Composite Coatings Market growth is driven by strong application trends in oil & gas segment

Global Market Insights, Inc.: The Report 2018-2023 Composite Coatings Market Report explores the essential factors of the market considering such as industry situations, market demands, market players adopted business strategies and their growth scenario.

The composite coatings market is diversified in nature due to the presence of various applications such as buildings & construction, marine, automotive, oil & gas, aerospace and metal forming. Asia Pacific contributed more than 40% of the total building & construction spending in 2015. China was the major contributor with total spending of more than USD 1.75 trillion in the same year followed by Japan and India which spent over USD 740 billion and USD 425 billion, respectively. Middle East & Africa is expected to grow at a significant rate due to the huge future investment in Saudi Arabia, Qatar and UAE. The witnessed growth in this sector is likely to create more opportunities for composite coatings market.

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Oil & gas industry is expected to grow at a significant rate due to the technology developments and innovation in processes related to several uses such as piping system, topside applications, and down-hole tubing in sub-sea. Other growth factors include fire and heat protection, provide the best conductive coating, and beautiful ceramic & metal finishes. Offshore oil & gas industry are replacing heavy metal pipelines with lightweight composite pipelines in order to reduce manufacturing cost and increase efficiency. Aerospace is anticipated to be an attractive segment owing to growth in the aviation industry. Asia Pacific market was dominant in terms of volume and value. China and India is anticipated to be the major contributor due to the increase in defense budget and new additions in manufacturing. U.S. composite coatings market size is expected to grow at a significant rate due to the increase in military growth. Low oil prices and increase in air travel are also expected to encourage investments in the aviation sector.

Global protective coatings market size was valued at over USD 12.5 billion in 2015, growing at a CAGR of more than 9% from 2016 to 2023. Increasing population and growing industrialization are likely to be the key growth factors. Increase in industrial growth coupled with technology advancement is also expected to boost composite coatings market size.

Asia Pacific, driven by strong demand from India and China composite coatings market share is anticipated to grow at the highest rate owing to the increase in foreign direct investment in the infrastructure sector. U.S. market size is likely to be the major contributor in North America due to the rise in military budget and increasing infrastructure development. Brazil and Russia are expected to be lucrative markets due to the upcoming sport events such as Olympics 2016 and FIFA World Cup 2018, respectively, which is likely to increase the demand in infrastructure sector.

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The global composite coatings market share is comprised of TST Engineered Coating Solutions, Metal Coatings Corp, Basler Lacke, Endura Coatings, Finnester Coatings, Mader, Nickel Ceramic Composite Coatings Inc, A.W. Chesterton Co., RPS Composites Inc, and Zircotec.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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