Product Code: 55593
The market for protective coatings is expected to grow at a CAGR of more than 5% during the forecast period of 2019 - 2024. One of the major factors driving the market studied is the growing demand from the power and oil and gas industries. On the flipside, regulations related to the VOCs are expected to hinder the growth of the market studied.
- Infrastructure sector dominated the market in 2018 and is expected to grow during the forecast period.
- Increasing investments in the infrastructure industry in the emerging economies of APAC and South America are likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Increasing Demand from Infrastructure Sector
- Infrastructure accounts for the largest share of the market and is also estimated to be the fastest growing. Rails, bridges, and roads constitute major segments of the infrastructure. With the increase in population, expansions in infrastructure have become an inevitable part of socio-economic development.
- Some of the rail projects driving the market include:
- North-South Railway, Saudi Arabia - The estimated length of the project is 2,400 km and is under construction by the Saudi Railway Company.
- California High-Speed Rail - Started in 2015, the project is expected to be completed by 2030.
- Other than the above-mentioned projects, there are other small-scale projects spread across Asia-Pacific and North America.
- Apart from being the most populous nation in the world China also has the largest number of railroad passengers. The graph (on the right) clearly indicates the growth of rail transport in the region, as railways have become an inevitable part of the country's transport system.
- Moreover, road projects in Asia-pacific are also set to help increase the consumption of protective coatings. Bharathmala project, in India, and the ongoing Belt and road project, in China, are some of the expansions observed in the market.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. China is estimated to hold the largest share of the market, globally, and considered to be the fastest growing country in Asia-pacific. The oil and gas sector in the country experienced a significant downfall from 2015 to 2018 due to fall in the oil prices, globally, however, has since made a tremendous recovery.
- The infrastructure segment is estimated to hold the largest share of the market in the country. China is the world leader in infrastructure investments and has an array of railroad expansions planned during the forecast period.
- The ongoing Belt and Road project often cited as China's new silk road acts as one among the major factors driving the infrastructure growth in the region.
- Moreover, high-speed rails are gaining significant momentum in the region. In 2018, high-speed railways were extended to 29 of the existing 33 provincial level administration and exceeded a length of 25,000 km.
- With the existing stronghold in the infrastructure and power and oil sectors, the country is expected to witness substantial growth over the forecast period.
The global protective coatings market is partially fragmented with the top five players accounting for more than 30% of the market. The major companies in the market include PPG Industries, AkzoNobel N.V., The Sherwin Williams Company, Nippon Paints, and Hempel A/S.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Expansion of Oil and Gas Activities in APAC and North America
- 4.1.2 Increasing Infrastructure Activities in Europe
- 4.2 Restraints
- 4.2.1 Regulations Related to the VOCs
- 4.3 Industry Value-Chain Analysis
- 4.4 Porters 5 Force Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 Resin Type
- 5.1.1 Epoxy
- 5.1.2 Polyester
- 5.1.3 Polyurethane
- 5.1.4 Vinyl Ester
- 5.1.5 Others
- 5.2 Technology
- 5.2.1 Water-borne
- 5.2.2 Solvent-borne
- 5.2.3 Powder
- 5.2.4 Others
- 5.3 End-user Industry
- 5.3.1 Oil and Gas
- 5.3.2 Mining
- 5.3.3 Power
- 5.3.4 Infrastructure
- 5.3.5 Others
- 5.4 Geography
- 5.4.1 Asia-Pacific
- 184.108.40.206 China
- 220.127.116.11 India
- 18.104.22.168 Japan
- 22.214.171.124 South Korea
- 126.96.36.199 Rest of Asia-Pacific
- 5.4.2 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 5.4.3 Europe
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 Italy
- 188.8.131.52 France
- 184.108.40.206 Rest of Europe
- 5.4.4 South America
- 220.127.116.11 Brazil
- 18.104.22.168 Argentina
- 22.214.171.124 Rest of South America
- 5.4.5 Middle East & Africa
- 126.96.36.199 Saudi Arabia
- 188.8.131.52 South Africa
- 184.108.40.206 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 AkzoNobel NV
- 6.4.2 Arkema Group
- 6.4.3 BASF SE
- 6.4.4 Beckers Group
- 6.4.5 H.B. Fuller Company
- 6.4.6 Hempel
- 6.4.7 Jotun A/S
- 6.4.8 Kansai Paint Co. Ltd
- 6.4.9 Nippon Paints
- 6.4.10 PPG Industries
- 6.4.11 RPM International
- 6.4.12 Hexion
- 6.4.13 The Sherwin Williams Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Investments in the Infrastructure Industry in the Emerging Economies of APAC and South America