South Korea Protective Coatings Market

South Korea Protective Coatings Market Analysis

The South Korea Protective Coatings Market is expected to register a CAGR of greater than 4% during the forecast period.

COVID-19 negatively impacted the market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is forecasted to grow steadily.

• The driving factors that tend to the market growth include initiatives and policies from the government for the development of infrastructure, increasing revenue generation from various industries such as plastics, pharmaceutical among others, and a rising trend of a shift in focus towards bio-based coatings are the key market trends that are driving the market.
• The infrastructure sector dominated the market and is likely to continue its dominance during the forecast period.
• The supply chain disruptions cause a hike in the prices of raw materials, creating hindrances in the market.
• The growing options for bio-based coatings are further likely to provide opportunities for the studied market during the forecast period.

South Korea Protective Coatings Market Trends

The Rise in Demand from the Infrastructure Sector

• The infrastructure sector is one of the major end users of protective coatings. The industry requires corrosion and environmental effects-resistant coatings due to exposure of infrastructure surfaces to heat & sunlight, water, and acid rain, dust, and other chemical effects.
• The infrastructure sector uses protective coatings for bridges and coastal Structures, including roads and rail structures, Water Treatment, public power generation, transmission, and other infrastructure, including public buildings. Moreover, organizations in Italy are shifting focus towards strict environmental regulations, which has led to an increased demand for sustainable coating systems with lesser VOCs and longer life, which may be effective in protecting assets.
• South Korea has been working on improving the transport infrastructure in the region, which has increased the consumption of protective coatings. For instance, in 2021, as per KOSIS, the length of expressways in South Korea was around 4,866 kilometers, up from 4767.34 kilometers in 2019 and 4437.6 kilometers in 2017.
• Moreover, the increasing renewable energy production has increased the demand for protective coatings for power generation infrastructure activities. For instance, in 2021, the Solar PV Generation stood at 20 TWh, whereas in 2020 and 2019, the solar PV generation was around 13 TWh and 11 TWh, respectively. The increasing shift to renewable sources is expected to boost the demand for infrastructure in this sector.
• All the above factors are expected to augment the demand for protective coatings for the infrastructure sector during the forecast period.

Industry and Processing showing Positive Signs.

• With increasing urbanization and demand for better products in Italy, companies have scaled up production with more efficient processes and increased manufacturing units so as to cater to each and every segment of the country. The increase in demand for more manufacturing units has created a growth in the demand for protective coatings in Italy.
• Various industries including Food Processing Industry, Pulp, and Paper Industry, pharmaceutical industry, and warehouses among others are witnessing a growth in the demand for end-user products which has indirectly led to the setup of new units, thus causing a hike in the demand for protective coatings in the region.
• With support from the government, the region is witnessing an increase in revenue generation from the food processing sector. For instance, rice production is one of the major revenue-generating sectors in the food processing industry of South Korea. In 2021, the rice produced in the country was 3,882 thousand metric tonnes which is an increase of 10.7% in comparison to 3,507 thousand metric tonnes.
• Moreover, the pharmaceutical industry is one of the major contributors to the South Korea's economy. The country is experiencing an increase in the local production of medical equipments. For instance, accoding to MDFS, in 2021, the total revenue of local production stood at USD 11,257 million whereas in 2020 the revenue was 8,589 USD million. In addition, the increase in production is more than pre-pandemic levels as in 2019 the revenue stood at USD 6,244 million.
• All the above-mentioned factors are expected to have a positive impact on the demand for protective coatings for the industry and processing sector during the forecast period.

South Korea Protective Coatings Industry Overview

The South Korea protective coatings market is fragmented in nature. Some of the major players in the market (not in any particular order) include RPM International Inc, AkzoNobel NV, Jotun, The Sherwin-Williams Company, and PPG Industries, among others.

South Korea Protective Coatings Market Leaders

South Korea Protective Coatings Market News

The recent developments pertaining to the major players in the market are being covered in the complete study.