Composite Coatings Market Forecasts to 2028 – Global Analysis By Resin (Polyamide, Epoxy, Polyester), Application (Anti-Corrosion, Thermal Protection), End User (Industrial, Oil & Gas) and By Geography
According to Stratistics MRC, the Global Composite Coatings Market is growing at a CAGR of 9.2% during the forecast period. Composite coatings are produced by joining two or more substances protecting against corrosion. These coatings are manufactured using various resins, including polyurethane and epoxy. Composite coatings are protective layers applied to substrates such as steel, concrete, or any other substrate material. Different layers of composite coatings include adhesive treated substrate, primer, base coat, and top coat. It provides superior waterproofing and corrosion protection. Composite coating protects against heat, corrosion, fire, and harmful radiations. Composite coating protects against heat, corrosion, fire, and harmful radiations.
Market Dynamics:
Driver:
Rapid expansion in automotive and aerospace industries
Rapid expansion in automotive and aerospace industries is the key factor driving the global composite coatings market. Anti-corrosion properties of composite coatings are also anticipated to drive the coatings market. Various other industries which employ composite materials are automotive, manufacturing, oil & gas, and aerospace. Composite coating materials are spread on various substrates with the help of technologies such as Electro less plating, laser melt injection, and brazing.
Restraint:
High costs associated with the manufacturing process
The high costs associated with the manufacturing process will pose a major challenge to the growth of the composite coatings market. Furthermore, there are certain advanced techniques such as electroless and electrochemical plating. Initiatives taken by the manufacturers to invest in R&D to come up with a better, environment-friendly, and low-cost product is expected to have a positive impact on the industry trends.
Opportunity:
Budding wind energy industry
The wind turbine composite demands the moderate use of carbon fibers, as these fibers offer high strength-to-weight ratio and greater durability to the structural parts of wind turbines, such as blades and nacelles. This offers lucrative opportunities for composites manufacturers to expand their production capacity and geographic reach. Several countries in the MEA and LATAM regions, such as Egypt, South Africa, and Morocco, as well as Mexico and Brazil, respectively, have started producing wind power.
Threat:
Fluctuations in the prices of raw materials
Fluctuations in the prices of raw materials will further derail the composite coatings market growth rate. There was a shortage of raw materials, mainly base chemicals for resins, used for producing resins. The shortage was caused due to a surge in oil prices, followed by a demand and supply gap, which led to increased competition from other industries using resins, such as adhesives & sealants, and composites.
The oil & gas segment is expected to have the highest CAGR during the forecast period
The oil & gas segment is growing at the highest CAGR in the market. The oil & gas industry uses composite coatings in both the upstream and downstream segments for the movement of oil and gas toward the refineries. This, along with the need to adhere to strict environmental regulations, has led to the demand for a coating system with a long life, which may be effective in the protection of the assets.
The transportation segment is expected to be the largest during the forecast period
The transportation segment is expected to be the largest share in the market. Composite coatings offer numerous features comprising uniform coating thickness, accuracy, stiffness, and consistency in comparison to powder coatings, because of which they are utilized in various end-use industries.
Region with highest share:
North America is projected to hold the largest share in the market due to rising demand for aerospace, defense, oil & gas, and transportation applications. Rising demand for low VOC coatings owing to rising consumer awareness towards health and safety coupled with stringent regulations to limit adverse effects of the coatings on the environment is expected to compel manufacturers to invest in R&D and innovations to meet these criteria.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR during the forecast period due to the growth and expansion of various end-user verticals in this region, rising industrialization, and growth in the number of vehicles.
Key players in the market:
Some of the key players profiled in the Composite Coatings Market include A.W. Chesterton Company, Axalta Coating Systems, LLC, Composite Coating Inc., Electrochem, Interpalte Ltd., KC Jones Plating Company, NEI Corporation, Nickel Composite Coatings, Inc., OM Sangyo Co., Ltd., Poeton Industries Ltd., PPG Industries, Inc., Sharretts Plating Company, Surteckariya Co., Ltd., Walter Hunger GmbH & Co. Kg, and Verometal.
Key developments:
In February 2022: PPG acquired powder coatings manufacturing business of Arsonsisi. It is a leading supplier of specialty powder coatings for the architectural and industrial markets. Powder coatings are a highly sustainable product offering with enhanced durability, transfer efficiency and the ability to be reclaimed or reused during application.
In March 2018: NEI Corporation launched UV-Protect Technology to NANOMYTE® Coating Line. The NANOMYTE® line of protective coatings and surface treatments provide tailored functionalities, such as hydrophobicity, superhydrophobicity, oleophobicity, superoleophobicity, self-healing, fog resistance, self-cleaning (or easy-to-clean), scratch resistance, anti-corrosion, and anti-icing.
Techniques Covered:
Laser Melt Injection
Brazing
Electroless Plating
Other Techniques
Resins Covered:
Polyamide
Epoxy
Polyester
Applications Covered:
Anti-Corrosion
Ultraviolet (UV) Protection
Thermal Protection
End Users Covered:
Industrial
Oil & Gas
Aerospace & Defense
Transportation
Other End Users
Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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