Global protective coatings market size was valued at over USD 12.5 billion in 2015, growing at a CAGR of more than 9% from 2016 to 2023. Increasing population and growing industrialization are likely to be the key growth factors. Increase in industrial growth coupled with technology advancement is also expected to boost composite coatings market size.
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The composite coatings market is diversified in nature due to the presence of various applications such as buildings & construction, marine, automotive, oil & gas, aerospace and metal forming. Asia Pacific contributed more than 40% of the total building & construction spending in 2015. China was the major contributor with total spending of more than USD 1.75 trillion in the same year followed by Japan and India which spent over USD 740 billion and USD 425 billion, respectively. Middle East & Africa is expected to grow at a significant rate due to the huge future investment in Saudi Arabia, Qatar and UAE. The witnessed growth in this sector is likely to create more opportunities for composite coatings market.
Automotive is likely to be an attractive segment owing to the increasing demand for vehicles and growth in transportation industry. Global automotive production was above 89.73 million units in 2015. China was the dominant country with more than 23.72 million production units in 2015. North America was the second major region with total production of 17.41 million units in the same year. Increasing trend for light weight vehicles in order to be more fuel efficient coupled with growing environmental concern is anticipated to create new opportunities for the composite coatings market.
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This latest Composite Coatings market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Composite Coatings industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report “Composite Coatings Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023.”in detail along with the table of contents:
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Key Insights in this Report
- Composite Coatings market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Composite Coatings market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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