Protective Coating Market Size, Share, Growth Analysis, By Resin Type(Epoxy, Acrylic, Alkyd, Polyurethane), By Formulation(Water Borne, Solvent Borne, and Powder Based), By Region - Industry Forecast 2024-2031

Protective Coating Market size was valued at USD 14.52 billion in 2022 and is expected to rise from USD 15.28 billion in 2023 to reach USD 22.91 billion by 2031, at a CAGR of 5.20% during the forecast period (2024-2031).

The protective coating market is highly competitive in nature. To maintain a competitive edge, a majority of the protective coatings industry participants are continually implementing various growth strategies. Innovations, mergers and acquisitions, collaborations, and partnerships are some strategies adopted by these players to thrive in this competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'PPG Industries Inc.', 'Akzo Nobel N.V.', 'The Sherwin-Williams Company', 'Axalta Coating Systems LLC', 'Hempel A/S', 'Jotun A/S', 'Nippon Paint Holdings Co. Ltd.', 'BASF SE', 'RPM International Inc.', 'Kansai Paint Co. Ltd.', 'The Valspar Corporation', 'Sika AG', 'Teknos Group Oy', 'Masco Corporation', 'Wacker Chemie AG', 'Asian Paints Limited', 'DAW SE', 'Berger Paints India Limited', 'Noroo Paint & Coatings Co. Ltd.', 'Chugoku Marine Paints Ltd.', 'In April 2024, Boero YachtCoatings, a top brand known for its paint solutions for superyacht care, made a big move by teaming up with Alliance Marine Group, the leading wholesaler for businesses in Europe. This partnership aims to strengthen Boero YachtCoatings' position in France. The decision to partner with Alliance Marine is a key part of Boero YachtCoatings' plan to grow internationally and become a major player in Europe's boating industry, offering top-notch products to professionals in the field. ', 'In October 2023, DKSH's Performance Materials division, known for distributing specialty chemicals and ingredients, began a major partnership with Vink Chemicals. This marks a significant move forward in their collaboration. DKSH will offer a wide range of services including business development, marketing, sales, logistics, and distribution for Vink Chemicals' biocide products. This partnership strengthens both companies' positions in the market and enhances their ability to serve customers effectively. ', 'In November 2023, PPG Asian Paints, known for its automotive refinish solutions in India, introduced 'Cartisan,' a high-end car detailing and decoration venture. They opened their first flagship center in Pune, located in NIBM. Pune, often dubbed the Detroit of India because of its numerous automobile manufacturers, serves as a strategic hub for Cartisan's entry into the automotive aesthetic market. The center will cater to Pune city, its suburbs, and neighboring regions, marking a significant move in Cartisan's expansion plans.'

Concrete is frequently used in civil engineering structures since it is a durable and robust material. Buildings must also fulfil the owner's and architect's expectations for their aesthetic appeal. By avoiding water infiltration, sealing, and adapting surface cracks, protective coating solutions can increase the concrete's longevity as well as its appearance and color palette. Concrete structures are subjected to a variety of environmental factors, including normal atmospheric carbonation, aggressive influences from polluted urban and industrial environments, marine atmosphere, and liquid or gaseous chemicals. These factors may destroy or weaken the embedded steel or concrete reinforcement depending on their location and use. The two most frequent factors contributing to concrete deterioration and reinforcing corrosion are carbonation and chloride attack.

Electronic devices now come in a variety of sizes and have radically improved performance and mobility. Electronics are everywhere, from wearables and consumer electronics like smartphones and tablets to specialized industrial equipment like automation controls. Components inside of these devices may corrode if they are not adequately shielded from pollutants. As a result, electronic devices operate worse, which increases the risk of electrical shorts and equipment failure. Smaller, more advanced, densely printed circuit boards (PCBs) with high-performance components, LEDs, and a variety of tiny components are making greater use of electronic protective coatings. The coating on electronic protection devices helps shield electronics from contaminants that could shorten their lifespan. Metals, polymers, and organic and inorganic compounds are used as coating materials in this sector. The use and function of the equipment determine its material consumption. Coatings are advantageous for mechanical, thermal, optical, electrical, and magnetic properties. In contrast, coatings support the creation of circuit boards as well as the protection, ornamentation, and design of devices. When compared to traditional conformal coatings, 3M Novec Electronic Grade Coatings provide corrosion protection for delicate inside device components. These ultra-thin coatings also provide protection from moisture, humidity, contaminants, oils, sulphur, and salt water immersion. These can be applied without masking or curing because they are simple to work with and can be reused as well.

The Asia Pacific region is expected to dominate the market during the estimated time period. This is owing to the growing population, rapid urbanization and industrialization, increased need for infrastructural development, and rise in construction activities. Additionally, government programmes to invest in infrastructure, notably in the energy and transportation sectors, to improve the connectivity between cities will also help the region to generate notable revenues in the coming years.