Nigeria Protective Coatings Market - Segmented By Technology Type, Coating Type, By End-user Industry – Growth, Trends, and Forecasts (2017 - 2022)
Mar 2017: Meyer Plc. unveils a new corporate identity. Chairman of Eagle Paints Nigeria Limited, Chief Taofik Akinola Disu, has been conferred the 2017 Accolade ‘African 21st Century Man of the Year’ award
The Nigerian protective coatings market is expected to value at USD XX million in 2017. This market is projected to reach USD XX million by 2022, registering a CAGR of XX% during 2017-2022 (the forecast period).
Protective coatings protect materials surfaces from light, water, abrasives, oil, chemicals, temperature changes, and biological agents, etc. Such coatings are resistant to abrasion, corrosion, fire, and chemicals. Protective coatings are used in architecture, marine, oil & gas, mining, power, and manufacturing industries, but only for protective purposes. Protective coatings used in architecture include anti-corrosion coatings, fire-resistant, and other coatings. Protective coatings in the marine industry include anti-fouling coatings and anti-corrosion coatings. Protective coatings used in oil & gas, mining, power, and manufacturing industries, include anti-corrosion, heat-resistant, and other coatings.
This market is driven by many factors, such as the growing demand from the oil & gas sector, increased usage of eco-friendly coatings, and need for durable products as substitutes. However, this market faces certain drawbacks, such as increasing cost of raw materials and stringent environmental regulations & standards. These factors may act as a roadblock to the market growth.
In the Nigeria protective coatings market report, based on technology, the market has been segmented into solvent-borne, water-borne, powder, and other protective coatings. The solvent-borne protective coatings segment is expected to dominate the market during 2017-2022 (the forecast period). However, the water-borne protective coatings segment is expected to witness a significant growth, due to the increase in environmental concerns.
Based on coating type, the market has been segmented into coil coatings, heat resistant coatings, anti-fouling coatings, corrosion-protective coatings, and others. The corrosion-protective coatings market is expected to drive the market during 2017-2022 (the forecast period), owing to the factors such as growing marine, oil & gas, and automotive industries, coupled with increasing application in these industries.
In the Nigeria protective coatings market report, we have considered the following major end-user sectors, marine, construction, oil & gas, energy, and others. Oil & gas segment was the fastest growing segment for protective coatings in 2016 and is expected to drive the market, during 2017-2022 (the forecast period), owing to its application in upstream industry, downstream industry and also during pipeline transportation (midstream industry).
The following sample chart shows the end-user segmentation share of Nigeria protective coatings for 2017.
Opportunities and Major Players
The development of new technologies for protective coatings, along with eco-friendly and cost-effective coatings looks, is expected to boost market opportunities. Some major companies dominating the market, owing to their products and continuous product development include:
• PCMN PLC
• Portland Paints and Products Nigeria PLC
• Berger Paints Nigeria PLC
• Meyer PLC
• Chemical and Allied Products (CAP) PLC
Key Deliverables in the Study:
• Market analysis, with country-specific assessments and competition analysis
• Market definition, along with the identification of factors instrumental in changing the market scenario and prospective opportunities
• Extensively researched competitive landscape section with profiles of major companies, along with their market share.
• Identification and analysis of the macro and micro factors that affect the Nigeria protective coatings market on country scale
• A comprehensive list of key market players, along with the analysis of their current strategic interests and key financial information
• Insights on the major countries/regions where this industry is growing and identify the regions that are still untapped