Global Protective Coatings Market Propelled by Increasing Demand from Automotive Industry

2014-12-15
Published : Dec-2014

With growing demand from different industries such as manufacturing, aerospace and automotive, the global market for protective coatings has also witnessed steady growth. Protective coatings are used in various industries as a protective mechanism against corrosion and extreme weather conditions. In 2013, the global market for protective coatings was valued at 10.59 billion USD. The market is estimated to grow at a compound annual growth rate of 9.75 percent during the period from 2014 to 2019. Technological advancement and introduction of environment-friendly coatings are the major factors which are driving the growth in the protective coatings market. With impressive growth in the automotive and infrastructure sectors in Asia-Pacific, the demand for protective coatings in this region has witnessed steady increase.

The global protective coatings market can be segmented on the basis of resin type, technology, application, and geographical region. On the basis of technology, the global protective coatings market can be segmented into solvent-borne technology, waterborne technology and powder technology, According to application, the market can be segmented into construction industry, oil & gas industry, product finishes industry, automotive industry and aerospace industry. On the basis of resin type, the protective coatings market can be segmented into epoxy, alkyd, polyester, acrylic, and polyurethane. Key players in the global protective coatings market are The Sherwin-Williams Company, Akzo Nobel N.V., Kansai Paint Company Limited, PPG Industries Inc., The Valspar Corporation, Jotun, Sika Group, Hempel Group, Arkema Group, and Croda International Plc. Most manufacturers are involved in the development of new products to expand their market share.

Asia-Pacific is the dominant region in the global protective coatings market. In 2013, the Asia-Pacific region accounted for around 68.52 percent of the overall market share. With increase in infrastructure, particularly in India and China, the market for protective coatings is forecasted to grow steadily in the future. In terms of application, in 2013, 49.82 percent of the overall protective coatings demand came from the construction industry. In the coming years, the automotive industry is going to drive demand in the protective coatings market. Increase in demand for solvent-free coatings and emergence of new coating technologies are some of the trends in the market.

Explore the latest market research reports on global protective coatings market @ http://www.sandlerresearch.org/global-protective-coatings-market-2015-2019.html

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