Protective Coatings Industry: How Will the Industry Fare in the Coming Years?
A protective coating may be 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 within the market.
These coatings are applied during a variety of ways and can be used for numerous purposes other than corrosion prevention.
The coating is widely utilized 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 variety 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 within 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 can grow to USD 21.2 billion by 2028 at a CAGR of seven .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 because the market continues to be severely impacted.
The emergence of COVID-19 has halted the assembly of raw materials used in the production of these coatings. COVID-19 has caused a big 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 rock bottom , and capital expenditures are nonexistent. Further, the development , automotive, and transportation industries are 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 device performance and can result in electrical shorts and device failures.
Smaller, more advanced, closely Packed computer circuit Boards (PCBs) with elevated components, LEDs, and a spread of tiny components are putting electronic protective coatings to greater use.
The electronic protection device coating aids within the protection of electronics against pollutants that may shorten their lifespan.
This industry employs coating materials like organic and inorganic chemicals, polymers, and metals. The function and application of the device determine material consumption.
Stringent Regulations Regarding Volatile compound to Hamper the Market
The market is worried with protecting not only structures and objects but also the environment.
This includes developing environment-friendly acceptable and nonmanufacturing technology also as products that reduce Volatile Organic Compounds (VOC) and Harmful Air Pollutant (HAP) emissions.
These coatings are made from 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 pollution . it’s the most harmful environmental impact of solvent-borne coatings.
As a consequence of their substantial VOC emissions, more countries will enact legislation precluding the utilization of solvent-borne solutions.
Corrosion Concerns Drive the Market Growth in Various End-User Industries
Metals have a natural tendency to shift to a coffee energy state, which suggests they strive to form oxides, hydroxides, carbonates, sulfides, and other compounds counting on their environment. Lightweight metals have emerged as a preferred material during a variety of sectors. Aluminum, titanium, and magnesium have all become essential materials within the automotive, aerospace, and commodity industries. due to their abundant availability, exceptional strength-to-weight ratios, and adaptableness , they’re a popular choice for product engineers all over the world.
Epoxy Segment Generates High Revenue
The epoxy segment dominated the market and is predicted to continue in this manner during the forecast period.
the power of epoxy coatings to withstand extreme cold and heat is highly valued.
Another advantage of epoxy is that it dries quickly, leading to minimal downtime while the coating cures.
Epoxy is additionally impervious to chemical exposure, oil leaks, and surface scratches.
This helps to stay the coating from deteriorating and necessitating repairs.
Protective Coatings; Ideal Method to Isolate Corrosion-Prone Surfaces
Protective coatings are a way of isolating corrosion-prone surfaces from the environmental elements that cause them.
Protective coatings are the foremost widely used corrosion prevention methods.
These coatings are an easy way to reduce corrosion by limiting the metal’s exposure to a corrosive environment.