Composite Coatings Market size was over USD 1.08 Billion in 2023 and is anticipated to reach USD 3.08 Billion by 2036, growing at around 8.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of composite coatings is estimated at USD 1.16 Billion. The reason behind the growth is impelled by the increasing utilization of composite coatings in the packaging industry. Packaging is used in various industries including agriculture, healthcare, personal care, and industrial goods to protect the product from thermal and mechanical damage during manufacturing, transportation, and distribution.
To avoid this composite coatings are mostly used in the packaging industry for waterproofing and thermal barriers for safety since it comprises layers of protection that use paper, foil, or plastic additives to prevent damage.
The growing construction sector is believed to fuel the market growth. The anti-corrosive and self-lubricating advantages of composite coatings are expected to increase their utilization in construction infrastructures. In the building sector, they are commonly employed to stop corrosion on steel and they are also utilized on concrete and other materials as thermal and intumescent barriers.
According to estimates, the construction market was worth over USD 6 trillion in 2020, and it is anticipated to grow to more than USD 14 trillion by 2030.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.4% |
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Base Year Market Size (2023) |
USD 1.08 Billion |
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Forecast Year Market Size (2036) |
USD 3.08 Billion |
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Regional Scope |
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End- User (Aerospace & Defense, Industrial, Medical, Food Industry, Oil & Gas, Transportation)
The oil & gas segment in the composite coatings market is estimated to gain a robust revenue share of 30% in the coming years owing to the rising oil & gas sector. The composite coating is used as a protective coating to add shielding layers to increase the hardness and shelf time in equipment such as pipelines, vessels, and subsea equipment for proper functioning. These coatings are used in the oil & gas industry in various processes of exploration & production, transportation & storage, refining & petrochemical. According to data, the oil & gas industry is one of the largest sectors in the world, which generated over USD 4 trillion in 2022.
Techniques (Brazing, Electroless Plating, Laser Melt Injection)
The brazing segment is set to garner a notable share shortly. This technique allows giving a tough and high resistance during the coating process compared to other techniques. The brazing method provides water resistance corrosion resistance to the surface. This is also believed to protect from damage caused by UV rays, scratches, heat, and fire. Further, owing to the light weight of composite coatings, the brazing techniques are applied in several sectors including aerospace, and automobile, among others to achieve the perfect result.
Our in-depth analysis of the global market includes the following segments:
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Resin Type |
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Application |
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Techniques |
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End-User |
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North American Market Forecast
Composite coatings market in North America is predicted to account for the largest share of 35% by the end of 2036 impelled by the expanding aerospace & defense sector supported by rising funding in the aerospace & defense sector in the US. This as a result may rise the demand for composite coatings in the region as these coatings are used to create lightweight airframes, and are employed to protect, embellish, and serve a variety of purposes including erosion resistance, anti-static dissipation, and radar avoidance.
According to estimates, aerospace & defense industry exports increased by over 11% in 2021, reaching a total of more than USD 100 billion.
APAC Market Statistics
The Asia Pacific composite coatings market is estimated to be the second largest, during the forecast timeframe led by rapid industrialization. In emerging economies such as India rising industrialization is known to be the major driver of the composite coatings market. For instance, these coatings are suitable for various industries as they protect the machinery, and other equipment from corrosion, and can be formulated with lower levels of volatile organic compounds (VOCs).
According to recent data, India's industrial production increased by over 6% in 2023.
Author Credits: Rajrani Baghel
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