Market News Today Protective Coatings Market | Page 3

The industry has been segmented into construction, oil & gas, aerospace, mining, industrial, power generation, automotive, marine, and others, on the basis of end use. The construction segment dominated the overall industry, accounting for revenues of over USD 5 billion in 2015. This dominance and future growth of this segment can be attributed to rising infrastructure development activities and investments in emerging countries of Asia Pacific and Central & South America. The growth of the aerospace and oil & gas segments is also expected to drive the demand for protective coatings during the forecast period, projected to grow at a CAGR of nearly 11%. This can be attributed to the increasing demand for the products in thermal barrier and surface protection applications, in the aforementioned industries, which witness high-temperature operations. Regional Insights The Asia Pacific accounted for a major share of the overall industry in 2015, having recorded revenues of over USD 18 billion. This regional industry segment is expected to continue its dominance in the coming years, as a result of the presence of numerous manufacturers, easy availability of raw materials, rising construction initiatives being taken by governments, and low production costs. China is expected to be among the highest growing markets for the product worldwide during the forecast period, projected to grow at a CAGR of nearly 10%. The European region is expected to observe slow growth in the protective coatings industry, primarily owing to the political and economic instabilities in the region. The industry in Russia has been witnessing a significant boost in the construction sector, which is expected to offer high growth potential to product manufacturers in the region during the forecast period. See More Reports of this Category by Million Insights @ https://www.millioninsights.com/industry/chemicals-and-materials Competitive Insights The protective coatings industry is highly competitive, with key manufacturers spread worldwide. The key global players in this industry include Wacker Chemie AG, BASF SE, AkzoNobel NV, The Sherwin- Williams Co., and PPG Industries. These players have adopted strategies such as capacity expansion and new product developments to gain a competitive edge over competitors in the global industry. The aforementioned global companies are, however, faced with significant competition from Chinese manufacturers. The significant positions of these Chinese players can be attributed to the low