 percent, the report says.

"The quality, durability, corrosion and fire protection properties, and the upcoming safety regulations and innovative techniques for its use will be the key influencing factors for the global protective coatings market with the increased emphasis on its different types and applications," the report says.

The report also takes a look at resin types, including alkyd, acrylic, epoxy, polyurethane and polyester.

Epoxy led the market in 2013 with a maximum share of about 32.79 percent. The report attributes this to epoxy's high level of mechanical, corrosion protection and chemical resistance properties.

"However, fluctuations in the cost of resins and lack of innovation in the industry are restraining the growth of the protective coatings market," the report notes.

Key Players

Looking forward, the report says the protective coatings market has an "immense potential toward attracting small and big level industry players."

The report also profiles the industry's leading players and provides detailed discussions of their competitive scenarios, recent developments and strategic industry activities.

Key manufacturers identified by the report include AkzoNobel N.V. (the Netherlands); PPG Industries (U.S.); The Sherwin-Williams Company (U.S.); Jotun (Europe); Arkema Group (France); Kansai Paint Company Limited (Japan); and The Valspar Corporation (U.S.).


Editor's Note: This article was updated Thursday, July 31, at 11:50 a.m. ET to clarify estimated figures.

   

Tagged categories: Construction; Market forecasts; Oil and Gas; Resins

Comment from Trevor Neale, (7/31/2014, 9:22 AM)

Suspect you may have missed some zeros on the numbers reported above !


Comment from Jodi Temyer, (7/31/2014, 11:56 AM)

Thank you for your comment, Trevor. We double-checked the figures with MarketsandMarkets and updated the story.


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