Top Companies in Protective Coatings Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Protective Coatings Market is projected to reach USD 18.9 billion by 2028 at a CAGR of 7.1% over the forecast period.
The Global Protective Coatings Market is valued at USD 12.5 billion in 2021 and is projected to reach USD 18.9 billion by 2028 at a CAGR of 7.1% over the forecast period. The global market expansion is projected to be fueled by the use of Protective Coatings in applications such as metal coatings, floor coatings, wall and ceiling coatings, concrete coatings, wood coatings, and roof tile coatings. Additionally, increasing environmental issues like global warming and a decline in the air quality condition index have prompted environmental departments to increase the price of waterborne coatings and restrict the use of volatile organic compounds (VOCs), which is anticipated to drive the growth of the protective coating market over the forecast period. Factors include rising investments to support aging infrastructure in affluent economies and developing countries need for new infrastructure.
Growing building and construction activity, an extension of the emerging nations' automotive sector, and increased infrastructure development investments result from the protective coating market. A few reasons projected to promote growth in the protective coating market include the rise in investments in infrastructure improvements and the rise in the repair of older structures.
However, the development of the protective coating market is also predicted to be hampered by fluctuating prices for raw materials, including pigments, additives, binders and resins, dispersants, curing agents, and solvents.
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Amidst Exponential Growth in Protective Coatings Adoption, What Trends Should We Look Forward to?
- Electronic devices now come in various sizes and have radically improved performance and mobility. Components inside these devices may deteriorate if they are not adequately shielded from contaminants. As a result, electronic devices operate worse, which increases the risk of electrical shorts and equipment failure. The market expansion is fueled by the electronic protection device coating's assistance in shielding electronics from contaminants that could shorten their lifespan.
- Concrete with a coating to protect it from physical and chemical damage from the outside environment Concrete that has been coated improves appearance, maintenance simplicity, and light reflection. If coatings are applied correctly to a concrete surface that has been properly prepared, they can increase a structure's lifespan. Rising consumer demand will therefore fuel market expansion for concrete corrosion protection.
- In the aerospace, automotive, and consumer goods industries, aluminum, titanium, and magnesium have become essential materials. Due to their wide availability, exceptional strength-to-weight ratios, and versatility, they are a preferred solution for product engineers worldwide. Protective Coatings are a means to shield surfaces that are vulnerable to corrosion from the external factors that contribute to them. Rising corrosion concerns in numerous end-use industries will hence propel market expansion.
- The present stringent regulatory environment has caused manufacturers' attention to move from refining current items to looking for ways to release newer and more inventive products onto the market. The advent of multi-purpose and hybrid coatings and environmentally friendly advanced goods like nano-coatings and green coatings are anticipated to fuel expansion in the global Protective Coatings market.
The Protective Coatings market is dominated by globally established players such as Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (US), The Sherwin-Williams Company (US), The Valspar Corporation (US), Jotun (Norway), Hempel Group (Denmark), Kansai Paints Co. Ltd. (Japan) and Others. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Protective Coatings Market.
Let's Look at the Top 5 Companies That are Taking the Protective Coatings Market by Storm
The Protective Coatings Market is expected to grow from USD 12.5 billion in 2021 to USD 18.9 billion in 2028 due to an increase in infrastructure development investments, an increase in the renovation of older buildings, and expanding product and technological advancements with an emphasis on eco-friendly and cost-effective solutions. Additionally, it is predicted that increasing infrastructure construction spending and more building renovations will boost the demand for Protective Coatings globally.
- Akzo Nobel N.V. (Netherlands)
The Dutch multinational business Akzo Nobel N.V., also known as AkzoNobel, makes performance Protective Coatings for industry and consumers worldwide. The corporation operates in over 80 countries and has its headquarters in Amsterdam.
- PPG Industries Inc. (US)
A Fortune 500 American business that provides specialty materials, Protective Coatings, and paints worldwide is PPG Industries, Inc. PPG is headquartered in Pittsburgh, Pennsylvania, and operates in over 70 nations.
- The Sherwin-Williams Company (US)
The Sherwin-Williams Company is an American paint and Protective Coatings manufacturer with headquarters in Cleveland, Ohio.
- The Valspar Corporation (US)
The Valspar Corporation is an American paint and coatings producer based in Minneapolis, Minnesota. It was the world's sixth-largest paint and protective coating organization, with over 11,000 employees across 26 nations and two-century company heritage.
- Jotun (Norway)
A multinational chemical firm based in Norway, Jotun specializes in ornamental paints and performance coatings. One of the biggest producers of paints and Protective Coatings worldwide.
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