Italy Protective Coatings Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Italy Protective Coatings Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Italy's Protective Coatings Market was valued at USD 300 million by the end of this year, and the market is projected to register a CAGR of over 3.5% during the forecast period.

COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily.

• The driving factors that tend to the market growth include initiatives and policies from the government for the development of infrastructure, increasing revenue generation from various industries such as plastics, pharmaceutical among others, and a rising trend of a shift in focus towards bio-based coatings are the key market trends that are driving the market.
• The infrastructure sector dominated the market and will likely continue its dominance during the forecast period.
• The Russia-United Kingdomraine war has impacted the supply chain, causing a hike in raw materials prices and creating a hindrance in the market.
• The growing options for bio-based coatings are further likely to provide opportunities for the studied market during the forecast period.

• The infrastructure sector is one of the major end users of protective coatings. The industry requires corrosion and environmental effects-resistant coatings due to exposure of infrastructure surfaces to heat & sunlight, water, and acid rain, dust, and other chemical effects.
• The infrastructure sector uses protective coatings for bridges and coastal Structures, including roads and rail structures, Water Treatment, public power generation, transmission, and other infrastructure, including public buildings. Moreover, organizations in Italy are shifting focus towards strict environmental regulations, which has led to an increased demand for sustainable coating systems with lesser VOCs and longer life, which may be effective in protecting assets.
• In 2022, as a part of the 2022-2021 Industrial Plan of Italy, rail transport is one of the significant areas to be focussed on in terms of economic generation. For instance, the Italian railway company FS has planned to invest around 190 billion USD in overland transport and 160 billion USD in infrastructure to improve the rail infrastructure over the next ten years.
• Moreover, in 2022, the Italian authorities planned to invest USD 3.9 billion in improving water infrastructure and reducing leaks in cities and farming areas, thus likely creating demand for protective coatings.
• All the above factors are expected to augment the demand for protective coatings for the infrastructure sector during the forecast period.

• With increasing urbanization and demand for better products in Italy, companies have scaled up production with more efficient processes and increased manufacturing units so as to cater to each and every segment of the country. The increase in demand for more manufacturing units has created a growth in the demand for protective coatings in Italy.
• Various industries including Food Processing Industry, Pulp, and Paper Industry, pharmaceutical industry, and warehouses among others are witnessing a growth in the demand for end-user products which has indirectly led to the setup of new units, thus causing a hike in the demand for protective coatings in the region.
• For instance, in 2021, food retail sales in Italy reached USD 167.8 billion which is an increase of 2.9% in comparison to 2020. In addition, after a 3% contraction in 2020, Italian food & beverages value-added output rebounded by 4% in 2021. Moreover, dairy production and processing have also witnessed growth post-pandemic with a year-on-year change in value-added output of 1.9% growth in 2021 after a contraction of 2.8% in 2020.
• Post-pandemic, the country is witnessing a hike in the pharmaceutical sector with the demand in construction of warehouses and manufacturing units which has led to an increased production of pharmaecutical products in the market. For instance, GXO, one of the largest logistics provider, has opened a new 20,000-square-meter facility in June 2022 to cater to the demand for deliveries to hospitals, clinics, laboratories, pharmacies and wholesalers.
• All the above-mentioned factors are expected to have a positive impact on the demand for protective coatings for the industry and processing sector during the forecast period.

The Italy protective coatings market is fragmented in nature. Some of the major players in the market (not in any particular order) include RPM International Inc, AkzoNobel NV, Jotun, The Sherwin-Williams Company, and PPG Industries, among others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support