The global protective coatings market size, which was valued at USD $12.2 billion in 2021, is expected to reach USD $16.7 billion by 2030, recording an estimated CAGR (compound annual growth rate) of 3.40% over the forecast period (2022–2030), according to Straits Research.
The protective coating is widely used in construction, oil & gas, aerospace, industrial, marine, automotive, power generation, mining, and protects a range of surfaces from the elements, which could jeopardise an item’s operation or integrity. The building industry’s global expansion has boosted demand for protective coatings dramatically.
A growing demand for green coatings has driven the market. Green coatings are formulations that have been designed to have the least amount of environmental impact possible throughout their supply chain. These coatings are eco-friendly throughout their entire life cycle and in addition to raw materials and emissions, green coatings have reduced fire risk during handling and storage.
Asia-Pacific now has the dominant position in the global protective coatings market and is expected to witness the highest CAGR during the 2022-2030 forecast period. It is predicted to reach a value of USD $8,825 million by 2030 at a CAGR of 4.3%.
China is a key hub for chemical processing in the Asia-Pacific and accounts for a significant proportion of the chemicals produced globally. With the increasing need for various chemicals worldwide, the demand for protective coating from this sector is expected to rise during the forecast period.
North America holds the second-largest share in the regional market and is estimated to reach a predicted value of USD $3,475 million by 2030 at a CAGR of 2.9%. Protective coatings have a significant demand from the United States construction sector compared to the other countries in North America due to their larger market size and active investments in the development of the construction sector.
Europe takes third place in the market with estimated value to reach of USD $2,750 million by 2030 at a CAGR of 2.7%. The chemical industry in Germany is the largest in Europe. Germany is the primary chemical manufacturer, accounting for more than 70% of all chemical exports from Europe.
In the future years, the industry is predicted to expand, which will increase demand for the market under consideration. The market analysed is expected to grow over the projection period, thanks to increased demand from major end-user industries.