July 28, 2022 17:00 ET | Source: Precedence Research Precedence Research
Tokyo, July 28, 2022 (GLOBE NEWSWIRE) -- The global protective coatings market size was valued at USD 15.81 billion in 2022. Coatings play a significant role in the protection of assets in the industrial, commercial, and architectural markets. Coatings are generally understood to be a thin layer of solid substance applied to a surface to improve its functional, aesthetic, or protective qualities. They are a liquid, liquefiable, or mastic mixture, more particularly, that when applied to a surface hardens into a protective, ornamental, or useful adhering film. To prevent corrosion of the substrate, protective coatings are put on a surface.
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Additionally, protective coatings are utilized in the civil construction and infrastructure sector for flooring, wood finishes, interior and external walls, bridges, swimming pools, doors, and ceilings. Increased investments in infrastructure development and increased renovation of older buildings are two variables that operate as important market growth drivers.
Asia-Pacific held dominant position and has largest share of protective coatings market. It is anticipated to increase rapidly during the forecast period as a result of significant infrastructure improvements. The region includes nations at various stages of economic development. Protective Coatings are used in a variety of end-use industries, including Civil Building & Infrastructure and Marine, which is primarily responsible for the region's growth.
Due to rising government spending in infrastructure development projects, it is projected that infrastructure and building will increase in developing Asia Pacific countries like China and India. Among other things, these projects involve building bridges, trains, airports, and more. Hence, this region is expected to grow at highest rate.
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On a massive scale, it is predicted that putting the existing corrosion management strategies into practice might result in yearly cost savings of between 15 and 35 percent. Depending on the type of environment they are exposed to, metals have a natural tendency to shift to a low energy state and so seek to form oxides, hydroxides, carbonates, sulfides, and other compounds. Lightweight metals have become the material of choice in many industries. In the automotive, aerospace, and consumer goods industries, aluminum, titanium, and now even magnesium, have become essential materials. Due to their wide availability, exceptional strength-to-weight ratios, and versatility, they are a preferred solution for product engineers all over the world. Hence, increase in corrosion concerns in various end use industries is fueling the growth of the market across globe.
Protective coatings are expensive, and the cost of producing them is rising along with the cost of energy. The price of raw materials has increased as a result of increasing crude oil prices and shifting foreign exchange rates. The cost of the raw materials used to make protective coatings varies greatly. The least costly of them is acrylic. The priciest kind of protective coatings are epoxies. Manufacturers must pay additional costs owing to increasing energy taxes on top of the pricing of raw materials, which leads to greater operational expense and lower margins of profit.
In addition to extending the lifespan of the current substrates, protective coatings are applied. There are systems that operate continuously in several sectors. A few of these involve the usage of harsh materials or exposure to changing climatic conditions. As a result, the equipment's structure degrades or the process becomes less efficient, leading to the shutdown of the plant or a halt in all operations. Protective coatings aid in averting these problems, saving on the expense of equipment repair and shutdown. Because seawater is corrosive, the marine industry is vulnerable to damage to boats, ships, and docks. In the marine industry, coatings like waterproofing coats and joints & crack filler coats are frequently utilised for maintenance. Hence, increasing demand for maintenance for existing substrates are becoming a boom in the market.
Manufacturers have been forced to create products with low volatile organic compounds (VOCs), high solid content, and fewer toxic biocides as a result of increasingly strict rules limiting the use of protective coatings. REACH, Green Seal, the Solvent Emissions Directive (SED), and the Biocidal Products Directive (BPD) are tough environmental laws that regulate chemical registration, evaluation, authorization, and restraint as well as the emission of volatile organic compounds and hazardous air pollutants (hazardous air pollutants). This has caused technical issues with the application of solvent-based coatings. The industries are changing their practices to employ more ecologically friendly coatings as a result of these laws. Development of new products that abide by these strict restrictions and make it profitable for industries, however, is a challenge. Hence, creation of affordable items while observing tight environmental restrictions that limit the market growth.
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