Canada Protective Coatings Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Protective Coatings Market Analysis
The Canadian Protective Coatings market is expected to reach USD 500 million by the end of this year and is projected to register a CAGR of over 3.5% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily in the future.
- Government initiatives and policies for infrastructure development and various industries, such as plastics, pulp, and paper, are expected to fuel market expansion over the projection period.
- The rising trend of a shifting focus toward bio-based coatings is the key market opportunity expected to drive the market in the coming years.
- The infrastructure sector dominated the market and is likely to continue its dominance during the forecast period.
Canada Protective Coatings Market Trends
This section covers the major market trends shaping the Canada Protective Coatings Market according to our research experts:
Growing Oil and Gas Sector
- The oil and gas industry is one of the major end-users of protective coatings. Due to the high-temperature environment in which it operates, the industry necessitates heat-resistant coatings. Coatings are also used to protect metal and steel structures from corrosion when exposed to moist and damp conditions. In the oil and gas industry, they are used for tanks, pipes, valves, and pumps.
- Canada is the fourth-largest oil producer in the world. The Canadian oil and gas industry has direct and indirect operations, including offshore, in twelve of the thirteen provinces and territories.
- To prevent corrosion during oil and gas transportation to refineries, the oil and gas industry uses protective coatings for both upstream and downstream segments.
- Offshore oil and gas production faces some of the most difficult challenges. As a result, the coating systems used must be capable of withstanding these conditions. Long-term exposure to penetrating UV rays and constant contact with heat waves in the oil and gas sector increases the demand for protective coatings.
- According to BP Statistical Review 2022, the total natural gas consumption in the country was 119.2 billion cubic meters in 2021, registering a growth rate of 5.5% from 113.3 billion cubic meters in 2020.
- Furthermore, the oil production has witnessed significant increase in Canada in recent years, registering the growth of approximately 12.7% in 2021 compared to 2017.
- All of the aforementioned factors are projected to boost the demand for protective coatingsi n the oil and gas industry throughout the forecast period in Canada.
Rising Investments in Infrastructure Sector
- The infrastructure industry is expected to dominate the market during the forecast period. In the infrastructure industry, a significant concern is the surface deterioration of exposed structures. To prevent the surface from degrading, protective coatings are utilized.
- The Canadian infrastructure market has been growing at a significant rate in recent years, which is increasing the consumption of protective coatings.
- The total value of Canada's 100 largest public-sector infrastructure projects reached USD 273 billion from USD 253 billion in 2021, according to ReNew Canada's Annual Report, which ranks the country's largest public infrastructure projects.
- The government of Canada, on October 2022, announced an investment of more than USD 44.6 million for 28 infrastructure projects across Saskatchewan. The Canadian government is expanding the nation's economy and strengthening Saskatchewan's local communities by investing in infrastructure.
- Furthermore, with the growing investments in public infrastructure in Canada, the quality and physical condition of bridges, highways, and roads have been improving, owing to the use of protective coatings.
- Moreover, in 2021, the Canadian National Railway Company (CN) planned to make strategic investments in the rail infrastructure of a number of Canadian provinces. In terms of investment volume from CN, British Columbia ranked first among all provinces. Hence, supporting the growth of the market.
- All of the aforementioned factors are projected to boost the demand for protective coatings for the infrastructure industry throughout the forecast period in Canada.
Canada Protective Coatings Industry Overview
The Canadian protective coatings market is partially fragmented in nature. Some of the major players in the market include RPM International Inc., AkzoNobel NV, Axalta Coatings Systems, The Sherwin-Williams Company, and PPG Industries Inc., among others (in no particular order).
Canada Protective Coatings Market Leaders
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The Sherwin Williams Company
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Akzo Nobel N.V.
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PPG Industries
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Axalta Coatings Systems
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RPM International Inc
*Disclaimer: Major Players sorted in no particular order
Canada Protective Coatings Market News
- March 2022: PPG Industries expanded the AMERLOCK Series of Epoxy Protective Coatings. The expansion covers the Canadian market as well. The PPG Amerlock coatings offer corrosion protection in tough environments. The coating works with a wide range of steel substrates, including carbon steel, stainless steel, and galvanized services.
Canada Protective Coatings Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Inceasing Oil & Gas activities acroos the country
4.2.2 Increasing investments in infrastructure sector
4.3 Market Restraints
4.3.1 Regulations Related to VOC Emissions
4.3.2 Other Restraints
4.4 Industry Value Chain Analysis
4.5 Porters Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value)
5.1 By Resin Type
5.1.1 Epoxy
5.1.2 Acrylic
5.1.3 Alkyd
5.1.4 Polyurethane
5.1.5 Polyester
5.1.6 Other Resin Types
5.2 By Technology
5.2.1 Water-borne
5.2.2 Solvent-borne
5.2.3 Powder
5.2.4 Other Technologies
5.3 By End-user Industry
5.3.1 Oil and gas Industry
5.3.2 Mining Industry
5.3.3 Power Industry
5.3.4 Infrastructure Industry
5.3.5 Other End-user Industries
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel NV
6.4.2 Axalta Coatings Systems
6.4.3 Jotun
6.4.4 PPG Industries Inc.
6.4.5 RPM International Inc.
6.4.6 Kansai Paint Co., Ltd.
6.4.7 Nippon Paint Holdings Co., Ltd.
6.4.8 Henkel AG & Co. KGaA
6.4.9 HEMPEL A/S
6.4.10 ChemPoint
6.4.11 Cloverdale Paint Inc.
6.4.12 The Sherwin Williams
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Shifting focus toward bio-based coatings
Canada Protective Coatings Industry Segmentation
A protective coating is a layer applied to a material's surface to inhibit or prevent corrosion. The protective coatings market is segmented by Resin Type, Technology, and End-user industry. By resin type, the market is segmented into acrylic, alkyd, polyurethane, epoxy, polyester, and other resin types. By technology, the market is segmented into water-borne, solvent-borne, powder, and other technologies. By end-user industry, the market is segmented into oil and gas, mining, power, infrastructure, and other end-user industries. For each segment, the market sizing and forecasts have been provided on the basis of revenue (in USD million).
| By Resin Type | |
| Epoxy | |
| Acrylic | |
| Alkyd | |
| Polyurethane | |
| Polyester | |
| Other Resin Types |
| By Technology | |
| Water-borne | |
| Solvent-borne | |
| Powder | |
| Other Technologies |
| By End-user Industry | |
| Oil and gas Industry | |
| Mining Industry | |
| Power Industry | |
| Infrastructure Industry | |
| Other End-user Industries |
Canada Protective Coatings Market Research FAQs
What is the current Canada Protective Coatings Market size?
The Canada Protective Coatings Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Canada Protective Coatings Market?
The Sherwin Williams Company, Akzo Nobel N.V., PPG Industries, Axalta Coatings Systems and RPM International Inc are the major companies operating in the Canada Protective Coatings Market.
What years does this Canada Protective Coatings Market cover?
The report covers the Canada Protective Coatings Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada Protective Coatings Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Protective Coatings Industry Report
Statistics for the 2024 Canada Protective Coatings market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Canada Protective Coatings analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
