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The global protective coating resin market is growing at a significant pace owing to the increasing need for protective coatings in industrial equipment and machineries in automotive, infrastructure and construction industries. Protective coating resins have unique properties such as excellent adhesion and resistance to abrasion, impact and chemical. Protective coating resins increase the life span of a substrate by three to five years. These resins are required to meet high performance standards in terms of durability, corrosion protection and anti-fouling properties. Additionally, the protective coating resins are required to meet these standards cost-effectively in line with growing user expectations for more sustainable solutions.
The global protective coating resin market has been segmented on the basis of type, formulation, end use industry and region. On the basis of type, the market has been segmented into Alkyd, Acrylic, Epoxy, Polyurethane and Polyester among others. The growing popularity of various types of protective coating resins, such as alkyd, acrylics, epoxy, polyurethane and polyester, in various end use applications, plays an important role in driving the market toward positive growth. Epoxy protective coating resins have excellent customizability and have easy to apply and remove properties. Rising demand for high performance and environment-friendly protective coating resins is also expected to drive the global protective coating resin market for epoxy segment.
Based on end use industry, the market has been segmented into infrastructure and construction, aerospace, automotive, industrial, marine, oil and gas, power generation and mining, among others. The growing construction industry and the requirement for protective coatings on equipment to protect them from wear and tear, and to increase their performance in exposed environment have been the key factors for the growth of the infrastructure and construction industry in the global protective coating resin market.
On the basis of formulation, the market has been segmented into solvent borne and water borne, among others. The rising demand for environment-friendly or volatile organic compounds (VOCs) free protective coating resins from countries such as Germany and France is expected to drive the growth of the global market. The water borne coating resins segment is expected to grow faster, irrespective of the restrictions levied by various countries over volatile organic compound emissions in the atmosphere.
Geographically, the global protective coating resin market has been segmented into Asia-Pacific, North America, Europe and Rest of the World. Asia-Pacific protective coating resin market is expected to witness the highest growth, owing to high demand from China and India. China is the largest market for protective coating resins, globally, with major demand coming from the marine industry. Additionally, the Indian government has introduced various investment promotion initiatives to assist infrastructure and construction projects, which is expected to support further growth in the global protective coating resin market. Improving economy along with increased demand from infrastructure and construction, oil and gas, marine, and automotive industries are expected to enhance the market for protective coating resin in Asia-Pacific.
Most of the key players in the global protective coating resin market have a competitive advantage over other manufacturers. The threat of new entrants in the markets of China, India, and other Asia-Pacific countries is high because of low cost of raw material and labor.
Global Protective Coating Resin Market Segmentation
By Resin Type
By End Use Industry