Market Size of South Korea Protective Coatings Industry
| 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 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 Size Summary
The South Korea protective coatings market is experiencing a steady growth trajectory, driven by government initiatives and policies aimed at infrastructure development. The market has rebounded to pre-pandemic levels and is expected to continue expanding, with the infrastructure sector being a significant end user. This sector's demand for protective coatings is fueled by the need to protect structures from environmental and chemical effects, such as corrosion from heat, sunlight, and acid rain. The shift towards bio-based coatings is also gaining traction, offering new opportunities for market expansion. However, supply chain disruptions have led to increased raw material costs, posing challenges to market growth.
The demand for protective coatings is further bolstered by the growth in various industries, including pharmaceuticals and food processing, which are contributing to increased revenue generation in the region. The pharmaceutical industry, in particular, is a major economic contributor, with local production of medical equipment on the rise. Additionally, the expansion of renewable energy infrastructure, such as solar power generation, is driving the need for protective coatings in power generation activities. The market is characterized by its fragmented nature, with key players like RPM International Inc., AkzoNobel NV, Jotun, The Sherwin-Williams Company, and PPG Industries actively participating in the market landscape.
South Korea Protective Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 The Rise in Demand from the Infrastructure sector
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1.2.2 Industry and Processing showing Positive Signs.
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1.3 Market Restraints
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1.3.1 Price Hikes of Raw Materials
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1.3.2 Other Restraints
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1.4 Industry Value Chain Analysis
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1.5 Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Resin Type
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2.1.1 Epoxy
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2.1.2 Acrylic
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2.1.3 Alkyd
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2.1.4 Polyurethane
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2.1.5 Polyester
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2.1.6 Other Resin Type
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2.2 Technology
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2.2.1 Water Borne Coatings
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2.2.2 Solvent Borne Coatings
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2.2.3 Powder Coatings
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2.2.4 UV Cured Coatings
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2.3 End User Industry
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2.3.1 Oil and Gas
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2.3.2 Mining
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2.3.3 Power
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2.3.4 Infrastructure
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2.3.5 Other End User Industry
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South Korea Protective Coatings Market Size 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.
