A protective coating is a film of material that is added to another material's surface in order to resist or avoid corrosion. They can either be non- metallic and metallic. Some of the common types of the protective coatings are polyurethanes, polymer, aluminium, zinc, and other. They also have the ability to offer the material with electric and water resistance qualities. These protective coating are usually painted, or sprayed on the material. These protective coating are widely used in application such as oil & gas, construction, industrial, power generation, and mining.
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Some of the factors which are affecting the protective coatings market in the forecast period of 2019- 2026 are:
- Rise in the levels of urbanization and industrialization which has resulted in the construction and establishment of various buildings: Large numbers of people are moving from rural areas to the urban area which is increasing urbanization. With increasing industrialization, there is increase in the number of employment opportunities which is also shifting the people to urban areas. As large numbers of population are shifting to the town and cities which is the reason there is increase in the number of construction activity. This is the factor affecting the demand for protective coatings market.
- Product innovations and advancements resulting in new product launches: There is demand for the protective coating because there is rising awareness about their benefits among population. They are waterproof, prevent rotting, UV resistance, prevent rotting and resist salt damage. They have the ability to protect the different surfaces such as stone, solar panels, glass, metals, solar panels, and wood. Many manufacturers are making advanced and developed products to the customers so they can meet their need & requirement.
The Global Protective Coatings Market is segmented on the basis of resin such as acrylic, epoxy, polyester, polyurethane, alkyd, vinyl esters, and others. On the basis of formulation, the market is segmented into powder-based, UV-cured, water-borne, and solvent-borne. The market is segmented on the basis of end-user as oil & gas, automotive, infrastructure & construction, aerospace, marine, industrial, mining, power generation, and others.
Few of the launches and acquisition that took place in the market by some of the prominent players are:
- In October 2019, Intevac, Inc announced the launch of their VERTEX Marathon system. Marathon is a high-productivity thin-film platform that was initially aimed at the glass display cover industry. The company also announced the availability of their DiamondClad protective coating. DiamondClad is the development of the first-generation optical diamond-like carbon film from Intevac, offering improved scratch safety and longevity while retaining the same high optical clarity.
- In March 2019, Tnemec Co. Inc announced the acquisition of ProPolymer Coatings. This acquisition will help the company add new technologies in their portfolio which will help them to provide better services and products to their customer. Tnemec will be also strengthening their portfolio of protective coatings and linings with this acquisition.
Protective Coatings Market is expected to at a projected value of USD 25.54 billion by 2026, registering a CAGR of 6.18% in the forecast period of 2019-2026
Few of the major competitors present in the market are Wacker Chemie AG, PPG Industries, Inc., Akzo Nobel N.V.,The Sherwin-Williams Company, Arkema, Sika AG, RPM International Inc., Axalta Coating Systems, LLC, HEMPEL A/S, BASF SE, Beckers Group, Induron Protective Coatings, H.B. Fuller Company, Jotun, Kansai Paint Co.,Ltd. and Nippon Paint Holdings Co., Ltd.
Rising infrastructure industry and rising demand from construction industry will affect the growth of this market positively. There is also increasing prevalence for equipment and devices with longer shelf life which is also expected to enhance the demand for the protective coating in the market. Growth in the oil and industry activities worldwide would also affect the growth of this market. There is also increasing demand for cost effective and eco- friendly solutions worldwide which will also further create new opportunities for protective coating market to grow in the forecast period of 2019-2026.
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