Gaining popularity of water borne and eco-friendly coatings is expected to have a positive impact on market growth.
San Francisco, California (PRWEB) December 29, 2014
Protective coatings market is expected to witness growth owing to increased concerns towards thermal stability, durability, fire and corrosion resistance in oil & gas, construction, manufacturing and automotive industry. Gaining popularity of water borne and eco-friendly coatings is expected to have a positive impact on market growth. European Commission’s Paints Directive 2004/42/EC for limiting VOC emission, is expected to play an important role in promoting eco-friendly products demand such as powder coatings over the forecast period.
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Automotive industry growth in Brazil, Mexico, China and Malaysia is expected to have a positive impact on protective coatings market. Increased government funding towards improving infrastructure is expected to fuel protective coatings demand in construction and architectural applications in the near future. Increasing petroleum production in Brazil and China coupled with growing preference towards preventive maintenance is expected to promote protective coatings use in oil & gas sector. Oman Oil Company and SABIC have announced establishment of petrochemical production facilities, which are further expected to positively impact market growth.
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Key market participants such as PPG Industries, BASF, AkzoNobel and Dow are focusing on new product developments. In 2013, BASF launched RELEST Powder PUR Anti-Sticker coating, with a property of anti-sticking surface protection. Application growth in construction, automotive and oil & gas industry in Asia Pacific has resulted in protective coatings market players setting up manufacturing facilities in the region. AkzoNobel and Axalta announced construction of new production facility for powder coatings in China. Indian Government’s PCPIR policy intended for promoting chemical production is expected to open new avenues for protective coatings over the forecast period.
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