The Protective Coatings market is projected to grow from USD 13.8 Billion in 2021 to USD 17.8 Billion by 2026, at a CAGR of 5.2% between 2021 and 2026. APAC is estimated to be the largest consumer of Protective Coatings. The global Protective Coatings market is driven by the growing demand for Protective Coatings from Civil Building and Infrastructure industry.
APAC accounts for the largest share of the Protective Coatings market in the region. The demand for anti-corrosive coatings has increased in the APAC. The corrosive agents involved in anti-corrosive solutions and their high applicability has influenced their growth in end-use industries such as civil building and infrastructure, marine, and automotive & OEM. Other emerging countries such as India, Indonesia, Malaysia, and the Philippines, due to their increased income levels, shift towards nuclear families, affordable interest rates, and modern attitudes toward homeownership in several countries are leading to the rapid growth in residential construction activities. All these factors are leading to the growth of the market in the region.
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The key players operating in the market are PPG (US), AkzoNobel N.V. (Netherlands), Sherwin-Williams (US), Jotun (Norway) and Hempel (Denmark). These players have adopted various strategies, such as mergers & acquisition, investment & expansion, and new product launch to grow in the market. Mergers & acquisitions is the key strategy adopted by the major players between 2020 and 2026. This strategy helped companies enhance their global presence.
PPG (US) is one of the leading manufacturers of protective coatings. The company is recognized on several renowned platforms. FORTUNE has ranked PPG industries #4 in the Worlds most admired companies list in the chemical industry and acquired #608 rank on FORBES global 2,000. The company has developed a software-based program for the protective and marine coatings business, which involves PPG developed proprietary algorithms to enable facility owners, managers, and engineers schedule, budget, and optimize the corrosion protection of metal assets. For this innovation, the company has been rewarded with FututreEdge 50 from the publishers of IDG. Such initiatives by the organization helps it stand out from its competitors.
AkzoNobel N.V. (Netherlands) has been investing to meet the increasing demand for its products. It is one of the largest protective coating companies globally. For further expansion in this field, the company adopted new product launches, mergers & acquisitions, and expansions & investments strategies. The protective coatings segment of the company has a strong presence in the emerging market of the APAC. The region accounts for a 43% share of the marine and protective coatings market followed by 34% in EMEA and 23% by Americas. The company has undertaken various innovations in the segment to cater to untapped markets. Its diversified product portfolio serves various end-use industries such as China Power Generation Industry. It has boosted the requirement for protective coatings due to the presence of the largest operational offshore wind farm in Asia.
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