Description
According to the report published by Zion Market Research, the global Protective Coating Resins Market size was valued at USD 18.96 Billion in 2022 and is predicted to reach USD 24.91 Billion by the end of 2030. The market is expected to grow with a CAGR of 7.71% during the forecast period. The report analyzes the global Protective Coating Resins Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Protective Coating Resins Market industry.
Global Protective Coating Resins Market: Overview
Protective coating resins are used to provide protection to the industrial equipment, machinery in infrastructure & construction, and automotive industries. It possesses several unique properties such as resistance to abrasion, collision and chemical and excellent adhesion. These coating resins extend the life of the substrate by three to five years. Protective coating resins are designed to meet anti-fouling, durability properties, and corrosion protection. The protective coating resins are free from volatile organic compounds and are environmental friendly in nature and thus it is extensively used in wide variety of industries.
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Global Protective Coating Resins Market: Growth Factors
The tremendous growth in the demand for protective coating resins from the construction and infrastructure industries fuels the growth of the global protective coating resins market. Rising need for longer life of devices and efficient processes expects to encourage the growth of the market. Due to the emergence of new products application base the use of protective coating resins has increased which is coupled with rising demand for the maintenance of existing substrates thus projecting to propel the protective coating resins market growth. However, strict regulations set by the government, the development of the products that are cost effective, and higher prices of energy and raw materials are hampering the market growth.
Global Protective Coating Resins Market: Segmentation
The global protective coating resins market is classified based on the end-use industry, resin type, and formulation. The end-use industry segment is fragmented into automotive, oil & gas, mining, industrial, infrastructure & construction, marine, power generation, aerospace, and others. The industrial end-use industry segment accounted for the largest market share due to rising need for protection of the machinery and equipment from harsh environmental conditions. Based on resin type, the global market is segregated into polyurethane, polyester, acrylic, alkyd, epoxy, and others. The epoxy protective coating dominates the type segment due to the factors such as it is easy to apply & remove and excellent customizability properties. Furthermore, the formulation segment is divided into waterborne, solvent borne, and powder based.
Global Protective Coating Resins Market: Regional Analysis
Reason-wise the protective coating resins market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia Pacific holds the largest market share in the global protective coating resins market due to the high demand for protective coating resins. Stable economic conditions in emerging nations and growing demand across diverse industries such as marine, oil and gas, automotive, construction and infrastructure, and others anticipate fostering the market growth in Asia Pacific region. China is the major contributor in the global market owing to the presence of a large number of manufacturing units.
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Global Protective Coating Resins Market: Competitive Players
Major leading market players in the global protective coating resins market include:
- The Valspar Corporation
- Arkema SA
- Akzonobel N.V.
- PPG Industries
- Wacker Chemie AG
- Hempel A/S.
Other prominent players include:
- RPM International Inc.
- Sika AG
- The Sherwin-Williams Company
- Axalta Coating Systems.
The Global Protective Coating Resins Market is segmented as follows:
By End-use industry
- automotive
- oil & gas
- mining
- industrial
- infrastructure & construction
- marine
- power generation
- aerospace
- and others
By Resin type
- polyurethane
- polyester
- acrylic
- alkyd
- epoxy
- and others
By Formulation
- waterborne
- solvent borne
- powder based
Global Protective Coating Resins Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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