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The rising demand for the protection of substrates has forced infrastructure & construction, oil & gas, marine and automotive industries to use protective coatings
The global protective coatings market is estimated to reach USD 21.47 Billion by 2021, registering a CAGR of 4.0% between 2016 and 2021.The rising demand for the protection of substrates has forced infrastructure & construction, oil & gas, marine and automotive industries to use protective coatings. Need for increasing the lifespan of structures and equipment to reduced replacement cost is driving the protective coatings market. The demand for coatings with high-quality physical, chemical, and thermal properties as well as resistance to dust, moisture, corrosion, high temperature, and humidity is likely to drive the global protective coatings market. The growing popularity of water borne coatings over solvent borne coatings also plays a significant role in driving the market. Rising growth in the infrastructure & construction industry, increasing demand for maintenance of equipment, and growing automotive industry are driving the global protective coatings market. These drivers have encouraged the market players to adopt various growth strategies.
Merger & acquisitions and expansions were the key strategies adopted by the key players to achieve growth in the global protective coatings market between 2014 and 2016. These two strategies together accounted for the largest share of all the strategies adopted by market players. Some of the leading protective coatings manufacturers, such as PPG Industries (U.S.), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), Arkema (France), Sika A.G. (Switzerland), RPM International (U.S.), and Hempel (Denmark) adopted new product launch as their key growth strategy.
Beside merger & acquisition and expansion, companies adopted new product launches to expand their market share. These strategies accounted for the maximum share of the total number of growth strategies adopted by the market players of protective coatings between 2014 and 2016.
PPG industries acquired Metokote Corporation, a U.S. based company that is involved in the coating services business. This acquisition would increase the market share of PPGs protective coatings in the U.S. PPG generally uses product differentiation strategy to enter new markets. RPM international made as much as four acquisitions in the 2016 alone. The acquisition will enhance its foothold of the company and expand its geographical presence globally.
AkzoNobel expanded its Indonesian coatings plant by 40%. Through this, the company extends its production capacity in the global protective coatings market. This will help the company to cater the increasing demand for protective coatings in the Asia-Pacific region. The company focuses on strategic capacity expansions that cater to the growing demand of protective coatings in different markets.
Protective Coatings Market by Resin type (Epoxy, Alkyd, Acrylic, Polyurethane), Formulation (Solvent-borne, Water-borne, and Powder), End-use industry (Industrial, Oil & gas, Marine, Automotive, Mining) and Region - Global Forecast to 2021
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