Global Composite Coatings Market to Grow at a CAGR of ~7% During 2022-2031; Increased Utilization of Composite Coatings in Packaging Industry to Elevate Market Growth – Research Nester

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The major companies covered in Research Nester’s Global Composite Coatings Market research report are AkzoNobel, PPG Industries, Inc., Sherwin-Williams Company, RPM International Inc., AZTRON TECHNOLOGIES, LLC, Axalta Coating Systems, AW Chesterton Company, OM Sangyo Co., Ltd., Axalta Coating Systems, SURTECKARIYA Co., Ltd. and other key market participants.

NEW YORK, Oct. 21, 2022 (GLOBE NEWSWIRE) — Research Nester has published an in-depth market report on “Global Composite Coatings Market‘ for the forecast period, i.e. 2022 – 2031, which includes the following factors:

  • Market growth over the forecast period

  • Detailed regional summary

  • market segmentation

  • growth accelerator

  • challenges

  • Key market players and their detailed profiling

Global Composite Coatings Market Size:
The global composite coatings market is anticipated to grow at a CAGR of ~7% during the forecast period. i.e. 2022-2031. The growth of the market is attributed to significant growth in the packaging industry. In India, the packaging industry is one of the fastest growing, growing at around 20% annually. The use of composite coatings is increasing in the packaging industry. Composite coatings are multiple layers of shielding applied to a base material such as steel, concrete, or other material. Therefore, their importance in the packaging industry for the preservation of products is increasing.
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Also, as they are known to protect steel from corrosion, they are used extensively in industries such as aerospace, construction, steel, automotive and more. Additionally, the growth in the oil and gas industry is expected to fuel the growth of the market. Global oil production amounted to about 3 billion Mt in 2021. In chemical industry, poor selection of materials can cause big economic problems as well as potential dangers and accidents that can endanger people’s lives. Therefore, their demand in the oil and gas industry is growing.

Global Composite Coatings Market: Key Insights

  • North America holds the largest market share

  • Oil and gas segment with the highest growth

  • Asia Pacific to maintain the significant position in the market

Growth in construction industry to boost market growth
Due to the large population shift to the urban region, there was an enormous demand for construction activities. By 2050, 68% of the world’s population is expected to live in urban areas, up from 55% in 2018. Construction is one of the industries where composite coatings are most commonly used. They are typically used to prevent corrosion in steel. However, they are also used as heat and intumescent barriers on concrete and other materials.
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Also due to the rising investments in the construction industry, it is expected that the growth of the market will be further driven. China, the US and India are expected to lead and account for about 50% of total global growth by 2030 when it comes to construction spending, which is expected to reach about $15 trillion globally. Furthermore, the growth in the steel industry is expected to further drive the market growth. According to the World Steel Association, average global steel consumption per person has increased from 150 kg in 2001 to nearly 230 kg in 2020, contributing to global prosperity.

Global Composite Coatings Market: Regional Overview
The global composite coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

Growing chemical industry in North America is expected to drive market growth
The composite coatings market in the North America region is projected to generate the largest revenue through the end of 2031, supported by accelerating growth in the chemical industry. After a decline in production volume in 2020 caused by the COVID-19 pandemic, chemical industry production volume in the United States is expected to increase by about 3 percent in 2022.
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Increase in the number of transport vehicles in the Asia Pacific region
It is estimated that the market in Asia Pacific region will hold the significant growth of the market. The growth is due to the increase in the number of transport vehicles in this region. About 7 million vehicles were sold in the Asia-Pacific region in 2021. This was an increase from 2015 when the Asia Pacific region sold approximately 6 million vehicles. Composite packaging is used to protect these vehicles prior to sale or delivery. The population increase in this region is also expected to further drive the market growth. The more the population, the greater the sale of vehicles would be.

The study further considers YOY ​​growth, demand and supply, and projected future opportunities in:

  • North America (USA, Canada)

  • Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, rest of Europe)

  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)

  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)

  • Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of Middle East and Africa).

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Global Composite Coatings Market Segmentation by End-User

  • Aerospace & Defense

  • Industrial

  • Medical

  • food industry

  • Oil Gasoline

  • transport

  • Other

The oil and gas segment is expected to hold the significant market share until the end of 2031. The segment’s growth is attributed to the growth of the oil and gas industry during this period. India’s oil consumption is expected to increase significantly by a factor of two to around 10 million barrels per day by 2045. To increase the hardness and durability of equipment such as pipelines, boats and underwater equipment, composite coatings are used to provide layers of protection. The oil and gas sector uses composite coatings in a range of activities including refining and petrochemical manufacturing, transportation and storage, and exploration and production. As a result, the growth of the oil and gas sector is expected to bring in significant sums of money to the major players in the composite coatings market.
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Global Composite Coatings Market segmentation by Application

  • corrosion protection

  • heat protection

  • UV protection

  • Other

Of these segments, the anti-corrosion segment is expected to take the largest share by the end of 2031. Their demand is high in transportation and the oil and gas industry. Therefore, growth in the transportation and oil and gas industries is expected to further fuel segment growth. Increasing investments in the oil and gas industry are also expected to fuel the growth of this segment. For example, ONGC announced it will invest approximately $3 billion from FY22 to FY25 in May 2022 to expand its exploration activities in India.
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Some of the well-known leaders in the global composite coatings market profiled by Research Nester are AkzoNobel, PPG Industries, Inc., Sherwin-Williams Company, RPM International Inc., AZTRON TECHNOLOGIES, LLC, Axalta Coating Systems, AW Chesterton Company, OM Sangyo Co., Ltd., Axalta Coating Systems, SURTECKARIYA Co., Ltd. and other key market participants.

Recent development in the global composite coatings market

  • On 13 July 2022, PG announced it would be working with UK airline brand and design consultant Aerobrand to offer airline customers a dedicated solution combining paint supply with livery design. Customers can work closely with designers at PPG LIVERY LAB’s aircraft coatings and design facilities in Burbank, California and Shildon, UK to develop bespoke paint colors and directly contribute to the design of their livery.

  • On July 6, 2022, AkzoNobel would expand its range of high-performance coatings after entering into an agreement to purchase the liquid rim coatings business of Lankwitzer Lackfabrik GmbH.

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