Global Composite Coatings Market - 2020-2027
Composite coatings are the type of protective layers which is applied to substrates such as concrete, steel or metals. They also provide excellent corrosion protection and waterproofing. Moreover, composite coatings provide protection against fire, heat, corrosion, and toxic radiations. Different layers of composite coatings are primer, base coat, adhesive treated substrate, and topcoat. Composite coatings are used to protect steel to avoid corrosion in the building & construction industry. Furthermore, composite coatings are also used as thermal barriers and intumescent on materials like concrete. It is commonly used composite coatings that is light in weight which will help to improve fuel efficiency.
The global composite coatings market size was worth US$ XX billion in 2020 and further expected to reach US$ X billion by 2027, at a CAGR of X% during the forecast period (2020-2027).
One of the common end-user industries of composite coatings in the construction industry Besides construction, there are other industries that employ composite materials are automotive, aerospace, manufacturing and oil & gas. Moreover, Composite materials are also coated on various substrates with the help of technologies such as laser melt injection, electroless plating, brazing and others. Furthermore, composite coatings have attractive properties such as accuracy, uniform coating thickness and consistency.
Excellent growth opportunities offered by the oil & gas industry
Excellent growth opportunities provided by the oil & gas industry is projected to strengthen the composite coatings market in near future. The global composite coatings market is further expected to increase at a considerable rate, owing to the surging demand for oil & gas, the marine industry, and transportation. The product offers chemical resistance and superior corrosion, which is expected to have a positive impact on the industry during the forecast period. Moreover, it presents exceptional insulation properties and delivers improved finishing, which may be expected to impel the market growth over the forecast period.
Composite coatings are manufactured by mixing two or more substances shielding against corrosion. These coatings are also manufactured using various resins including polyurethane and epoxy, which helps in avoiding corrosion protection and provides excellent waterproofing. Therefore it is preferred by end-use industries including aerospace and oil & gas. Increasing demand for these coatings in the oil & gas industry wherein hauls and pipes are essential components, is expected to drive demand over the forecast period. Moreover, there is a huge of such coatings in the construction industry as well.
Technological innovations are anticipated to augment the composite coatings market.
Pipelines in the oil & gas industry play an important role in the transportation of liquid and gases to their place. Such pipelines are exposed to the atmosphere alleviating issues such as the generation of corrosion on its surface. The composite coatings market is anticipated to grow due to properties such as excellent corrosion resistance, thus are anticipated to gain high demand in pipe coating applications during the forecast period.
Rolling, brushing and dipping is extensively used technologies for utilizing composite coatings on the substrate. Brushing technology is the most preferred technology by the manufacturers as it is easy and convenient and can be used on smaller sections. Furthermore, there are specific advanced techniques are accesible, such as and electrochemical plating and electroless. There are various initiatives taken by the manufacturers to invest in R&D to come up with a better, low-cost, and environment-friendly, product that is expected to have a positive impact on the industry trends.
The roller method of applying coatings is faster and convenient than brushing, however, the roller method is not commonly used. It is not suitable for surfaces that are rarely flat such as steel which limits its application in some industries such as construction. This technique is considered to be less efficient and effective at various occurrences including, fixing, roof sheet and corners thereby limiting its use against its counterparts which is expected to hamper its market.
COVID-19 Impact Analysis
COVID-19 pandemic has affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. COVID-19 has directly impacted the manufacturers' supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. The global seal coat market is hindered by the COVID-19 pandemic, as construction industry was affected badly resulting in unavailability of raw materials, shortage of laborers, and disruption in supply chain. The decrease in the repair works from the construction industry had also decreased the demand growth for seal coat in 2020. Moreover,the global composite coatings sector is expected to witness a period of negative/low growth due to less demand from various industries.However as things gets normal, may be the chemical composite coatings industry can again to its original position.
Based on the application, the composite coatings market has been classified into anti-corrosion, thermal protection, uv protection and others.
Anti-corrosion segment accounted for the highest market share in the global market
Anti-corrosion holds the maximum share in the market. The anti-corrosion segment in the composite coating is the leading segment in the total composite market thanks to its properties like accuracy, uniform coating thickness and consistency. Increasing demand in industries such as transportation, industrial, and oil & gas sectors are increasing the demand for the anti-corrosion segment. Furthermore, Thermal protection is a second leading segment due to the effect caused to a substrate due to long time exposure to solar heat or light.
Based on the end-user industries, the composite coatings market has been classified into aerospace & defense, transportation, industrial, oil & gas and others.
Transportation segment dominated the global composite coatings market in 2019
The transportation end-use industry holds a significant stake of the global composite coatings market. Trending lightweight vehicle and composite material usage for vehicle fabrication are the some major forces expanding the global composite coatings market. The huge demand for the lightweight vehicle in the market has led to an increase in the growth of the industry. The second industry which has the highest share is construction. Composite coatings generally help to defend steel from corrosion and such properties helps the industry to grow during the forecast period.
Based on geography, the study analyzes the composite coatings market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America leads the global market throughout the forecast period
North America market is anticipated to account for a major share in terms of revenue in the global composite coatings market, due to its increasing application of aerospace & defense and transportation industries. Moreover, the adoption rate of composite coatings is estimated to grow at the highest rate in the North America market.
The demand for these coatings in North America is expected to grow at a significant rate due to the rising demand for aerospace, defense, oil & gas, and transportation applications. The growing demand for low VOC coatings due to an increase in consumer awareness towards health and safety coupled with stringent regulations to limit adverse effects of the coatings on the environment is anticipated to force manufacturers to invest in R&D and innovations to meet these criteria.
The Composite Coatings Market is highly competitive, owing to the presence of big brands. The key composite coatings players which are contributing to the growth of the global market include Axalta Coating Systems, LLC, A.W. Chesterton Company, KC Jones Plating Company, PPG Industries, Inc., OM Sangyo Co., Ltd., Poeton Industries Ltd., Nickel Composite Coatings, Inc., Surteckariya Co., Ltd., Foshan VOC building Co, Ltd., and Shandong Lanmeng Anti-corrosion Technology CO,LTD. The major players are adopting new product launch and expansion strategies for global growth in the composite coatings market.
Axalta Coating Systems
Overview: Axalta Coating Systems is an American company which is specialized in coatings in a broad range of industrial applications and materials, for example, automotive paints. The company is headquartered in Philadelphia, PA, and incorporated in Bermuda. Axalta manufactures and develops coatings for light and industrial, commercial vehicles and refinishes applications. The firm performs its business operations in over 100 countries, has nearly 13,000 employees and has over 100,000 customers worldwide.
Product Portfolio: The Company's portfolio comprises liquid coatings, powder coatings and others.
The global Composite Coatings Market report would provide access to an approx. 51 market data table, 46 figures and 270 pages.
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