Composite Coatings Market in value terms was valued at USD 889.2 million in 2022 and is predicted to reach USD 1,386.9 million in 2028 with an annual expansion rate of 9.3% between 2023-2028
Composite coatings are manufactured by combining two or more protective substances against corrosion. These coatings are made from a variety of resins, like polyurethane and epoxy, which provide excellent impermeability and corrosion protection, and are preferred by end-use businesses like oil and gas and aerospace. The growing call for these coatings in the oil and gas industry, where transportation and pipelines are critical components, is predicted to drive call in the next five years. Composite coatings are protective layers applied to substrates. They offer excellent corrosion protection and excellent waterproofness. The construction industry is one of the most common businesses for end-users of composite coatings. These coatings are generally employed to protect steel from corrosion in the construction industry. Commonly employed composite coatings are lightweight; therefore, help improve fuel efficiency. In addition to construction, other businesses that use composite materials include manufacturing, automotive, aerospace, and oil and gas. Composite coatings have interesting features, like uniform coating thickness, precision, and consistency.
The growing call for self-lubricating and anticorrosive composite coatings in the transportation industry and the chemical and anticorrosive resistance in the oil and gas industry are the key factors for the expansion of the global composite coatings market. The worldwide industry for composite coatings is predicted to grow at a substantial rate due to the rising calls for oil and gas, transportation, and the marine industry. The product offers superior resistance to corrosion and chemicals that are predicted to have a positive impact on industry trends in the next eight years. Furthermore, it exhibits excellent insulating features and offers an attractive finish, which is predicted to boost the industry during the foreseen period.
The rapid expansion of the automotive and aerospace businesses is the key driver of the global composite coatings industry. The anti-corrosive features of composite coatings are also predicted to drive the worldwide industry for composite coatings. Population expansion and rapid industrialization are important factors driving the industry for composite coatings in emerging economies. Composite coatings are employed in the coating of cells. They are also employed to coat the blades of wind turbines. Escalated awareness of renewable energy is believed to increase the consumption of composite coatings. The growing call for self-lubricating and corrosion-resistant composite coatings in the transportation industry and resistance to corrosion and chemicals in the oil and gas industry are the main factors that are contributing greatly to the expansion of the global composite coatings market. A strong call for composite coating in the transportation and infrastructure sectors for corrosion protection and self-lubrication is driving industry expansion. The growing call for composite packaging in the oil and gas industry due to chemical and corrosion resistance is driving industry expansion. The increase in automotive production in Asia-Pacific is also driving this business.
The global composite coatings industry is growing rapidly, in terms of value. However, there are some factors that act as constraints on your expansion in the worldwide industry. The high cost of production is a major obstacle to the expansion of the composite coatings business. The enormous manufacturing cost hinders the expansion of the market.
The attractive expansion opportunities offered by the oil and gas industry are predicted to drive the composite coatings industry in the near future.
The roller method of applying coatings is faster than brushing but is not commonly employed. It is not suitable for rarely flat surfaces like steel, which limits its application in some businesses like construction. This technique is considered to be less effective in various events, including roof sheeting, fastening, and corners, limiting its use against its counterparts, which should hamper your industry.
REPORT METRIC |
DETAILS |
Market Size Available |
2022-2028 |
Base Year |
2022 |
Forecast Period |
2023-2028 |
CAGR |
9.3% |
Segments Covered |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
|
Market Leaders Profiled |
Axalta Coating Systems, LLC, A.W. Chesterton Company, KC Jones Plating Company, PPG Industries, Inc., OM Sangyo Co., Ltd., Poeton Industries Ltd., Nickel Composite Coatings, Inc., Surteckariya Co., Ltd., Sharretts Plating Company, and Walter Hunger GmbH & Co. Kg. |
Composite Coatings Market - By Application:
Anti-Corrosion
UV Protection
Thermal Protection
Others
Composite coatings for anti-corrosion applications occupy a large part of the industry due to their remarkable features, like uniform coating thickness, precision and consistency, and the like. Due to these characteristics, they are employed in large volumes in businesses like industry, transportation, and oil and gas.
Transportation
Aerospace and Defense
Industrial
Oil & Gas
Others
The transportation end-use business has been predicted to be the quickest-developing sector of the industry. Composite coatings offer many characteristics including uniform thickness, precision, stiffness, and consistency of the coating compared to powder coatings, making them employed in various end-use businesses.
The composite coatings Market Report includes the segmentation of Regions with their respective Countries.
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America is predicted to be the fastest-growing industry for composite coatings in the next five years. The main factors driving its expansion are the growing call from the transport, aerospace, and defense businesses. These advanced coatings are employed for various equipment employed in these businesses because they provide uniform coating thickness, precision, stiffness, and consistency, resulting in the low cost of maintenance required. The expansion of the automotive industry coupled with technological advancements is predicted to fuel the composite coatings business in Europe.
The growing population and rising number of transport vehicles in China and India are driving the composite coating industry in the Asia Pacific. In Latin America, recent developments in the aerospace, building, and construction businesses are predicted to drive the composite coatings industry in the near future. Escalated immigration and rapid urbanization in the Middle East and Africa are driving the composite coatings industry in the region. Asia-Pacific and Europe are also predicted to offer substantial expansion opportunities in the next five years.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]