Increasing Demand from the Infrastructure and Construction Industry to Augment the Protective Coatings Market Growth

 

Protective Coatings Market Growth

Protective coatings are applied to the surface to provide protection from harsh environmental conditions that could cause damage. They are widely used across various applications such as oil and gas, power generation, automotive heavy machinery, marine, electronics products, etc. Protective coatings for metal, wood, fiberglass, ceramics, plastics, and other materials have developed over the years to provide enhanced protection from exposure to a wide variety of chemicals and particles. Protective coatings are also applied to concrete to create corrosion and impact resistance. Moreover, protective coatings can be used to prevent damage from water, flame, or any other hazardous chemical.

Market Dynamics:

Merger and acquisition (M&A) by key players for global expansion is also expected to drive the growth of the protective coatings market. For instance, in January 2021, Houston-based NACE International and Pittsburgh-based SSPC merged to form a new organization, named the Association for Materials Protection and Performance (AMPP), to create a unified voice for the corrosion control and protective coatings industries.

Moreover, increasing demand for protective coatings from the infrastructure and construction industry is expected to propel the growth of the protective coatings market. For instance, in 2018, Axalta launched its new protective coatings brand, Corroless, consists of Axalta's most durable products, engineered to provide exceptional, long-term chemical, and corrosion resistance to a wide array of iron and steel substrates, while remaining cost-effective.

Increasing adoption of water-based coatings due to strict environmental regulations is expected to offer lucrative growth opportunities for players in the protective coatings market.

However, high cost of raw materials and high energy consumption during the manufacturing of protective coatings is expected to restrain the growth of the protective coatings market.

Competitive Analysis:

Major players active in the protective coatings market are Jotun, Hempel A/S, Wacker Chemie AG, Sika AG, Akzo Nobel N.V., The Sherwin-Williams Company, Kansai Paint Co. Ltd, Arkema Group, PPG Industries Inc, and The Valspar Corporation.

Major players active in the market are adopting various strategies such as collaboration, M&A, business expansion, etc. to strengthen their product portfolio or to enhance their market position. For instance, in January 2021, PPG planned to acquire Versaflex, a manufacturer specializing in polyuria, epoxy, and polyurethane coatings for water and waste water infrastructure, flooring, transportation infrastructure, and industrial applications.

Moreover, in February 2020, KAEFER acquired Wood’s industrial services business from John Wood Group that provides high-end services for industrial operations, such as the application of protective coatings, access solutions, thermal insulation, passive fire protection, and specialist services.

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