Global Protective Coatings Market 2019-2023| 10% CAGR Projected Over the Forecast Period| Technavio
LONDON--(BUSINESS WIRE)--Nov 20, 2018--The global protective coatings market is expected to post a CAGR of nearly 10% during the period 2019-2023, according to the latest market research report by .
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Technavio has released a new market research report on the global protective coatings market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increased demand for water-borne coatings. The water-borne coatings provide numerous benefits owing to the presence of water as the main solvent. Industries such as the aerospace, oil and gas, marine, power generation, mining, automotive, and others use these coatings extensively as they offer excellent resistance to heat and abrasion along with superior adhesion. Low levels of VOC and hazardous air pollutants (HAP) emissions makes water-borne coatings less toxic and flammable.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the new plants and capacity expansion as one of the key emerging trends in the global protective coatings market:
Global protective coatings market: New plants and capacity expansion
The capacity expansions by major vendors of protective coatings shows the growth being witnessed in the global protective coatings market. Various vendors such as Axalta Coating Systems, Akzo Nobel, and Berger Paints are investing in the development of advanced industrial coatings. Also, these vendors are concentrating on strengthening their global presence.
“Companies such as Axalta Coating Systems inaugurated its new coating manufacturing plant at Savli, Vadodara in Gujrat, India. The new plant is expected to double the company’s coating manufacturing capacity to meet the growing demand for coatings in light vehicles, commercial vehicles, and industrial segments. Also, Akzo Nobel has inaugurated its new coating manufacturing facility in India to expand their presence in northern and western parts of the country,” says a senior analyst at Technavio for research on paints, coatings, and pigments.
Global protective coatings market: Segmentation analysis
This market research report segments the global protective coatings market by technology (solvent-borne, water-borne, and powder coating), by resin (epoxy, alkyd, and polyurethane), end-user (infrastructure and construction, oil and gas, automotive, and aerospace), and geographical regions (APAC, EMEA, and the Americas).
The solvent-borne segment held the largest market share in 2018, accounting for nearly 74% of the market. This technology segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 67%. This region is expected to dominate the market through 2023, with an increase in its market share by nearly 2%.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 11/20/2018 09:36 AM/DISC: 11/20/2018 09:36 AM