Protective coating, also known as industrial coating is used to provide the added protection to the surface, which is likely to be exposed to harmful conditions or substances. Varied range of applications like printed labels and electric wiring; these products have found applications across various industrial verticals. According to the experts, the global protective coatings market will continue growing at a healthy rate. Rapid rise in the innovative applications and technological advancements in these products are expected to drive the growth for the market in the next few years. Strong characteristics of these coating materials are expected to help the manufacturers to find attractive business prospects around the world. The global market is poised to witness impressive growth across the emerging markets as well.
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Scope of Research – Market Segmentation
The global protective coatings market is segmented on the basis of the types of resins, technologies, applications and their demand from different geographic regions. The types of resins include polyurethane, acrylic, alkyd, polyester, epoxy and such others. Technologies in the market are categorized into water-borne, powder, solvent-borne and others. These coatings find major applications in the aerospace, automotive, construction, oil and gas, product finishes and such other industries. Growing demand from building and construction as well as the automotive sector are expected to drive the demand for the market in the years to come. On the basis of the geographic regions, the global market is divided into North America, Asia Pacific, Europe and rest of the world region, which include Middle East, Latin America and Africa.
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Drivers, Restraints & Forecasts
Rising demand from different industrial verticals is the major driving factor for the protective coatings market. This demand is driven by the growing applications segment of the industry. The products available in market possess high quality and durability for corrosion and fire protection. Strong rise in construction activities around the world are also creating potential growth opportunities for the market in the years to come. Industrialization, rapid economic growth of the emerging markets and advancing technologies are creating strong growth opportunities for the market in the regions like Asia Pacific, Latin America, Middle East and Africa. Technological advancements and invention of environment friendly products are also expected to create futuristic business opportunities for the existing as well as potential players in this market.
As per the latest report, the protective coatings market is set to maintain a steady growth rate of over 9% from 2014 to reach 6,701.3 KT by 2019. As of 2014, the market is estimated to be poised at 4,253.9 KT. Asia Pacific region is expected to witness strong growth during the forecasting period. This growth is attributed to the rising construction activities and growing automotive industry in the region.
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