A rise in the level of infrastructure projects along with the innovation in automobiles and advancement in technology is driving the Performance Coatings market.
Performance Coatings Market Size – USD 89.40 billion in 2019, Growth - CAGR of 4.9%, trends –High demand for environment-friendly coatings.
The global Performance Coatings Market is forecast to reach USD 131.17 Billion by 2027, according to a new report by Reports and Data. The high-performance coating is majorly fueled by the growing demand for construction and the emergence of new buildings in both developed and developing countries. The construction and building industry hold a larger market share, followed closely by the automotive industry.
This can be mainly associated with the increase in demand owing to its properties such as durability, scratch resistance, and glossy look, which are influencing the market growth. Growing popularity among end-users, especially automotive, shipbuilding, and pipeline industries, will also encourage the growth of the market. Construction activities led by developing economies across the world will further boost the growth of the market. Increasing awareness concerning the floor coatings due to dust resistant, durable, abrasion-resistant, and waterproof features is encouraging the market demand. Emerging end-use industries, driving to the expansion of manufacturing plants and facilities is further promoting the market growth. Accelerated industrialization, the growing trend for long-lasting yet aesthetic floor across manufacturing plants, factories, warehouses, and equipment units are also contributing the market growth.
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Top Leading Players: Daikin Industries Ltd., Kansai Nerolac Paints Limited, Akzo Nobel NV, Toefco Engineered Coating Systems Inc., Beckers Group, The Sherwin-Williams Company, Endura Coatings LLC, AFT Fluorotec Ltd., Hempel Group, and The Chemours Company, among others.
Further Key Finding from the Report Suggestion:
- Acrylic coating additives are used in several products. They can be used in organic powder, water, or solvent-borne formulation. They are used for decorative purposes and to coat industrial products. Acrylic surface coatings are one of the major coatings in the industry. This type of coating has captured a large share of Western Europe and the North American market.
- Water-based coating is a clear fast-drying coating generally used on printed products. This type of coating is preferred not only due to environmental concerns, but it also provides substantial scruff-resistance. The segment is forecasted to grow with a CAGR of 5.0% during the forecast period.
- The industrial segment is contributing significantly to the growth of this industry. Industries such as machinery manufacturing, automotive industry, food processing, aviation transportation, science technology are using these substances. The growth of the industries is anticipated to lead to the demand for Performance Coatings.
- North America region accounts for the largest share of 24.2% of the market in 2019. Due to the increased production capacities of dominant companies in the region drives the growth. Technological progress in the manufacturing sector due to more eminent automation for material movement and excellent transportation are among crucial factors propelling the demand for the market products.
Performance Coatings Market Growth:
The high-performance coatings market is expected to experience significant growth in the coming years. Some of the key drivers of this growth include:
- Increasing demand from end-use industries: High-performance coatings are used in a wide range of industries such as automotive, aerospace, marine, oil and gas, and construction. The increasing demand from these industries is expected to drive the growth of the market.
- Growing awareness about environmental sustainability: The use of high-performance coatings that are eco-friendly and have low VOC content is gaining popularity. This trend is expected to continue to drive the growth of the market.
- Advancements in technology: The development of new and advanced high-performance coatings that offer better performance and durability is expected to drive the growth of the market.
- Rising demand from emerging economies: The growth of the high-performance coatings market is also being driven by the rising demand from emerging economies such as China, India, and Brazil.
- Increasing investments in research and development: Companies are investing heavily in research and development to develop new and innovative high-performance coatings that offer better performance and durability. This is expected to drive the growth of the market in the coming years.
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The global Performance Coatings market is segmented into:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Epoxy
- Silicon
- Polyester
- Acrylic
- Alkyd
- Polyurethane
- Fluoropolymer
- Other
Coating Technology Outlook (Revenue, USD Billion; 2017-2027)
- Water-based
- Powder-based
- Solvent-based
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Industrial
- Building and Construction
- Aerospace and Defense
- Automotive and Transportation
- Marine
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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