Chemical Resistant Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Chemical Resistant Coatings Market Analysis
The market for chemical resistant coatings is expected to grow to reach USD XX million at a CAGR of more than 5% during the forecast period.
Due to COVID-19, the chemical resistant coatings market has been negatively impacted. Due to the imposed lockdowns in the first half of 2020, and travel restrictions, the industries were shut for the most part of the first half of the year. The Oil and gas demand has fallen drastically due to the restrictions imposed by the governments across the globe. However, in the second half of the year most of the industries were working at a minimum capacity, and the lifting of travel restrictions and relaxation of the lockdowns are a positive sign for the market studied.
- Over the Short term, The major factor driving the growth of the market studied include growing infrastructure and industrialization activities in Asia-Pacific region and expansion in oil and gas activities in Asia-pacific and North America region.
- On the flipside, complex production process and high investment cost, and unfavorable conditions arising due to COVID-19 impact on the overall market are expected to hinder the growth of the market studied.
Chemical Resistant Coatings Market Trends
This section covers the major market trends shaping the Chemical Resistant Coatings Market according to our research experts:
Oil and Gas Segment to Dominate the Market
- Chemical resistance coatings have been a necessity in a variety of applications in construction and infrastructure. These coatings are often used for layering, varnishing, or flooring applications in wastewater treatment plants, sewer, containment zones, and power plants, among others.
- The global water consumption rate has been increasing by 100%, every twenty years. The rising scarcity for potable water, coupled with the growing population and increasing water demand, is the major concern that has been driving the demand for the water treatment industry. The growing number of construction of water treatment plants has been mainly driving the demand for the market studied.
- The Council on Energy, Environment & Water (CEEW), in association with the 2030 Water Resources Group, has been planning to improve wastewater management in India, along with increasing private investments to build wastewater treatment plants.
- Additionally, the increasing investments and establishment of new manufacturing plants in the food processing industry are expected to drive the market studied, during the forecast period.
- Construction of new power plants have also been boosting the chemical resistant coatings for flooring in the recent times.
- Therefore, the growing construction of water treatment plants, power plants, and food and beverage units in various countries is expected to boost the demand for the market studied, during the forecast period. However, the COVID-19 breakdown has resulted in the stalling of construction activities in many countries all over the world. This scenario is likely to have an impact on the demand for market studied in a short-term. The situation is expected to recover gradually in the coming years.
China to Dominate the Asia-Pacific Market
- In Asia-Pacific, China is the largest economy, in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with United States.
- Although China was the first country affected by the COVID-19 and its related lockdown, it is the first country that has come out of the lockdowns and is starting its long journey towards normalcy. However, as a major chunk of the Chinese economy is linked to foreign exports where demand is still low will negatively affect the Chinese industry in the near future.
- In China, the construction industry grew at a strong pace in 2020, even though the growth slowed down during the first half of the year. The construction sector has supported the economic growth in the country, while the US-China trade war affected the performance in other industries, such as automotive, electronics, etc.
- <Such increase in the number of infrastructure project approvals during 2020 is likely to stimulate infrastructure spending over the following two years. The government more than doubled the investment on large-scale infrastructure projects approved during 2020 with total expected investment around CNY 849.3 billion (USD 131 billion) in order to ensure the steady growth of the economy.
- In 2021, the country still planned to rely on state infrastructure spending to avert the anticipated scenario of sharper slowdown. In this regards, the country strategized to boost infrastructure investment and offer more special bonds.
- The non-residential infrastructure is also expected to grow considerably in the country. The spread of COVID-19 in the country is currently driving the construction of healthcare facilities and new hospitals in 2020, while aging population has also been adding to the need to increase domestic healthcare infrastructure.
- In the recent years, the entry of major construction players (from the European Union) in China has further fueled the growth of this industry. Moreover, China is expected to spend nearly USD 13 trillion on building.
- There are around 1,944 municipal wastewater treatment plants across China's city/urban regions and 1,599 municipal wastewater treatment plants across China's counties, accounting for daily processing capacities of 140 and 29 million cubic meters, respectively. In the 13th FYP, China aims to spend around RMB 559 billion or 0.75% of its GDP on its water treatment industry, driving chemical resistant coatings demand from the sector.
- COVID-19 has negatively affected the Chinese economy in the first quarter of 2020. The communist party of China used the investment in the construction sector as a tool to fuel economy when it faces slowdown and we are expecting a similar fiscal push by government in real estate to manage the crisis which will revive the demand for chemical resistant coatings for construction applications in the country during the forecast period.
