Coatings play a significant role in protecting assets in the industrial, commercial, and architectural markets. Protective coatings are one of the widely used coatings to prevent welded steel joints from corrosion. It improves the protective qualities of welded joints and lessens corrosion’s impact. Furthermore, protective coatings are used in the infrastructure and civil construction sector for wood finishes, flooring, interior and external walls, doors, bridges, swimming pools, and ceilings. As a result, this enhances the growth of the market in upcoming years
Data Bridge Market Research shows that the South America Protective Coating Market accounted for USD 1,961,149.90 thousand in 2022 and is expected to reach USD 2,503,687.46 thousand by 2029. The market is expected to grow with a CAGR of 3.1% in 2023-2030.
“Increasing demand of protective coating in the infrastructure sector is expected to drive the market growth”
The infrastructure sector is the major consumer of the protective coatings market. Surface deterioration of a structure is a major issue in the infrastructure industry. Surface deterioration may lead to structural problems because of corrosion and loss of cover of surface reinforcements. Protective coatings are widely used in the infrastructure industry to minimize deterioration. This coating material should be compatible if there is an expansion or a contraction during temperature changes and be durable and bond well to the surface of the substrate. Therefore, increasing demand for protective coating in the infrastructure industry is expected to drive the growth of the protective coating market during the forecast period.
What restraints the growth of the protective coating market?
“Growing price of raw materials and energy”
The protective coatings are very expensive than normal coatings because the production of these coatings requires crude oil. The increasing prices of crude oil and foreign currency fluctuations are increasing the expense of raw materials. Therefore, the manufacturing cost of protective coatings is also increasing. Manufacturers of protective coatings are also suffering because of increasing taxes on energy, resulting in higher lower profits and operating costs. These factors may hamper the growth of the market during the forecast period.
Segmentation: South America Protective Coating Market
The protective coating market is segmented on the basis of type, product type, manufacturing process, technology, application and end-user.
- On the basis of type, South America protective coating market is segmented into inorganic coating and organic coating.
- On the basis of product type, South America protective coating market is segmented into acrylic, epoxy, polyester, polyurethane, alkyd, vinyl esters and others.
- On the basis of manufacturing process, South America protective coating market is segmented into mechanical method, chemical method and electrochemical method.
- On the basis of technology, South America protective coating market is segmented into solvent-borne, water-borne, powder coating, UV-cured and others.
- On the basis of application, South America protective coating market is segmented into pigments, specialized resins, fillers and others.
- On the basis of end user, South America protective coating market is segmented into building and construction, aerospace, automotive, industrial, marine, oil and gas, power generation, mining and others.
Regional Insights: Brazil is expected to dominate the South America protective coating market
Brazil is expected to dominate the market and grow significantly because of the increasing demand for protective coating in this region. Furthermore, increased spending on hotels and restaurants, which resulted in growing renovation and decoration activities, will further boost the market growth in this region.
Recent Developments: South America Protective Coating Market
- In 2022, the Polynt Group stated that it would be growing manufacturing of its coating resins better to meet the demands of the North American coatings market. The company is increasing to offer more advanced resin technologies such as copolymer, emulsion, alkyd, urethane, and polyester to the paint and coatings industry, which is rapidly expanding.
- In 2021, The Company PPG Industries Inc. stated that it would increase many coatings available to wastewater treatment plants. The extended product line features high-performance, corrosion-resistant options for various wastewater management procedures.
- In 2020, BASF SE introduced a new portfolio named Joncryl 953X with five acrylic dispersions for floor and furniture coatings. It provides sustainable solutions for zero to low VOC levels. With this development, the company can increase its sustainable product market.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/south-america-protective-coating-market
The Prominent Key Players Operating in the Protective Coating Market Include:
- BASF SE (Germany)
- Akzo Nobel N.V. (Netherlands)
- PPG Industries (U.S.)
- Valspar (U.S.)
- The Sherwin-Williams Company (U.S.)
- Axalta Coating Systems LLC (U.S.)
- Berger Paints India Limited (India)
- Nippon (India) Paint Company Limited (India)
- KANSAI PAINT CO., LTD (Japan)
- RPM International (U.S.)
- Tikkurila OYJ (Finland)
- Endura Manufacturing Company Ltd (Canada)
- Kansai Paint Co., Ltd. (Japan)
- TAO-CHUGOKU CO., LTD. (Thailand)
- Thermal Chem Corporation (U.S.)
- Asian Paints (India)
- MBCC Group (Germany).
Above are the key players covered in the report, to know about more and exhaustive list of protective coating market companies contact? https://www.databridgemarketresearch.com/contact
Research Methodology: South America Protective Coating Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
