Report Code: A08208 | Pages: NA | Jul 2023 | 1397 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Protective Coating Market
Request Now !The protective coating is a coating that is placed over a surface to shield it against exterior atmosphere, which may harm an object or part's function or integrity. Protective coatings are used in household goods, heavy equipment, marine, automobile, and oil & gas sectors. Such coatings, when applied periodically, provide long-range security, which enhances a structure's service life. These coatings are utilized to shield and enhance aesthetical appearance of metals, plastics, and objects made of wood. The broadened use of these coatings has contributed to the growth of the market for protective coatings.
In emerging nations, rapid urbanization and increase in industrialization are the prime factors that boost the growth of the global protective coatings market. In addition, the global protective coatings market is anticipated to exhibit sustainable growth during the coming years majorly due to the development of different industrial sectors around the world. Another aspect that is expected to fuel the demand for protective coatings is product innovations based on eco-friendly and cost-efficient solutions. Moreover, increase in investment in infrastructure sector is anticipated to augment the growth of the protective coatings market during the forecast period.
The growth of the global protective coatings market is majorly driven by increase in infrastructure & construction projects in developing economies, rise in demand for high-performance coatings, and surge in demand for sustainable protective coatings. Product and technology advances based on eco-friendly and cost-efficient solutions is projected to create growth opportunity for the market. Marine coatings play a significant role in guarding against corrosion. In addition, they exhibit the capacity to efficiently protect against oxidation, which depends on technical parameters such as fundamental corrosion protection through barrier or inhibition impacts, galvanic, higher mechanical strength, adhesion properties, and crack resistance. However, implementation of stringent environmental regulations regarding the manufacture and use of protective coatings is projected to limit future market growth.
Owing to the outbreak of the COVID-19 pandemic, the global protective coating market is expected to witness a slowdown during the next couple of years. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown. In addition, the current pandemic scenario has led to reduced demand in the automobile, manufacturing, appliances, and white goods for paints and coatings. Moreover, companies are dealing with missing sales and disrupted supply chains as production activities are shutdown.Â
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Protective Coating Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Jotun A/S, Royal DSM N.V., Sono-Tek Corporation, Diamond Vogel Paints, PPG Industries, Inc., RPM International, Inc, Ashland Inc., Clariant International Ltd., Solvay S.A., Axalta Coating System Ltd. |
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