shop primer market REPORT OVERVIEW
-
Request a Free Sample to learn more about this report
The global shop primer market size was 640.19 million in 2021 and is expected to reach USD 1054.16 million by 2027, exhibiting a CAGR of 8.67% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with shop primer experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Shop primer, also known as temporary primer, is a preliminary coating applied to steel surfaces during the fabrication process, particularly in steel construction, shipbuilding, and other metal-based industries. Its primary purpose is to provide short-term corrosion protection to the metal surface during the storage, transportation, and assembly stages before the final coating or painting is applied. They create a protective layer that prevents the steel from corroding or rusting when exposed to various environmental factors, such as moisture, humidity, and air.
Shop primers improve the adhesion of subsequent coatings, such as intermediate and topcoats, thereby ensuring better and longer-lasting paint adhesion. By providing a temporary protective layer, shop primers contribute to the safe handling and transportation of steel components during the construction and manufacturing process. Shop primers are not intended for long-term protection, as they are typically formulated to be over coated with more durable and long-lasting coatings, such as epoxy or polyurethane coatings, to provide extended corrosion resistance for the steel structure or component.
COVID-19 IMPACT: Supply Chain Disruptions to Hamper Demand Significantly
COVID-19 had a life changing impact globally. The shop primer market growth was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market experienced a reduced demand.
The global lockdowns and restrictions on movement disrupted supply chains, leading to delays in the procurement of raw materials and the transportation of finished products, affecting the production and distribution of shop primers. The shift towards remote work and social distancing measures also impacted the operational efficiency of the manufacturing facilities, leading to reduced production capacities and delays in project timelines. Many construction projects were temporarily halted or delayed due to the pandemic, leading to a decrease in the demand for shop primers. This slowdown in construction activities directly affected the consumption of shop primers in the market.
Volatility in the prices of raw materials, such as resins, solvents, and pigments, further impacted the production costs of shop primers, thereby affecting the overall pricing and profitability of manufacturers. The economic uncertainties triggered by the pandemic resulted in reduced investments in infrastructure and construction projects, leading to a decline in demand for shop primers as well as other related construction materials. The market is anticipated to boost the market.
LATEST TRENDS
"Technological advancements in Product Formulation to Broaden Market Growth"
The integration of advanced technologies and innovative formulations in shop primers, such as self-healing coatings, smart coatings, and nanotechnology-based solutions, aimed to enhance the performance and durability of the coatings, thereby offering improved corrosion protection. There has been a trend towards providing customized shop primer solutions tailored to specific project requirements, considering factors such as environmental conditions, application methods, and the types of substrates used, in order to ensure optimal performance and long-term protection.
Manufacturers have been increasingly focusing on developing shop primers with enhanced corrosion resistance properties, catering to the growing demand for durable and long-lasting coatings, especially in industries such as marine, oil and gas, and heavy equipment manufacturing. The rising construction activities and infrastructural developments in emerging economies were expected to drive the demand for shop primers, as these countries continue to invest in various construction and industrial projects. These latest developments are anticipated to boost the shop primer market share.
shop primer market SEGMENTATION
-
Request a Free Sample to learn more about this report
- By Type
Based on type, the market is divided into Inorganic Zinc Shop Primer, Epoxy Zinc-Rich Shop Primer and Other.
- By Application
Based on application, the market is bifurcated into Metal Finishing and Fabrication, Mining and Construction Equipment and Other.
DRIVING FACTORS
"Industrial growth & Globalization of trade to Boost Market Share"
The expansion of industrial activities, coupled with the increasing demand for infrastructure development in emerging economies, drives the demand for shop primers. These coatings are essential in protecting steel structures and components from corrosion during the construction and fabrication processes. The increasing globalization of trade and transportation activities necessitates the use of effective corrosion protection measures for steel products during transit and storage. Shop primers play a crucial role in preventing corrosion and maintaining the quality of steel components during the shipping and handling processes.
"Rising awareness about corrosion protection to Boost Market Share"
With a growing understanding of the detrimental effects of corrosion on metal surfaces, there is an increased emphasis on the use of shop primers to provide temporary corrosion protection during the storage, handling, and transportation of steel products. The need for long-term preservation and maintenance of steel structures further drives the demand for shop primers. Ongoing research and development efforts have led to the introduction of advanced shop primer formulations that offer improved adhesion, corrosion resistance, and durability. Technological innovations, such as the development of high-performance resins and additives, contribute to the overall growth of the shop primer market. These factors are anticipated to drive the shop primer market share.
RESTRAINING FACTORS
"Stringent environmental regulations to Hamper Market Share"
The stringent regulations imposed by various regulatory bodies regarding the use of certain chemicals and volatile organic compounds (VOCs) in coatings can pose challenges for manufacturers in the formulation of shop primers. Compliance with these regulations often requires investment in research and development for the creation of environmentally friendly and sustainable coating solutions, which can increase production costs. The emergence of alternative technologies, such as galvanization and metal cladding, as substitutes for shop primers, may pose a challenge to the growth of the shop primer market. Industries may opt for alternative corrosion protection methods to adhere to the regulations which could potentially limit the demand for shop primers. The factors are anticipated to hinder the growth of the shop primer market growth.
shop primer market REGIONAL INSIGHTS
-
Request a Free Sample to learn more about this report
"Asia Pacific Dominates the Market with Rapid Industrialization"
The Asia Pacific region has been a significant shareholding region in the shop primer market. This is primarily due to the rapid industrialization, urbanization, and infrastructure development in countries like China and India. These nations have experienced robust construction and manufacturing activities, driving the demand for shop primers. Additionally, the presence of a vast manufacturing sector and steel production facilities in the region has further fueled the demand for shop primers.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Yejian New Material Co., Ltd. [China]
- Nippon Paint [Japan]
- AkzoNobel [Netherlands]
- Hempel [Denmark]
- Jotun [Norway]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 640.19 Million in 2021 |
Market Size Value By |
US$ 1054.16 Million by 2027 |
Growth Rate |
CAGR of 8.67% from 2021 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the shop primer market expected to touch by 2027?
The global shop primer market share is expected to reach USD 1054.16 million by 2027.
-
What CAGR is the shop primer market expected to exhibit by 2027?
The shop primer market is expected to exhibit a CAGR of 8.67% by 2027.
-
Which are the driving factors of the shop primer market?
Industrial growth & Globalization of trade and Rising awareness about corrosion protection are drivers of this shop primer market.
-
Which are the top companies operating in the shop primer market?
Yejian New Material Co.,Ltd., Nippon Paint, AkzoNobel, Hempel and Jotun are key companies operating in the shop primer market.