The global protective coatings market is set to gain impetus from the increasing transformation in the mobility, performance, and size of electronic gadgets. Components of devices, such as wearables, tablets, and smartphones, can often corrode if exposed to pollutants. Protective coatings help to protect them and surge their life span. This information is given by Fortune Business Insights™ in a report, titled, “Protective Coatings Market, 2021-2028.” As per the report, the protective coatings market size was USD 12.0 billion in 2020. It is projected to grow from USD 12.9 billion in 2021 to USD 21.2 billion in 2028 at a CAGR of 7.3% during the forecast period.
A list of protective
coatings vendors operating in the global market:
- The Sherwin-Williams Company (Ohio, U.S.)
- PPG Industries, Inc. (Pennsylvania, U.S.)
- Jotun (Sandefjord, Norway)
- Akzo Nobel N.V. (Amsterdam, Netherlands)
- Kansai Paint Co.,Ltd. (Osaka, Japan)
- Sika AG (Baar, Switzerland)
- The Chemours Company (Delaware, U.S.)
- Dulux Protective Coatings (California, U.S.)
- Oasis Paints (Sharjah, United Arab Emirates)
- Wacker Chemie AG (Munich, Germany)
- Henkel AG & Co. KGaA (Düsseldorf, Germany)
- NIPSEA GROUP (Singapore)
- Berger Paints (West Bengal, India)
- Hempel A/S (Lyngby, Denmark)
- Dow (Michigan, U.S.)
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Report
Coverage-
Our
research report aims to estimate the future growth potential and size of the protective
coatings industry. It covers factors influencing growth, such as industry-specific
challenges, opportunities, restraints, and drivers. The report also involves
extensive secondary sources, databases, and directories, such as Health &
Safety Council of North America (SEHSC), Bloomberg, Silicone Industry
Association of Japan (SIAJ), Factiva, Hoovers, and Chemical Weekly.
Drivers &
Restraints-
Increasing Need to Prevent Concrete
Structures from Corrosion will Bolster Growth
Protective
coatings help in enhancing the aesthetics of a structure. Besides, they can add
new colors to the concrete and improve its longevity by preventing surface
fractures, sealing, and water infiltration. Concrete buildings are often
exposed to multiple environmental conditions, such as pollution and atmospheric
carbonation. Concrete degradation and corrosion are the two main issues faced
by builders. When coatings are used on the concrete, they can safeguard the
structure against physical and chemical damages. However, regulatory bodies
have implemented strict norms on the usage of solvent-borne solutions as they
release volatile organic compounds (VOCs). It may hamper the protective
coatings market growth in the near future.
Read
A Detailed Summary of This Report: https://www.fortunebusinessinsights.com/protective-coatings-market-102942
COVID-19
Pandemic: Halt of Raw Material Manufacturing in Asia Pacific to Hinder Growth
The outbreak of the COVID-19 pandemic has resulted
in the temporary halt of raw material production in various countries owing to
lockdown measures. Thailand, Singapore, Japan, China, and India are considered
to be the major suppliers of raw materials. But, strict government norms to
prevent transmission of the coronavirus have delayed import and export activities.
The RICS Global Construction Monitor, for instance, declared that the condition
of the construction industry in Asia Pacific continued to deteriorate in Q2
2020.
Regional Insights-
Expansion of Mining and
Automotive Industries to Favor Growth in Asia Pacific
Geographically,
in 2020, Asia Pacific stood at USD 5.0 billion in terms of revenue. This
growth is attributable to the rising government investments in the development
of new infrastructure, especially in China and India. At the same time, the
expansion of the industrial, infrastructure & construction, marine, automotive,
and power industries would propel regional growth. In North America, on the
other hand, the high demand for electric vehicles would drive the automotive
industry, thereby aiding growth. Additionally, the surging state and federal
spending in institutional buildings and public works is set to accelerate the
demand for protective coatings in this region.
Competitive Landscape-
Key Players Focus on Unveiling
Innovative Solutions to Compete with Their Rivals
The
global market for protective coatings includes a large number of renowned
companies that are majorly focusing on introducing novel solutions for a wide
range of industries as per their requirements. A few others are conducting
exhaustive R&D activities to keep up with the high consumer demand.
Industry Development-
March 2021: PPG unveiled the PPG PITTHANE® ULTRA LS
high-performance polyurethane topcoat. It can be used in corrosive environments
requiring low sheen to hide surface imperfections and limit glare.
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