increased demand for water-borne coatings is driving the Protective Coatings Market
Technavio analyzes that the Protective Coatings Market is expected to grow at a CAGR of 10.87% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 22405 million.There are various factors that contribute to the growth of the market. The protective coatings market is experiencing significant growth due to the increasing demand for water-borne coatings. These coatings offer numerous advantages, including reduced volatile organic compound (VOC) emissions, improved application properties, and enhanced durability. As environmental regulations become more stringent, the adoption of water-borne coatings is expected to accelerate, driving market expansion. Additionally, advancements in technology are leading to the development of high-performance water-borne coatings, further boosting demand.
In the hydrocarbon processing industries and power generation sector, the solvent borne technology segment holds a prominent position in the protective coatings market. This segment's dominance is attributed to the fact that solvents effectively dissolve pigments, additives, and resins, enabling the production of high-performance protective coatings. The shorter curing time of solvent borne coatings, compared to water borne technology, makes them a preferred choice in the architectural industry. Furthermore, the growing applications of solvent borne coatings in the automotive and oil and gas industries are expected to drive market growth significantly during the forecast period.
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Protective Coatings Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Protective Coatings Market encompasses various types of coatings, including Acrylics, Polyurethane, Alkyd, and Epoxies, from key players like Hempel, PPG Industries, and others. The power generation sector and mining industry are significant end-users, with regulations such as the Clean Air Act driving demand for low-VOC emissions coatings like Powder coatings and Structural Polyurethane Coating. Green Seal certification adds to the market's growth, with companies like PPG Industries offering eco-friendly solutions.
The protective coatings market is a segment of the larger commodity chemicals industry, encompassing companies that specialize in the production of acrylics and polyurethane. This market sector falls under the purview of industrial and basic chemicals manufacturers, which also include plastics, synthetic fibers, films, and commodity-based paints and pigments. According to Technavio's market analysis, key growth drivers for the global commodity chemicals market include the expanding demand for lightweight, corrosion-resistant materials, particularly in the plastic packaging industry. This sector's continuous innovation has significantly influenced the chemicals industry, leading to the development of advanced protective coatings that enhance product durability and shelf life.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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