Chemical Resistant Coatings Industry Overview
The chemical resistant coatings market is fragmented, with the presence of majorly multi-national players. Some of the major players include PPG Industries Inc., Sika AG, The Sherwin-Williams Company, BASF SE, and Jotun, among others.
Chemical Resistant Coatings Market Leaders
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PPG Industries Inc
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The Sherwin-Williams Company
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BASF SE
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Jotun
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Sika AG
*Disclaimer: Major Players sorted in no particular order
Chemical Resistant Coatings Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Expansion of Oil and Gas Activities in APAC and North America
- 4.1.2 Growing Infrastructure and Industrialization in the Asia-Pacific Region
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4.2 Restraints
- 4.2.1 Complex Production Process and High Investment Cost
- 4.2.2 Unfavorable Conditions Arising due to COVID-19 Impact
- 4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 Resin
- 5.1.1 Epoxy
- 5.1.2 Polyester
- 5.1.3 Fluoropolymers
- 5.1.4 Polyurethane
- 5.1.5 Other Resins
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5.2 Technology
- 5.2.1 100% Solids
- 5.2.2 Solvent Borne
- 5.2.3 Powder
- 5.2.4 Water-borne
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5.3 End-user Industry
- 5.3.1 Chemical
- 5.3.2 Oil and Gas
- 5.3.3 Marine
- 5.3.4 Construction and Infrastructural
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5.4 Geography
- 5.4.1 Asia-Pacific
- 5.4.1.1 China
- 5.4.1.2 India
- 5.4.1.3 Japan
- 5.4.1.4 South Korea
- 5.4.1.5 Rest of Asia-Pacific
- 5.4.2 North America
- 5.4.2.1 United States
- 5.4.2.2 Canada
- 5.4.2.3 Mexico
- 5.4.3 Europe
- 5.4.3.1 Germany
- 5.4.3.2 United Kingdom
- 5.4.3.3 Italy
- 5.4.3.4 France
- 5.4.3.5 Spain
- 5.4.3.6 Rest of Europe
- 5.4.4 South America
- 5.4.4.1 Brazil
- 5.4.4.2 Argentina
- 5.4.4.3 Rest of South America
- 5.4.5 Middle-East and Africa
- 5.4.5.1 Saudi Arabia
- 5.4.5.2 South Africa
- 5.4.5.3 Qatar
- 5.4.5.4 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 BASF SE
- 6.4.2 Akzonobel NV
- 6.4.3 Daikin Industries Ltd
- 6.4.4 Hempel AS
- 6.4.5 Jotun
- 6.4.6 Kansai Paint Co. Ltd
- 6.4.7 PPG Industries Inc.
- 6.4.8 RPM International Inc.
- 6.4.9 Sika AG
- 6.4.10 The Sherwin-Williams Company
- 6.4.11 VersaFlex Incorporated
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Development of Lignin-based Polyurethanes
- 7.2 Increasing Demand due to the Growing Applications in Various Industries
Chemical Resistant Coatings Industry Segmentation
The market is segmented by Resin, technology, end-user Industry and geogrphy. By Resin the market is segmented into Epoxy, Polyester, Fluoropolymers, Polyurethane, and Other Resins. By Technology the market is segmented into 100% solids, Solvent-borne, Powder, and Water-borne. By End-user Industry the market is segmented into Chemical, Oil and Gas, Marine, and Construction and Infrastructure. The report also covers the market size and forecasts for the chemical resistant coatings market in 17 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Resin | Epoxy | |
| Polyester | ||
| Fluoropolymers | ||
| Polyurethane | ||
| Other Resins | ||
| Technology | 100% Solids | |
| Solvent Borne | ||
| Powder | ||
| Water-borne | ||
| End-user Industry | Chemical | |
| Oil and Gas | ||
| Marine | ||
| Construction and Infrastructural | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Spain | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Qatar | ||
| Rest of Middle-East and Africa |
Chemical Resistant Coatings Market Research FAQs
What is the current Chemical Resistant Coatings Market size?
The Chemical Resistant Coatings Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Chemical Resistant Coatings Market?
PPG Industries Inc, The Sherwin-Williams Company, BASF SE, Jotun and Sika AG are the major companies operating in the Chemical Resistant Coatings Market.
Which is the fastest growing region in Chemical Resistant Coatings Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Chemical Resistant Coatings Market?
In 2024, the Asia Pacific accounts for the largest market share in Chemical Resistant Coatings Market.
What years does this Chemical Resistant Coatings Market cover?
The report covers the Chemical Resistant Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Chemical Resistant Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Chemical Resistant Coatings Industry Report
Statistics for the 2024 Chemical Resistant Coatings market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Chemical Resistant Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
