MRO Protective Coatings Market Forecasts to 2030 - Global Analysis By Product (Corrosion Resistance Coatings, Abrasion Protective Coatings, Low Friction Coatings and Intumescent Coatings), Resin Type (Acrylic, Inorganic Zin, Polyurethane, Epoxy, Alkyd, Zinc and Other Resin Types), Formulation, Application, End User and By Geography
According to Stratistics MRC, the Global MRO Protective Coatings Market is accounted for $5.81 billion in 2023 and is expected to reach $9.63 billion by 2030 growing at a CAGR of 7.5% during the forecast period. MRO Protective Coatings are light protective coatings used mostly on steel, concrete, and other metals to improve certain attributes including conductivity, weather resistance, and corrosion resistance. MRO coatings are applied on hundreds of components, including consumables, replacement parts, safety equipment, and laboratory equipment. These shielding coatings not only shield the components from contamination but also increase product longevity and lessen the amount of contaminants that interfere with functioning.
According to the India Brand Equity Foundation (IBEF), the coatings industry is expected to attract investments worth USD 25 billion in exploration and production by 2022.
Mounting demand from civil building and infrastructure industry
In the civil building and infrastructure sector, protective coatings are used for flooring, wood finishes, interior and external walls, bridges, swimming pools, doors and ceilings. Protective coatings are used to extend the life and stability of buildings by forming a thin layer on the surfaces to which they are applied. In general, infrastructure projects like bridges and roads need to be stable over a long period of time and be able to survive adverse weather, such acid rain. The rising demand from these industries is fuelling the market demand.
Stringent environmental regulations
Manufacturers have been forced to create products with low volatile organic compounds (VOCs), high solid content, and fewer toxic biocides as a result of increasingly strict rules limiting the use of protective coatings. REACH, Green Seal, the Solvent Emissions Directive (SED), and the Biocidal Products Directive (BPD) are tough environmental rules that restrict the emission of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs). This has caused technical issues with the application of solvent-based coatings which is thereby hindering the market demand.
Rising need for substrate upkeep
In order to prolong the lifespan of the current substrates, protective coatings are applied. There are systems that operate continuously in several sectors. A few of these include the usage of harsh materials or exposure to changing climatic conditions. As a result, the equipment's structure degrades or the process becomes less efficient, leading to the shutdown of the plant or a halt in all activities. Protective coatings aid in averting these problems, saving on the expense of equipment repair and shutdown.
High cost of raw materials and energy
Protective coatings are quite expensive, and the cost of producing them is rising along with the cost of energy. The price of raw materials has increased as a result of fluctuating crude oil prices and shifting foreign exchange rates. The cost of the raw ingredients used to make protective coatings varies greatly. Manufacturers must pay additional expenses owing to increasing energy taxes on top of the pricing of raw materials, which leads to greater operational costs and reduced profit margins. The high cost and low profits aspect is hampering the market growth.
COVID-19 has been the most disruptive force for the global coatings industry. Trade restrictions interrupted supply chains, and worldwide government-imposed lockdowns caused demand to fall. Although most paint production facilities have gradually restarted operations, the top paint and coating makers are concerned about the ongoing rise in instances and declining demand. Of all the regions, Asia-Pacific has had the greatest market drop. The market is being significantly impacted by factors including customer closures, historically low consumer spending, and a lack of capital investments. The expansion of the construction, automotive, and transportation industries has also been contributing to the market's growth.
The epoxy segment is expected to be the largest during the forecast period
The epoxy segment is estimated to have a lucrative growth. Epoxy coating is a tough, protective material used to stop the deterioration of carbon steel tanks' exterior. The resilience of epoxy coatings to abrasion, turbulence, corrosive chemicals, and extreme temperatures is superior. The capacity of epoxy coatings to endure intense temperatures makes them highly valued. Epoxy also has the benefit of drying quickly, which minimizes production pauses while the coating cures. Additionally, epoxy is resistant to chemical exposition, oil leaks, and surface scratches. This prevents the coating from deteriorating and needing maintenance.
