A protective coating is a layer of material that is applied to the surface of another material to inhibit or prevent corrosion. Metallic or non-metallic protective coatings are available in the market. These coatings are applied in a variety of ways and can be used for numerous purposes other than corrosion prevention.
The coating is widely used in construction, oil & gas, industrial, aerospace, power generation, marine, automotive, mining, and other end-use industries. An item’s integrity or function is protected by a coating applied to a number of surfaces. The market of proactive coatings is being driven by rising demand for these coatings in emerging economies and increasing demand for industrial equipment and machinery in the infrastructure, automotive, and construction industries.
Fortune Business Insights notes that the protective coatings market size was valued at USD 12.0 billion in 2020 and will grow to USD 21.2 billion by 2028 at a CAGR of 7.3% during the 2021-2028 period.
Less Availability of Raw Materials Amidst COVID-19
The pandemic’s impact on the market of protective coatings will have a cascading effect as the market continues to be severely impacted. The emergence of COVID-19 has halted the production of raw materials used in the production of these coatings. COVID-19 has caused a significant number of large-scale development and construction projects around the world to be delayed or postponed. Customers are closing stores, consumer spending is at an all-time low, and capital expenditures are nonexistent. Further, the construction, automotive, and transportation industries have been especially hit hard.
Electronics Industry Experiences Robust Growth
Electronic gadgets’ size, efficiency, and mobility have all changed significantly. Electronics are present all around us, from consumer electronics like smartphones, tablets, and wearables to specialized industrial equipment like automation controls. If not properly protected, elements within these devices can corrode when exposed to pollutants. This reduces electronic device performance and can result in electrical shorts and device failures.
Smaller, more advanced, closely Packed Printed Circuit Boards (PCBs) with elevated components, LEDs, and a variety of tiny components are putting electronic protective coatings to greater use. The electronic protection device coating aids in the protection of electronics against pollutants that may shorten their lifespan. This industry employs coating materials such as organic and inorganic chemicals, polymers, and metals. The function and application of the device determine material consumption.
Stringent Regulations Regarding Volatile Organic Compound to Hamper the Market
The market is concerned with protecting not only structures and objects but also the environment. This includes developing environment-friendly acceptable and nonmanufacturing technology as well as products that reduce Volatile Organic Compounds (VOC) and Harmful Air Pollutant (HAP) emissions. These coatings are made up of liquefying substances that melt away when exposed to the air in a chemical reaction. The evaporation of solvents from coatings emits VOCs and contributes to the formation of ground-level ozone and air pollution. It is the most harmful environmental impact of solvent-borne coatings. As a consequence of their substantial VOC emissions, more countries will enact legislation precluding the use of solvent-borne solutions.
Corrosion Concerns Drive the Market Growth in Various End-User Industries
Metals have a natural tendency to shift to a low energy state, which means they strive to form oxides, hydroxides, carbonates, sulfides, and other compounds depending on their environment. Lightweight metals have emerged as a preferred material in a variety of sectors. Aluminum, titanium, magnesium, and Chromoly steels have all become essential materials in the automotive, aerospace, and consumer goods industries. Owing to their abundant availability, exceptional strength-to-weight ratios, and adaptability, they are a popular choice for product engineers all over the world.
Epoxy Segment Generates High Revenue
The epoxy segment dominated the market and is expected to continue in this manner during the forecast period. The ability of epoxy coatings to withstand extreme cold and heat is highly valued. Another benefit of epoxy is that it dries quickly, resulting in minimal downtime while the coating cures. Epoxy is also impervious to chemical exposure, oil leaks, and surface scratches. This helps to keep the coating from deteriorating and necessitating repairs.
Protective Coatings; Ideal Method to Isolate Corrosion-Prone Surfaces
Protective coatings are a method of isolating corrosion-prone surfaces from the environmental elements that cause them. Protective coatings are the most widely used corrosion prevention methods. These coatings are a simple way to reduce corrosion by limiting the metal’s exposure to a corrosive environment.