South Korea Protective Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Protective Coatings Market Analysis
South Korea Protective Coatings Market was valued at USD 500 million by the end of this year, and the market is projected to register a CAGR of 4% 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 is likely to continue its dominance during the forecast period.
- The supply chain disruptions cause a hike in the prices of raw materials, creating hindrances in the market.
- The growing options for bio-based coatings are further likely to provide opportunities for the studied market during the forecast period.
South Korea Protective Coatings Market Trends
This section covers the major market trends shaping the South Korea Protective Coatings Market according to our research experts:
The Rise in Demand from the Infrastructure Sector
- 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.
- South Korea has been working on improving the transport infrastructure in the region, which has increased the consumption of protective coatings. For instance, in 2021, as per KOSIS, the length of expressways in South Korea was around 4,866 kilometers, up from 4767.34 kilometers in 2019 and 4437.6 kilometers in 2017.
- Moreover, the increasing renewable energy production has increased the demand for protective coatings for power generation infrastructure activities. For instance, in 2021, the Solar PV Generation stood at 20 TWh, whereas in 2020 and 2019, the solar PV generation was around 13 TWh and 11 TWh, respectively. The increasing shift to renewable sources is expected to boost the demand for infrastructure in this sector.
- All the above factors are expected to augment the demand for protective coatings for the infrastructure sector during the forecast period.
Industry and Processing showing Positive Signs.
- 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.
- With support from the government, the region is witnessing an increase in revenue generation from the food processing sector. For instance, rice production is one of the major revenue-generating sectors in the food processing industry of South Korea. In 2021, the rice produced in the country was 3,882 thousand metric tonnes which is an increase of 10.7% in comparison to 3,507 thousand metric tonnes.
- Moreover, the pharmaceutical industry is one of the major contributors to the South Korea's economy. The country is experiencing an increase in the local production of medical equipments. For instance, accoding to MDFS, in 2021, the total revenue of local production stood at USD 11,257 million whereas in 2020 the revenue was 8,589 USD million. In addition, the increase in production is more than pre-pandemic levels as in 2019 the revenue stood at USD 6,244 million.
- 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.
South Korea Protective Coatings Industry Overview
The South Korea 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.
South Korea Protective Coatings Market Leaders
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RPM International Inc.
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AkzoNobel N.V.
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Jotun
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The Sherwin-Williams Company
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PPG Industries, Inc.
*Disclaimer: Major Players sorted in no particular order
South Korea Protective Coatings Market News
The recent developments pertaining to the major players in the market are being covered in the complete study.
South Korea Protective 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
- 4.1 Market Overview
-
4.2 Market Drivers
- 4.2.1 The Rise in Demand from the Infrastructure sector
- 4.2.2 Industry and Processing showing Positive Signs.
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4.3 Market Restraints
- 4.3.1 Price Hikes of Raw Materials
- 4.3.2 Other Restraints
- 4.4 Industry Value Chain Analysis
-
4.5 Porter's Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value)
-
5.1 Resin Type
- 5.1.1 Epoxy
- 5.1.2 Acrylic
- 5.1.3 Alkyd
- 5.1.4 Polyurethane
- 5.1.5 Polyester
- 5.1.6 Other Resin Type
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5.2 Technology
- 5.2.1 Water Borne Coatings
- 5.2.2 Solvent Borne Coatings
- 5.2.3 Powder Coatings
- 5.2.4 UV Cured Coatings
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5.3 End User Industry
- 5.3.1 Oil and Gas
- 5.3.2 Mining
- 5.3.3 Power
- 5.3.4 Infrastructure
- 5.3.5 Other End User Industry
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) **/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 AkzoNobel N.V.
- 6.4.2 Axalta Coating Systems
- 6.4.3 Helios Coatings
- 6.4.4 Hempel A/S
- 6.4.5 Jotun
- 6.4.6 Innochem
- 6.4.7 Nanoshine Group Corp
- 6.4.8 Nippon Paint China
- 6.4.9 Noroo Paint
- 6.4.10 PPG Industries Inc.
- 6.4.11 RPM International Inc
- 6.4.12 Sino Polymer
- 6.4.13 The Sherwin Williams Company
- 6.4.14 TIB Chemicals
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Bio-Based Coatings for Sustainable Solutions
South Korea Protective Coatings Industry Segmentation
Protective Coatings are made of various raw materials, including resins, additives, pigments, solvents, and other materials. They are used to protect infrastructure, petrochemical industries, and oil and gas industries from corrosion, and environmental effects, including acid rain, among others. The market is segmented based on resin, technology, and the end-user industry. By resin type, the market is segmented into Resin Epoxy, Acrylic, Alkyd, Polyurethane, Polyester, and Other Resin Types. By Technology, the market is segmented into Water borne Coatings, Solvent Borne Coatings, Powder Coatings, and UV Cured Coatings. By End-User Industry, the market is segmented into Oil and Gas, Mining, Power, Infrastructure, and Other End-User Industries. The report also covers the market size and forecasts for the South Korea Protective Coatings market. The report offers market size and forecasts for revenue (USD million) for all the above segments.
| Resin Type | Epoxy |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Polyester | |
| Other Resin Type | |
| Technology | Water Borne Coatings |
| Solvent Borne Coatings | |
| Powder Coatings | |
| UV Cured Coatings | |
| End User Industry | Oil and Gas |
| Mining | |
| Power | |
| Infrastructure | |
| Other End User Industry |
South Korea Protective Coatings Market Research FAQs
What is the current South Korea Protective Coatings Market size?
The South Korea Protective Coatings Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in South Korea Protective Coatings Market?
RPM International Inc., AkzoNobel N.V., Jotun, The Sherwin-Williams Company and PPG Industries, Inc. are the major companies operating in the South Korea Protective Coatings Market.
What years does this South Korea Protective Coatings Market cover?
The report covers the South Korea Protective Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Protective Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Protective Coatings Industry Report
Statistics for the 2024 South Korea Protective Coatings market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Protective 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.
