The global composite coatings market size reached USD 5.67 Billion in 2022 and is anticipated to attain USD 9.63 Billion by 2032, marking a robust revenue Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. A key driver behind the growth in market revenue is the increasing demand for composite coatings across diverse end-use sectors, including aerospace, automotive, oil and gas (O&G), and marine. This surge in demand is attributed to the need for composite coatings offering enhanced mechanical qualities such as corrosion resistance, abrasion resistance, and wear resistance. This trend aligns with the growing adoption of high-performance and lightweight materials in these industries.
Composite coatings play a crucial role in the automotive sector, finding widespread application due to their ability to improve vehicles' fuel efficiency. The market experiences additional momentum driven by the rising demand for composite coatings in the automotive industry, spurred by the necessity to reduce vehicle weight and enhance fuel efficiency. These coatings offer enhanced resistance to wear and tear, contributing to the extended lifespan of vehicle components. The growing popularity of Electric Vehicles (EVs), which require lightweight components for optimal efficiency, is expected to further drive the demand for composite coatings.
Furthermore, the aerospace sector emerges as another significant end-user of composite coatings, capitalizing on their capacity to enhance the performance of aircraft components. The use of composite coatings results in heightened resistance to corrosion, erosion, and fatigue, thereby improving the durability of aircraft components.
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Businesses within the chemicals and materials industries vary in size, geographical reach, operational styles, and their focus on end-markets. These businesses are integral parts of a larger ecosystem that includes raw materials like oil, gas, coal, minerals, and bio-based products, serving a wide range of application industries. Traditionally, the chemical industry is categorized into three major segments: petrochemicals, diversified manufacturers, and specialized industries.
While overarching trends discussed in previous sections may broadly apply to the entire sector, the intricacies of distinctions among various players underscore the importance of analyzing trends specific to each segment. Deloitte, in its multiverse series, has classified stakeholders in the chemical sector into three groups: natural owners, distinctive commodities, and solution providers. Each group typically pursues its own strategic imperatives. Vertically integrated natural owners often prioritize continuous improvement over innovation in their business operations. In contrast, differentiated commodities thrive in a highly fragmented and complex industry by focusing on supply chain efficiency, market innovation, and cost optimization. Solution providers concentrate on maximizing the value of their unique products, along with their application expertise and services. This diverse landscape emphasizes the need for nuanced approaches in understanding and navigating the chemical industry.
Competitive Landscape:
- PPG Industries Inc.
- AkzoNobel NV
- Axalta Coating Systems LLC
- Sherwin-Williams Company
- Hempel A/S
- The Valspar Corporation
- BASF SE
- Jotun A/S
- Kansai Paint Co., Ltd.
- The 3M Company
Segments Covered in the Report:
| By Product Type Outlook |
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| By End-Use Outlook |
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Strategic Developments:
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PPG Industries Inc. (2021): In 2021, PPG Industries Inc. announced its intention to acquire Ennis-Flint, a global leader in pavement markings and traffic safety solutions. The acquisition is anticipated to broaden PPG's product offerings and enhance its market presence in the infrastructure coatings market.
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AkzoNobel NV (2020): AkzoNobel NV introduced Interpon Redox in 2020, an innovative high-performance primer for composite coatings. Engineered to improve adhesion and durability of composite coatings, it serves as an ideal solution for industrial applications.
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Axalta Coating Systems LLC (2020): In 2020, Axalta Coating Systems LLC announced the acquisition of Capital Paints LLC, a prominent coatings manufacturer in the UAE. This strategic move aimed to extend Axalta's footprint in the Middle East and reinforce its product portfolio.
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Sherwin-Williams Company (2019): Sherwin-Williams Company successfully completed the acquisition of Valspar Corporation in 2019, a major manufacturer of paints and coatings. Valued at $11.3 billion, this acquisition aimed to fortify Sherwin-Williams' position as a global leader in the coatings industry.
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Hempel A/S (2019): In 2019, Hempel A/S acquired Wattyl, a leading coatings and paint manufacturer in Australia and New Zealand. This strategic move was geared towards expanding Hempel's presence in the Asia-Pacific region and strengthening its product portfolio.
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Key Questions Answered in This report on the Composite Coatings Market
The report provides detailed information about the Composite Coatings market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Composite Coatings market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue from the advantages of the product?
- What will be the Y-o-Y growth of the Composite Coatings market between 2024 and 2032?
- What are the winning imperatives of market frontrunners in the Composite Coatings market?
- Which end-user is expected to undertake maximum adoption of the product during the forecast period?
Research Methodology: Composite Coatings Market
The research methodology adopted by analysts to compile the Composite Coatings market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Composite Coatings market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Composite Coatings market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Composite Coatings market.
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