The Global Protective Coating Market is growing at considerable CAGR to reach ~USD 23 billion by the end of 2023. The Acrylic Coating accounts for approximately 25% share of the global paints and coatings market with its share continuously rising over the last decade. Scope of applications in the Global Protective Market is continuously increasing with the flourishing end use industries.
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Noteworthy players of Global Protective Coating Market include
Wacker Chemie AG
The Valspar Corporation
PPG Industries, SIKA AG
Expansion tactics and development of new products are strategies being implemented by these players to maintain their position in the market. Acquisitions are being used to acquire smaller companies and increase the current product offerings.
Acrylic Coating is a covering applied to the surface of an object, usually. The purpose of applying the coating can be decorative, functional, or protectoral or all. The products offer number of beneficial properties such as excellent gloss, finish and clarity, superior hardness, greater weather ability. These type of protective coatings exhibit resistance to impact abrasion, chemical, and strong adhesion.
Acrylic coatings are broadly classified into thermoplastic or thermosetting. Additionally, they can be applied in organic solvent borne, waterborne, powder or radiation-curable formulations. The major benefit of such type of Protective Coating is that it increase the life span and durability of the material or an object. The product find its applications in diverse industries such as building & construction, oil & gas, automotive, marine, aerospace, mining, industrial, and energy sector.
Need of the Protective Coating on tools, equipment, and end decorative parts in building & construction industry is posing as a major demand driver in the market. In addition to this, the use of Acrylic Protective Coating has increased in number of industrial applications in a bid to protect machineries and equipment which function in harsh environment. This, in turn, is propelling the growth in demand of the product.
The Global Acrylic Protective Coating Market is segmented on the basis of type, end use, and region. Based on type the market is divided into thermoplastic waterborne acrylic latex, thermosetting acrylic coating, and waterborne thermosetting enamels. On the basis of end use industry the global acrylic protective coating market is segmented into building & construction, industrial, automotive, aerospace, marine, and others. Regionally, there five major regions in which the market is divided. It includes, Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
Wacker Chemie AG has developed a wood coating, SILRES WH, for wooden structures. The coating can resist temperate weather conditions and absorb as minimal water as possible. It can prevent the growth of fungicides and biocides.
Development of 2K protective coatings for cars to preserve their sheen is anticipated to bode well for the market. In 2018, BASF and Sirrius have decided to partner to develop high-performance automotive coatings. Regulations in the automotive sector pertaining to energy requirements and carbon footprint are expected to propel demand for these coatings in the coming years.
Drivers and Restraints:
Need for protective coating on tools and equipment is the major driving factor of the market. Demand in various industries to prevent corrosion of machines is expected to propel market demand over the forecast period. Protection from wear and tear and long lifespan of equipment can spur market growth. Rising costs of raw materials and stringent regulations related to volatile organic compounds (VOCs) emissions can hamper market growth.
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Geographically, the market covers regions such as Asia Pacific (APAC), North America, Europe, Latin America (LATAM), and Middle East & Africa (MEA).
The APAC region is expected to lead due to increased government funding for marines and infrastructural projects. Heavy influx of capital by private and public sectors in Japan and China is projected to influence market demand in the coming years. In addition, automobile players expanding in the region is expected to be a major gamechanger for the market. Strong economic growth rates of developing nations can bolster market demand.
The North America region is the second-largest user base of acrylic protective coatings due to well-performing sectors in the U.S. Aerospace, automotive, and reconstruction are sectors expected to propel regional revenues over the forecast period. Non-residential infrastructural projects are expected to induce market demand till 2023.
The Europe market is anticipated a windfall owing to emphasis on VOC-free coatings in Germany and France.
The LATAM and MEA market together can contribute to overall market revenue due to the burgeoning construction sector in these regions.
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