New York City, NY, 23 April, 2020/ 24 Market Reports: It is estimated for the protective coating resins market to reach USD 21.47 Billion by 2021, registering a CAGR of 4.0% between 2016 and 2021. Increasing demand for protective coatings in emerging markets and high demand from industrial equipment and machinery in automotive, and infrastructure & construction industries are driving the growth of the market during the forecast period. Excellent adhesion and resistance to abrasion, impact, and chemical are the factors that are driving the growth of the market during the forecast period.
The infrastructure & construction industry is driving the growth of the market during the forecast period
Infrastructure & construction, oil & gas, marine, automotive, aerospace, mining, industrial, and power generation are the applications for the market. The infrastructure & construction industry is driving the growth of the market during the forecast period. The growing construction industry and the need for protective coatings on equipment to protect them from wear & tear and to increase their performance in vulnerable environments have been the key factors for the dominance of the infrastructure & construction industry in the protective coating resins market.
The epoxy segment accounted for the largest market share during the forecast period
Protective coating resins market is segmented into various resins types, such as acrylic, epoxy, polyurethane, alkyd, polyester, and others. The epoxy segment accounted for the largest market share, followed by alkyd. Epoxy protective coating resins accounted for the largest share due to their low volatility and unmatchable corrosion protection properties.
Rising demand for environmental friendly or volatile organic compounds is driving the market
The rising demand for environmental friendly or volatile organic compounds (VOCs)-free protective coating resins in countries such as Germany and France is expected to drive this market. The share of water borne coating resins is expwaterborneow over solvent-borne coatings due to the restrictions imposed by various countries over volatile organic compounds emissions in the atmosphere.