The infrastructure & construction segment is expected to have the highest CAGR during the forecast period
The infrastructure & construction segment is anticipated to witness the fastest CAGR growth during the forecast period. The MRO coating can withstand the force of rocks and other debris that installed pipes come into contact with during backfilling since it has been designed to resist abrasion and impact. Protective coatings are applied to structures to increase their durability and to shield them from UV rays, fire, and corrosion. To increase heat resistance and minimize the impact of corrosive gases, they are used in industrial projects. The market is anticipated to be driven by the expanding construction industry and the need for these coatings on machinery to protect it from deterioration and enhance its performance in vulnerable regions.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising government spending on infrastructure projects in China and India. Among other things, these initiatives involve building railroads, airports, harbours, and bridges. There is a high need for protective coatings that are used to stop and slow down corrosion brought on by severe weather patterns. The increase in demand from end-use sectors including infrastructure & construction, power, automotive, oil & gas, industrial, and marine is expected to boost the market in the area.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period. The automotive industry in the region is expected to expand as the demand for electric vehicles is increasing among consumers. Due to the U.S.'s strong economy and the favourable expansion of the commercial real estate sector, it is projected that the non-residential building industry will strengthen. Additionally, there is an increase in federal and state investment in infrastructure projects and educational facilities. It is projected that the market will be prompted by the rising demand from the commercial building and automotive industries.
Key players in the market
Some of the key players profiled in the MRO Protective Coatings Market include Akzo Nobel N.V., The Sherwin-Williams Company, Axalta Coating Systems, Henkel AG & Co. KGaA, Basf Se, H.B. Fuller, Nippon Paint Holdings Co Limited, Jotun, Hempel A/S, General Magnaplate Corporation, Teknos Group, Weilburger Coatings GmbH, Sika Ag, Chugoku Marine Paints Limited, RPM International Inc., Kansai Paint Co Limited, Rema Tip Top, Belzona International Limited and Chemco International Limited.
In July 2023, Nippon Paint Automotive Coatings Co., Ltd. launches dry film coating technology to address the needs of automotive industry customers for innovative and sustainable coatings and delivered a keynote speech entitled “Film Coating: New Generation Coating Method in Automotive Manufacturing” at the SURCAR.
In May 2023, AkzoNobel launched bisphenol-free internal coating for beverage can ends. Can makers and coil coaters ramping up their bisphenol-free transition have a ready alternative in a new BPA-NI (Bisphenol A non-intent)* internal coating for beverage can ends, from AkzoNobel Packaging Coatings.
In August 2022, Global coatings company RPM International Inc. announced the launch of its new RPM Industrial Coatings Group, comprised of five coatings and finishing brands. The group consists of Mohawk Finishing Products, FinishWorks, TCI Powder, Morrells Woodfinishes and Kop-Coat Protection Products.
• Corrosion Resistance Coatings
• Abrasion Protective Coatings
• Low Friction Coatings
• Intumescent Coatings
Resin Types Covered:
• Inorganic Zin
• Other Resin Types
• High Solid Coatings
• Radiation Curable Coatings
• Other Formulations
• Tank Linings
• Abrasion Resistance
• Chemical Resistance
• Corrosion Resistance
• Heat Resistance
• Pipe Coatings
• Fire Protection
• Other Applications
End Users Covered:
• Power Generation
• Oil & Gas
• Infrastructure & Construction
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Company Profiling
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• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global MRO Protective Coatings Market, By Product
