Press release
Protective Coatings Market is likely to reach US$19,374.50 mn by the end of 2025
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According to TMR, the global protective coatings market was worth US$12,463.7 mn in 2016. Exhibiting a promising CAGR of 5.10%, its overall valuation is likely to reach US$19,374.50 mn by the end of 2025. Based on application, the building and construction sector emerged as the leading segment in terms of volume in 2016. However, TMR foresees immense growth for the oil and gas segment in the coming years. On the basis of volume, Asia Pacific held dominance in a global scale, trailed by Europe and North America. “The rising investment in the building and construction sector, propelled by rapid industrialization and urbanization is likely to boost the protective coatings market in Asia Pacific,” said a lead TMR analyst.
Rising Demand from Building and Construction Industry will Boost Growth
The protective coatings market will primarily gain from the accelerating investment in building and construction activities worldwide. Furthermore, proliferation of government backed welfare housing schemes will inflate growth prospects for the market. Given the prevailing scenario at the global construction sector, the demand for rebuilding, renovation, and refurbishing of old buildings is on a rise. This in turn has fuelled the demand for protective coatings worldwide. Furthermore, the market will significantly benefit from factors such as lowered interest rates in the housing sector, which has opened doors for the influx of investment in the building and construction sectors. Spurred by the aforementioned factors, the global protective coatings market has set sail on a positive growth trajectory.
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Stringent Regulatory Framework could Restrain Market
Besides the building the construction sector, the market is witnessing high demand for aerospace, oil and gas, marine, power generation, mining, automotive, and other industries. This is indicative of a promising future that is on card for the global protective coatings market. In addition, the rising demand for high-efficiency coating solutions from the aforementioned industries will create lucrative growth prospects for the market in the coming years. Protective coatings are usually applied to enhance resistance to wear and tear and corrosion, especially in high operating temperature. This makes protective coatings indispensable for varied industrial applications.
However, on the downside, the market might face troubles due to stringent regulator frameworks, curbing VOC emissions. Also the rising cost of raw materials will create obstacles for the global protective coatings market. Nonetheless, the continuously rising demand from diverse industries will enable the global protective coatings market exhibit a steady growth in the near future.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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