Composite Coatings Market Size

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.