Global Protective Coatings Market - Segmented by Resin Type, Technology, End-user and Geography - Growth, Trends and Forecast (2018 - 2023)
The global protective coating market was estimated at USD 13.64 billion in 2017. Asia-Pacific is expected to hold the largest share of the market, owing to the growing infrastructure segment in the country, especially in China. Water-borne technology is expected to be the fastest growing during the forecast period.
Expansion in Oil and Gas Activities in APAC and North America Set to Propel Growth
The oil and gas sector in the recent times has witnessed a dip in oil price, resulting in the downfall of the oil and gas industry. Major economies are expected to still carry on with their expansion plans, including the United States and China. More than 130,000 new oil & gas wells have been drilled in the United States since 2010, and there are several other projects in the pipeline. China is also expected to have major expansions, owing to the presence of oil companies such as SINOPEC. Several regions of the Middle East are also expected to witness growth in the oil sector. Infrastructure accounted for the largest share of the end-user segment during the forecast period.
Infrastructure account for the largest share of the end-user segment during the forecast period
Infrastructure is estimated to hold around 40% of the total protective coatings revenue in 2017. The infrastructure segment mainly includes railroads and bridges. It is also estimated to be the fastest end-user segment due to the rising number of railroad and bridge construction activities in regions of APAC and North America. The infrastructure industry in the United States is estimated to have grown at 5.94% in 2016. Apart from these regions, European countries, such as Germany and the United Kingdom are also expected to have significant expansions in the road sector.
Asia-Pacific is Set to Dominate the Market During the Forecast Period
Asia-Pacific is expected to hold around 55% in terms of revenue in 2017, with China dominating the market. Some of the major reasons for the domination of the Chinese market include expansion of oil refinery sites in China from the leading oil producers in the world, such as SINOPEC and CNCP. Apart from these factors, the growing infrastructure industry in countries such as India and Japan also acts as drivers for the market. Moreover, the infrastructure spending in India for 2017-2018 stands at USD 61.48 million.
Notable Developments in the Market
June 2017: Sherwin-Williams completes acquisition of Valspar, becoming the global leader in paint and coatings
Major Players: PPG Industries, Akzo Nobel NV, The Sherwin Williams Company (Valspar), and Jotun A/S, amongst others.
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