Rising Trend of Green, Eco-friendly, and Cost-efficient Performance Coatings to Proliferate Global Sales
The performance coatings market is highly competitive with the presence of numerous fragmented players. However, majority of the market share is obtained by Fortune 500 companies, including AkzoNobel N.V., BASF SE, PPG Industries, Inc., and The Sherwin-Williams Company, among others. Key focus of manufacturers is on the development of new products and expansion in emerging markets. In addition to this, stringent government regulations for eco-friendly and sustainable coatings play a vital role in the performance coatings market globally. Therefore, this is pressurizing manufacturers to invest heavily in development of solvents that are free from volatile organic compounds (VOC)
As per Fact.MR estimates, the global performance coatings market is expected to witness a steady growth with a CAGR of ~5% during the forecast period. This growth is attributed to the increased demand from the end-use industry, majorly from the automobile and aerospace industry. Performance coatings offer excellent chemical and corrosion resistance properties, with high thermal barrier characteristics that leads to a significant reduction in radiated heat. Moreover, it is also used in various niche applications to improve aesthetic as well as functional features of products. For instance, on 27 September 2019, Roccat, a designer and developer of gaming hardware, introduced Kain 120 AIMO gaming mice. The gaming mice is coated with high-end performance coating.
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Stringent Government Regulations on VOC Emissions to Boost Environment-Friendly Performance Coatings
Strict regulatory frameworks on VOC emissions have made a considerable impact on the overall performance coatings markets. Volatile organic compound (VOC) is hazardous as it reacts with nitrogen in the air and depletes the ozone layer. This factor has made numerous regulatory bodies like the European Environment Agency (EEA) and the Environment Protection Agency to limit the VOC content in various performance coatings in the market. On 11 September 1998, the Environmental Protection Agency published the architectural coatings rule (63 FR 48848) under the authority of Section 183(e) of the Clean Air Act. This law mandates to limit the amount of volatile organic compounds (VOC) in products. This has, in turn, led to a shift in the focus of performance coating manufacturers towards improvising products and exploring opportunities to introduce innovative and environment-friendly products in the performance coatings market. The maximum emphasis is being laid on the lifecycle of performance coatings, the introduction of multi-purpose and hybrid coatings, and innovative eco-friendly products such as green coatings, nano-coatings, etc. These factors are expected to drive the growth of the global performance coatings market, since all of these innovations are likely to be applied. Moreover, the primary focus of researchers across the globe is to make products exist in extreme temperature applications, which is expected to open up lucrative opportunities for stakeholders in the near future.
The Market Will Receive High Traction with Water-based Performance Coatings
Strict regulations established by government bodies across the globe have resulted in a shift towards the adoption of water-based coatings. Water-based coatings reduce volatile organic compound (VOC) emissions by 80% and offer enhanced performance as compared to conventional solvent-based coatings. These features are driving the growth of the performance coatings market. The water-based coatings market has witnessed a stable growth rate in the recent past, particularly in markets in emerging economies. This is due to their high cost as compared to other functional coatings alternatives. However, with existing regulatory pressure, protective coatings producers are increasingly focusing on cost reduction initiatives to fuel adoption rates. Moreover, increased investments by leading players in this segment have been observed as a key trend.
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Green Performance Coatings to Bring About Untapped Opportunities
Due to stringent laws and regulations by governments and environmental organizations across the globe, many countries have imposed restrictions on the environmental damage caused due to manufacturing of various paints. Consumers are well-aware of environment degradations caused due to hazardous gases and chemicals used in these paints, which in turn, create a demand for eco-friendly products. This is forcing manufacturers to come up with sustainable performance coatings that provide various properties like heat/chemical resistance, friction reduction, etc. These properties are also offered by conventional coatings, but sustainable performance coatings comply with regulations to lessen the environmental impact, boost recyclability, lower greenhouse gas emissions and give way to a smaller carbon footprint. Leading manufacturers in the global performance coatings market are making higher investments in green coatings to fuel the future demand for environment-friendly coatings.
