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Protective Coatings is applied to substrate surface to protect it from corrosion and external environmental conditions. It is a thick cohesive film that is used for sealing, waterproof, flooring, and chemical & wears resistance. Vapour deposition, chemical & electrochemical techniques, spraying, roll to roll and physical coating are some of the techniques used to apply the coating. It is also used for coating heat exchangers, containers, transformers, boilers, and other machines.
Increase in construction activities shall foster the industry growth. The increasing spending of governments for housing projects, smart city projects, commercial parks, malls and other infrastructure is likely to boost the market. For instance, the Pradhan Mantri Awas Yojana initiative by government to provide affordable house for urban poor. Moreover, the growing demand from end-use sectors like oil & gas, power and automotive is expected to drive the market.
Key Market Driver -
Increasing demand for protective coatings in construction industry.
Key Market Restraint -
Stringent rules imposed by government authorities.
However, the stringent rules imposed by regulatory authorities regarding the discharge of VOCs during manufacturing of the coatings are likely to hinder the market growth.
Based on the type, the market is segmented into acrylic, epoxy, polyurethane, alkyd, polyester and other. Based on formulation, the market is segmented into solvent based, water based and powder based. Based on end-use industry the market is segmented into building & construction, oil & gas, industrial, marine, mining, power, automotive and other.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The key players operating in the Protective Coatings market are the sherwin williams company, PPG industries, AkzoNobel, Nippon Paints, Axalta, Hempel, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific holds the largest share in market owing to the huge demand from end use sectors like industrial, construction, mining, power generation and oil & gas. Moreover the presence of large number of manufacturers in the region is likely to boost the regional market. North America is the second largest market owing to the growing infrastructure and construction sector. Europe is estimated to show moderate growth due to the demand from automotive industries for passenger cars & commercial vehicles. The Latin America and Middle East & Africa is expected to show moderate growth.
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