composite coatings market share

Composite coatings market to witness growth from Automotive and Construction application segments

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Composite coatings are primarily the type of protective coatings applied to concrete, steel, or any other substrate material that provides excellent waterproofing and corrosion protection to target materials. Being lightweight these products do not impact the overall structural weight of the materials as only thin layers are enough to offer protection against heat and corrosion from exposure to environmental or artificial stresses.

The rapid expansion of the automotive and construction industry is a key driver of the global composite coatings market. The corrosion resistance and endurance enhancing properties offered by the composite coatings are expected to fuel the application potential of the product, further boosting the global composite coatings market outlook over the forecast period. Besides, a sharp increase in population and rapid industrialization in the emerging nations are some of the major impacting factors projected to stimulate the composite coatings market trends over the years to come.

Moreover, the ongoing expansion of the oil and gas industry is also expected to offer lucrative growth opportunities to the composite coatings market in the near future. Technological innovations in processes such as piping systems and downhole tube systems are presumed to augment the consumption of composite coatings. The product finds significant applications in several other industries such as transportation, construction, marine and metal forming.

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Construction is one of the most common industries where composite coatings are used to protect steel from corrosion which plays a major role in increasing the structural life of the buildings and other infrastructure projects. Apart from enhancing construction life, the product finds growing demand as an excellent thermal barrier which allows its utilization for a plethora of projects in the construction industry. Thereby indiscriminate product application in the construction segment is expected to drive the composite coatings market growth over the forecast period.

The ongoing housing development projects pertaining to surging population in the Asia Pacific will lead toward substantial rise in product demand, further boosting the Asia-pacific composite coatings market share. In addition, the region is undergoing an industrial revolution since many years, and these advanced coatings are used on a variety of equipment used in these industries to provide uniform coating thickness, accuracy, stiffness, and consistency, and reduce required maintenance costs. Thereby supporting the regional growth in the years to come.

North America is expected to register a highest CAGR during the forecast period, which can be owed to the ever- increasing product demand from the transportation, aerospace and defense industries.

Author Name : Report Hive Research