Global protective coatings marketsize was valued at over USD 12.5 billion in 2015, growing at a CAGR of more than 9% from 2016 to 2023. Increasing population and growing industrialization are likely to be the key growth factors. Increase in industrial growth coupled with technology advancement is also expected to boost composite coatings market size.
Asia Pacific, driven by strong demand from India and China composite coatings market share is anticipated to grow at the highest rate owing to the increase in foreign direct investment in the infrastructure sector. U.S. composite coatings market size is likely to be the major contributor in North America due to the rise in military budget and increasing infrastructure development. Brazil and Russia are expected to be lucrative markets due to the upcoming sport events such as Olympics 2016 and FIFA World Cup 2018, respectively, which is likely to increase the demand in infrastructure sector.
These products are gaining popularity since the past few years due to their excellent corrosion protection and efficient insulation properties. Durability, quality, and fire protection properties are also estimated to boost growth. They include fluoropolymer-based composite paints, thermoset polyimide, and polyamide binders.
The composite coatings market is diversified in nature due to the presence of various applications such as buildings & construction, marine, automotive, oil & gas, aerospace and metal forming. Asia Pacific contributed more than 40% of the total building & construction spending in 2015. China was the major contributor with total spending of more than USD 1.75 trillion in the same year followed by Japan and India which spent over USD 740 billion and USD 425 billion, respectively. Middle East & Africa is expected to grow at a significant rate due to the huge future investment in Saudi Arabia, Qatar and UAE. The witnessed growth in this sector is likely to create more opportunities for composite coatings market.
Oil & gas industry is expected to grow at a significant rate due to the technology developments and innovation in processes related to several uses such as piping system, topside applications, and down-hole tubing in sub-sea. Other growth factors include fire and heat protection, provide the best conductive coating, and beautiful ceramic & metal finishes. Offshore oil & gas industry are replacing heavy metal pipelines with lightweight composite pipelines in order to reduce manufacturing cost and increase efficiency. Aerospace is anticipated to be an attractive segment owing to growth in the aviation industry. Asia Pacific market was dominant in terms of volume and value. China and India is anticipated to be the major contributor due to the increase in defense budget and new additions in manufacturing. U.S. composite coatings market size is expected to grow at a significant rate due to the increase in military growth. Low oil prices and increase in air travel are also expected to encourage investments in the aviation sector.
Automotive is likely to be an attractive segment owing to the increasing demand for vehicles and growth in transportation industry. Global automotive production was above 89.73 million units in 2015. China was the dominant country with more than 23.72 million production units in 2015. North America was the second major region with total production of 17.41 million units in the same year. Increasing trend for light weight vehicles in order to be more fuel efficient coupled with growing environmental concern is anticipated to create new opportunities for the composite coatings market.
The global composite coatings market share is comprised of TST Engineered Coating Solutions, Metal Coatings Corp, Basler Lacke, Endura Coatings, Finnester Coatings, Mader, Nickel Ceramic Composite Coatings Inc, A.W. Chesterton Co., RPS Composites Inc, and Zircotec.
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