Protective and Marine Coatings Market Size, Share, Growth and Industry Analysis, By Type (Epoxy, Polyurethane, Acrylic, Alkyd, Polyester and Others), By Application (Marine, Oil & Gas, Industrial, Construction, Energy & Power, Transportation and Others), Regional Insights, and Forecast From 2024 To 2032

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PROTECTIVE AND MARINE COATINGS MARKET OVERVIEW

The global protective and marine coatings market size was valued at USD 19.76 billion in 2023 and is projected to grow from USD 21.34 billion in 2024 to USD 39.56 billion by 2032, exhibiting a CAGR of 8.02% during the forecast period. Asia-Pacific holds leading position in protective and marine coatings market share in 2023.

To prevent rust and moisture damage to the basic building materials, protective and marine coatings are utilized. When applied consistently, these coatings provide a broad shield of defense that increases a structure's lifespan. Based on the materials used and the environmental requirements, different types of equipment and buildings may need protection and/or finish coatings. The prevention of corrosion is significantly aided by marine coatings. They can effectively prevent oxidation for a number of years, depending on technological factors such as basic corrosion protection by galvanic, barrier, or habitation effects, improved adhesion capabilities, stronger mechanical tensile strength, and crack-resistant properties.

COVID-19 Impact

Numerous Large-Scale Projects were put on Hold due to Unavailability of Raw Materials as an Effect of the Pandemic

The global COVID-19 pandemic has been unprecedented and staggering; with the protective and marine coatings market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The effect of COVID-19 on the protective and marine coatings market has a domino effect on the badly affected market. The production of the raw materials used to make these coatings was put on hold as a result of the COVID-19 outbreak. Numerous significant large-scale construction and development initiatives have been halted or postponed as a result of COVID-19. The phenomena that had a negative impact on the market were client closures, record-low consumer spending, and a lack of capital expenditures.

LATEST TRENDS

Latest Antifouling Technology Launched Reduces the Impact of the Seawater Temperatures & Other External Influences

A new antifouling technology called FASTAR was introduced by Nippon Paint Marine in 2021, and according to the business, it improves antifouling effectiveness to a degree and consistency never previously seen. Comparatively to other hull coatings, it also significantly reduces the amount of time and film thickness needed for application. In order to reduce the impact that seawater temperatures, vessel speeds, and other external influences have on coating effectiveness, FASTER is a self-polishing antifouling paint that uses a special nano-domain resin structure.

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PROTECTIVE AND MARINE COATINGS MARKET SEGMENTATION

• By Type

Based on type, the market is distributed into Epoxy, Polyurethane, Acrylic, Alkyd, Polyester and Others

• By Application

Based on application, the market is divided into  Marine, Oil & Gas, Industrial, Construction, Energy & Power, Transportation and Others.

DRIVING FACTORS

Growing Requirement for Maintenance of Current Substrates to Avoid Breakdown of Equipment Acts as a Driver of this Industry

In order to prolong the lifespan of the current substrates, protective and marine coatings are applied. Systems that operate continuously are common in many sectors. Several of them require the use of hazardous substances or are subject to environmental changes. This leads to a loss in the process' efficiency or a breakdown in the equipment's structure, which results in the plant's closure or a halt to all operations. These problems can be avoided with the use of protective and marine coatings, which reduces the expense of equipment repair and shutdown. Due to the destructive effects of seawater, the marine sector is susceptible to damages in ships, docks, and vessels. Coatings like joint and crack filler paint and water-resistant paint are frequently used for maintenance in the marine sector.

Growing Utilization of these Coatings in the Infrastructure and Construction Sectors is Broadening the Market

According to end use industries, the construction and infrastructure sector held the biggest market share in terms of both volume and value. In order to strengthen a structure's longevity and protect it from UV radiation, corrosion, and fire, protective and marine coatings are applied to the surface. They are employed in industrial applications to improve heat resistance and reduce the influence of corrosive gasses. The growing construction sector, as well as the requirement for these coatings to preserve equipment and improve performance in impacted areas. This element is most likely to be the primary driver for the protective and marine coatings market growth over the anticipated term.

RESTRAINING FACTORS

High Prices of Raw Materials due to Changing Oil Rates and Shifting Currency Changes can Lead to the Hampering of the Market

Protective and marine coatings are extremely expensive, and when energy prices rise, so does the cost of producing them. The cost of raw materials has increased as a result of changing crude oil rates and shifting currency changes. Price differences between the raw materials used to make protective and marine coatings are substantial. Along with the rising costs of raw materials, businesses are also forced to pay greater energy taxes, which have a negative impact on their profit margins by raising operating costs.

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PROTECTIVE AND MARINE COATINGS MARKET REGIONAL INSIGHTS

North America to Lead the Market due to the regions increase in Investments and Favorable Government Laws 

North America is anticipated to hold the greatest protective and marine coatings market share during the projected time frame. This expansion is linked to increased investment in end-use sectors like infrastructure and construction. Additionally, it is anticipated that the market for protective and marine coatings in this sector will be fueled by favorable government laws regarding environmental awareness.

KEY INDUSTRY PLAYERS

The Major Players are Exploring Various Strategies to Expand their Market Reach

Both international businesses that have developed supply chains and are familiar with their markets' regulations and suppliers, in addition to regional businesses, are engaged in severe competition with one another. This industry is segmented, with a number of large corporations and a large number of local, national, and international small and medium-sized firms. Major corporations are exploring mergers and acquisitions, growing their manufacturing plants, building infrastructure, investing in R&D, and looking for vertical integration opportunities throughout the value chain.

List Of Top Protective and Marine Coatings Companies

• Yung Chi Paint
• Jotun
• Sherwin-Williams
• Kansai Paint
• PPG
• AkzoNobel
• RPM International
• Zhejiang Yutong New Materials Co Ltd
• Zhejiang Bridge Paint Co Ltd
• KCC Marine Coatings
• Hempel Group
• Chugoku Marine Paints
• Nippon Paint
• China Shipbuilding Industry Company Limited

REPORT COVERAGE

This report covers the protective and marine coatings market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.