5.2 Corrosion Resistance Coatings
5.3 Abrasion Protective Coatings
5.4 Low Friction Coatings
5.5 Intumescent Coatings
6 Global MRO Protective Coatings Market, By Resin Type
6.3 Inorganic Zin
6.8 Other Resin Types
7 Global MRO Protective Coatings Market, By Formulation
7.5 High Solid Coatings
7.6 Radiation Curable Coatings
7.7 Other Formulations
8 Global MRO Protective Coatings Market, By Application
8.2 Tank Linings
8.3 Abrasion Resistance
8.4 Chemical Resistance
8.5 Corrosion Resistance
8.6 Heat Resistance
8.7 Pipe Coatings
8.8 Fire Protection
8.9 Other Applications
9 Global MRO Protective Coatings Market, By End User
9.3 Power Generation
9.4 Oil & Gas
9.5 Infrastructure & Construction
9.9 Other End Users
10 Global MRO Protective Coatings Market, By Geography
10.2 North America
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.5 Other Key Strategies
12 Company Profiling
12.1 Akzo Nobel N.V.
12.2 The Sherwin-Williams Company
12.3 Axalta Coating Systems
12.4 Henkel AG & Co. KGaA
12.5 Basf Se
12.6 H.B. Fuller
12.7 Nippon Paint Holdings Co Limited
12.9 Hempel A/S
12.10 General Magnaplate Corporation
12.11 Teknos Group
12.12 Weilburger Coatings GmbH
12.13 Sika Ag
12.14 Chugoku Marine Paints Limited
12.15 RPM International Inc.
12.16 Kansai Paint Co Limited
12.17 Rema Tip Top
12.18 Belzona International Limited
12.19 Chemco International Limited
List of Tables
1 Global MRO Protective Coatings Market Outlook, By Region (2021-2030) ($MN)
2 Global MRO Protective Coatings Market Outlook, By Product (2021-2030) ($MN)
3 Global MRO Protective Coatings Market Outlook, By Corrosion Resistance Coatings (2021-2030) ($MN)
4 Global MRO Protective Coatings Market Outlook, By Abrasion Protective Coatings (2021-2030) ($MN)
5 Global MRO Protective Coatings Market Outlook, By Low Friction Coatings (2021-2030) ($MN)
6 Global MRO Protective Coatings Market Outlook, By Intumescent Coatings (2021-2030) ($MN)
7 Global MRO Protective Coatings Market Outlook, By Resin Type (2021-2030) ($MN)
8 Global MRO Protective Coatings Market Outlook, By Acrylic (2021-2030) ($MN)
9 Global MRO Protective Coatings Market Outlook, By Inorganic Zin (2021-2030) ($MN)
10 Global MRO Protective Coatings Market Outlook, By Polyurethane (2021-2030) ($MN)
11 Global MRO Protective Coatings Market Outlook, By Epoxy (2021-2030) ($MN)
12 Global MRO Protective Coatings Market Outlook, By Alkyd (2021-2030) ($MN)
13 Global MRO Protective Coatings Market Outlook, By Zinc (2021-2030) ($MN)
14 Global MRO Protective Coatings Market Outlook, By Other Resin Types (2021-2030) ($MN)
15 Global MRO Protective Coatings Market Outlook, By Formulation (2021-2030) ($MN)
16 Global MRO Protective Coatings Market Outlook, By Powder (2021-2030) ($MN)
17 Global MRO Protective Coatings Market Outlook, By Solvent-based (2021-2030) ($MN)
18 Global MRO Protective Coatings Market Outlook, By Water-based (2021-2030) ($MN)
19 Global MRO Protective Coatings Market Outlook, By High Solid Coatings (2021-2030) ($MN)
20 Global MRO Protective Coatings Market Outlook, By Radiation Curable Coatings (2021-2030) ($MN)
21 Global MRO Protective Coatings Market Outlook, By Other Formulations (2021-2030) ($MN)
22 Global MRO Protective Coatings Market Outlook, By Application (2021-2030) ($MN)
23 Global MRO Protective Coatings Market Outlook, By Tank Linings (2021-2030) ($MN)
24 Global MRO Protective Coatings Market Outlook, By Abrasion Resistance (2021-2030) ($MN)
25 Global MRO Protective Coatings Market Outlook, By Chemical Resistance (2021-2030) ($MN)
26 Global MRO Protective Coatings Market Outlook, By Corrosion Resistance (2021-2030) ($MN)
27 Global MRO Protective Coatings Market Outlook, By Heat Resistance (2021-2030) ($MN)
28 Global MRO Protective Coatings Market Outlook, By Pipe Coatings (2021-2030) ($MN)
29 Global MRO Protective Coatings Market Outlook, By Fire Protection (2021-2030) ($MN)
30 Global MRO Protective Coatings Market Outlook, By Other Applications (2021-2030) ($MN)
31 Global MRO Protective Coatings Market Outlook, By End User (2021-2030) ($MN)
32 Global MRO Protective Coatings Market Outlook, By Mining (2021-2030) ($MN)
33 Global MRO Protective Coatings Market Outlook, By Power Generation (2021-2030) ($MN)
34 Global MRO Protective Coatings Market Outlook, By Oil & Gas (2021-2030) ($MN)
35 Global MRO Protective Coatings Market Outlook, By Infrastructure & Construction (2021-2030) ($MN)
36 Global MRO Protective Coatings Market Outlook, By Industrial (2021-2030) ($MN)
37 Global MRO Protective Coatings Market Outlook, By Automotive (2021-2030) ($MN)
38 Global MRO Protective Coatings Market Outlook, By Marine (2021-2030) ($MN)
39 Global MRO Protective Coatings Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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