How Protective Coatings Can Enhance the Durability and Performance of Various Surfaces and Applications in 2023
Implementing protective coatings to different surfaces and applications is a way to shield them against environmental factors like weathering, abrasion, corrosion, and wear. Additionally, protective coatings can enhance the coated surfaces' and applications' efficiency, functionality, and look. Numerous industries, including construction, mining, oil and gas, aerospace, defense, industrial, marine, and automotive, use protective coatings extensively.
The global protective coatings market size was valued at USD 12.01 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030.
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The major drivers of growth in the protective coatings market include:
Growing Demand from a Variety of Industries: The demand for protective coatings is being driven by the expansion of industries including mining, oil and gas, aerospace, industrial, marine, automotive, power generation, and construction.
Requirement for Efficient Procedures and Extended Equipment Life: The need for protective coatings is being driven by the growing requirement for efficient procedures and extended equipment life.
Infrastructure Development: The market for protective coatings is significantly influenced by the expansion of the building and infrastructure industries, especially in the Asia-Pacific area.
Technological Development and New Product Development: The market is being driven by the introduction of new products and the development of new technologies, which includes the growing application of protective coatings.
Regulations and Environmental Concerns: The market is seeing opportunities as a result of regulations pertaining to volatile organic compound (VOC) emissions, which are driving demand for environmentally friendly coatings like powder coatings.
What are the reasons behind the oil and gas industry's need for protective coatings?
The following factors influence the need for protective coatings in the oil and gas sector:
Corrosion Prevention: Both in the upstream and downstream segments, protective coatings are crucial for preventing corrosion when gas and oil are transported to refineries.
Difficult Conditions: The coating systems used in offshore oil and gas production must be able to withstand the difficult conditions that are encountered there. In the oil and gas industry, prolonged exposure to intense UV radiation and frequent contact with heat waves increase the need for protective coatings.
Regulatory Compliance: The oil and gas industry is expected to experience positive growth in the demand for bio-based coatings due to the need to comply with strict environmental regulations.
Increasing Activities: The increasing activities in the oil and gas sector are also driving the demand for protective coatings.
The top key players in the protective coatings market include:
Akzo Nobel NV: A global leader in protective coatings, offering a wide range of products and services in various industries.
Sherwin-Williams Company is a reputable provider of a wide range of goods and services in the protective coatings sector.
PPG Industries Inc.: A multinational producer of coatings for protection, providing a range of goods for various sectors.
Jotun: A top supplier of coatings for protection, offering creative solutions for a range of uses.
Hempel AS is a multinational paint and coatings company that provides various protective coatings for various industries.
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Conclusion:
The market for protective coatings is being driven by new product development, technological advancements, and increasing demand from a variety of industries. The market is divided into segments based on the protective coatings and technologies that are used for different end-user industries, including infrastructure, mining, oil and gas, power, and others. In the upcoming years, the market is anticipated to grow significantly, providing opportunities for both new and established players.