Performance Coatings Market
Performance Coatings Market Analysis Report By Resin (Polyurethane, Acrylic, Polyester, Epoxy), By Formulation Type (Water-borne, Solvent-borne), By End User (Transportation, Consumer Goods, Industrial), By Region - Global Insights to 2030
Global Performance Coating Market Overview
Strict regulatory framework with respect to Volatile Organic Compound (VOC) are favoring the institution of eco-friendly and sustainable coatings which have opened up numerous market opportunities for performance coating market. Many manufacturers are now offering VOC exempted coating solutions. On this premise, the market for global performance coating material is expected to grow at a steady growth rate of 5% over the forecast period (2020-2030).
However, COVID-19 is impacting demand for global performance coatings as an aftereffect of nationwide lockdowns and disrupted supply chains. Availability of essential services and goods during this period has resulted in shrunken demand for personal paints and coatings.
China and U.S. are major consumers of performance coatings, backed by their booming construction industries and increasing demand for automotive. Imposition of lockdowns in these regions along with other developing countries such as India and Japan has hampered sales for performance coating materials.
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Global Performance Coating Market Trends
Strong growth in construction and automotive industry trends are set to fuel the demand for performance coating materials. High growth in premium performance coating for commercial spaces and hotels is driving growth of the overall coating industry .
The growth in number of buildings and infrastructure projects has a direct impact on the growth of paints and coating industry globally. Performance coating finds utility in automobile and aerospace industry owing to its excellent corrosion and chemical resistance capabilities.
Furthermore, performance coating is also used in number of end-use industry like transportation, consumer goods and building & infrastructure, which helps in improving aesthetic and functional features.
Performance Coatings Resin Insights
Acrylic resin performance coating finds its application in structural steel, piping, machinery and equipment in hospitals, schools, hotels, industrial sites and commercial buildings. Increasing infrastructure projects and mounting demand for heavy machineries has enabled acrylic resin performance coating to be the dominant segment with more than one-third of total market share.
However, water-based epoxy performance coatings are expected to grow at an impressive growth rate, backed by its ability to withstand repeated cleanings and durability.
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Performance Coatings Formulation Insights
Water-based performance coatings make up nearly 80% of household and commercial paints. There is a high demand for water-based performance coatings which are found in interior house paint and high-duty protective coating.
However, solvent-based performance coatings are manufactured with help of liquefying agents, these agents evaporate via chemical reactions with oxygen. Furthermore, solvent-based performance coatings are economical and due to high availability, they account for 70% of total market share.
Performance Coatings Market Regional Analysis
APEJ is seen as the most lucrative region for performance coatings, backed by high growth in construction industry as well as increasing demand for automotive and heavy-electrical machineries. Regional trends and regulatory policies play an important role in development of performance coatings.
With favorable regulatory compliances and sustained demand for renewable energy infrastructure, power electronics and automotive, developing economies like India and China are the fastest growing markets with respect to performance coatings.
Furthermore, Europe is expected to hold second-largest share for water-based performance coating with increasing awareness about eco-friendly paints and coatings.
“Water-based performance coating solutions are set to be the most attractive segment with rising demand for eco-friendly, and VOC exempted coating solutions”, says the Fact.MR analyst.
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Performance Coating Market Manufacturers
The prominent players of performance coatings are focusing on the expansion of their product line to meet demand associated with different application and segments. For instance in September 2019, Hempel introduced Hempaguard MaX, an enhanced version of Hempaguard X7.
It offers great fuel efficiency with maximum speed loss of around 1.2%. Besides this, key players are also entering into long-term collaborations with end-use industries and raw material suppliers to establish their presence in regional as well as the global market.
About the Report
Fact.MR published an exclusive forecast report for performance coating between 2020 and 2030. The foremost objective of this report on performance coating market is to pitch spearhead insights on market scenario, demand generators and technological advancements in the performance coating market. Also, the study on performance coating market addresses key dynamics, which are expected to diversify the sales and future prominence of performance coating market.
The report on performance coating market begins with an executive overview in which product definition has been provided. The report further proceeds with taxonomy of performance coating market elaborating on the key segments. Also, the report outlines visionary insights on dynamics performance coating market including drivers, restraints, opportunities and trends and pricing analysis along with the key buying factors for performance coating.
Supply chain analysis and pricing analysis of performance coating market along with the difference between performance coatings used as per applications have also been included in the report to help the readers clearly understand the product framework map in performance coating market.
Performance Coatings Market Segmentation
Fact.MR has studied the performance coatings market with detailed segmentation on the basis of resin, end-user, formulation type, and key regions.
By Resin :
By End User :
- Consumer Goods
- Buildings and Infrastructure
By Formulation Type :
By Region :
- North America
- Latin America
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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