Industry Insights:
The global protective
coatings market was valued at USD 24.90
billion in 2015. The growth in this market is primarily an outcome of
significant consumption in key end-use industries such as construction, oil
& gas, and aerospace.
The growth in the
protective coatings market is expected to be positively impacted by the rise in
the aerospace and automotive industries worldwide. The rising demand for
passenger cars and the growing air traffic, most notably in emerging regions,
are expected to drive the growth of this industry during the forecast period.
The product finds major
applications in the construction, mining, power generation, aerospace,
industrial, and marine industries, among which the construction segment
accounted for the largest share in 2015. The growing infrastructure development
in emerging countries such as India, Brazil, and China are anticipated to drive
the demand for the product during the forecast period.
The key restraints for the
growth of the industry include the stringent government regulations, especially
in the U.S. and European countries, regarding the volatile organic compound
(VOC) emissions and increasing cost of raw materials. The rising demand for raw
materials in the other end-use segments may negatively impact the growth of the
industry during the forecast period.
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Resin Type Insights
In terms resin types, the
industry has been segmented into acrylic, epoxy, polyurethane, alkyd, and
polyester. The epoxy coatings segment dominated the overall industry revenues
in 2015, accounting for revenues of over USD 9 billion. The growing demand for
high operational efficiency in key application verticals can be considered the
primary factor driving the product growth.
The alkyd resins segment is
expected to observe a significant growth during the forecast period, driven by
the growing application scope in segments such as automotive, construction, and
oil & gas.
End-use Insights
The industry has been
segmented into construction, oil & gas, aerospace, mining, industrial,
power generation, automotive, marine, and others, on the basis of end use. The
construction segment dominated the overall industry, accounting for revenues of
over USD 5 billion in 2015. This dominance and future growth of this segment
can be attributed to rising infrastructure development activities and
investments in emerging countries of Asia Pacific and Central & South
America.
The growth of the aerospace
and oil & gas segments is also expected to drive the demand for protective
coatings during the forecast period, projected to grow at a CAGR of nearly 11%.
This can be attributed to the increasing demand for the products in thermal
barrier and surface protection applications, in the aforementioned industries,
which witness high-temperature operations.
Regional Insights
The Asia Pacific accounted
for a major share of the overall industry in 2015, having recorded revenues of
over USD 18 billion. This regional industry segment is expected to continue its
dominance in the coming years, as a result of the presence of numerous
manufacturers, easy availability of raw materials, rising construction
initiatives being taken by governments, and low production costs. China is
expected to be among the highest growing markets for the product worldwide
during the forecast period, projected to grow at a CAGR of nearly 10%.
The European region is
expected to observe slow growth in the protective coatings industry, primarily
owing to the political and economic instabilities in the region. The industry
in Russia has been witnessing a significant boost in the construction sector,
which is expected to offer high growth potential to product manufacturers in
the region during the forecast period.
Competitive Insights
The protective coatings
industry is highly competitive, with key manufacturers spread worldwide. The key
global players in this industry include Wacker Chemie AG, BASF SE, AkzoNobel
NV, The Sherwin-Williams Co., and PPG Industries. These players have adopted
strategies such as capacity expansion and new product developments to gain a
competitive edge over competitors in the global industry.
The aforementioned global
companies are, however, faced with significant competition from Chinese
manufacturers. The significant positions of these Chinese players can be
attributed to the low production costs, easy availability of raw materials, and
rapid growth of the end-use verticals in the region.
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