International. According to the new study published by Grand View Research, the global protective coatings market size is expected to reach US$50.86 billion by 2025, expanding at a CAGR of 7.7% during the forecast period.
Growing demand from the aerospace industry is expected to drive growth. It is also anticipated that demand for aerospace and defense equipment will witness significant growth worldwide during the forecast period and that the resurgence of threats to global security along with growth in the defense budget of key nations will drive the aerospace industry in the coming years.
Epoxy will expand at the highest growth rate
Based on the resin segment, the epoxy is anticipated to expand at the highest growth rate during the forecast period. Epoxy resin offers high flexibility and resistance to abrasion and corrosion, thus paving the way for its use as a protective coating in various end-use industries, such as automotive, construction, oil and gas, mining, power generation, marine and others.
The water-based segment is projected to witness substantial growth during the forecast period. Based on end-user, the industrial segment is projected to grow significantly over the next seven years. Industrial machinery is exposed to high temperatures, corrosive fluids and gases that can deteriorate it. The protective coating is used for heat exchangers, boilers, transformers, containers and material handling equipment to protect them from heat and moisture. They provide the equipment with better resistance to impact and abrasion due to their impermeability.