New Product Development and Acquisitions are the Top Strategies of Key Market Players
Key manufacturers in the performance coatings market are mainly involved in research and development activities to develop innovative products and cater to the growing needs of functional coatings. Besides, they are also entering into long-term partnerships with end-use industries, raw material suppliers, and global players, to have a strong presence in the worldwide market. Some of the significant developments in the performance coatings market include:
In November 2018, PPG Industries, Inc., a manufacturer of paints, coating, and materials, announced the launch of new high performance coatings called PPG SIGMASHIELD 880 for the U.S. and Canada Offshore Environments.
In July 2017, PPG Industries, Inc. introduced KWIKSPAR 600 and Kwikspar600SG polyaspartic coatings, which is a corrosion-resistant direct-to-metal coating that formulates advanced film-build and fast-cure characteristics.
In April 2017, PPG Industries, Inc. introduced PSX 800 and PSX 805 coatings for steel and metal surfaces.
In September 2019, Hempel, a supplier of protective coating, introduced Hempaguard MaX, an enhanced version of Hempaguard X7. It offers great fuel efficiency with maximum speed loss of around 1.2%.
In May 2017, AkzoNobel N.V., a leading paints & coating manufacturer, expanded its performance coating facility at Chonburi, Thailand, to cater to growing needs in Thailand and South East Asia regions.
Few other companies in the performance coatings market are also involved in product innovations, expansion of product portfolios, and collaborations with industry giants and end users to hold a strong position in the market.
Regional Development in the Performance Coatings Market
Regional trends and regulatory policies have left a huge impact on the development of the global performance coatings market. Asia Pacific holds a majority share in the global performance coatings market. Steady demand from the fastest growing economies is likely to sustain the demand for performance coatings in this region. The growing economy and government initiatives in India and China are gradually supporting the manifestation of renewable energy infrastructures. Due to sustained demand from the automotive, power, electronics, and renewable energy industries, the Asia Pacific region is estimated to remain as a profitable market of performance coatings globally throughout the assessment period. Europe holds the second-largest share in the global performance coatings market. European producers are primarily taking efforts on eco-friendlier products without compromising efficiency and performance. In North America, performance coatings manufacturers are investing heavily in producing water-based products with low VOC (Volatile Organic Compound) content. Renowned market players in this region are expected to witness steady growth in the coming years. In the Middle East & Africa, the performance coatings market has witnessed a standstill due to fluctuation in crude oil prices and uncertainties caused due to political instability. Expansion in manufacturing facilities is expected in Latin America, owing to increasing demand from end-use industries.
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Performance Coatings Market- Global Industry Analysis
The recent study by Fact.MR on the performance coatings market offers 10-year forecast from 2019-2029. The study analyzes crucial trends that are currently determining the growth of the performance coatings market. This report explicates on vital dynamics, such as drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of performance coatings. The study also provides dynamics that are expected to influence the future status of the performance coatings market over the forecast period.
A detailed assessment of value chain analysis, business executions, and supply chain analysis across regional markets have been covered in the report. A list of prominent companies operating in the performance coatings market enhance the reliability of this comprehensive research study.
Performance Coatings Market: Report Summary
The study offers a comprehensive analysis on diverse features including demand, product developments, policy & regulatory landscape, revenue generation, and sales in the performance coatings market across the globe.
A comprehensive estimate on the performance coatings market has also been considered through an optimistic scenario as well as conservative scenario regarding sales of performance coatings in the forecast period. Price point comparison by regions with global average price are also considered in the study.
Performance Coatings Market Segmentation
Fact.MR has studied the performance coatings market with detailed segmentation on the basis of resin, end user, and key regions.
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Resin |
End User |
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Polyurethane |
Transportation |
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Acrylic |
Consumer Goods |
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Polyester |
Buildings and Infrastructure |
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Epoxy |
Industrial |
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Others |
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Performance Coatings Market: Analysis on Market Size Evaluation
The study provides each market segment in terms of volume (Tonnes) and value (US$ Mn) analysis in the performance coatings market.
Market estimates at global and regional levels for performance coatings are available in terms of “US$ Mn” for value and “tonnes” for volume. A Y-o-Y growth contrast on prominent performance coatings market segments, along with the market attractiveness valuation have been incorporated in the report. Another key feature of the performance coatings market report is the analysis of all key segments in terms of absolute dollar. Absolute dollar opportunity is critical in assessing the level of opportunity that a manufacturer can look to achieve as well as identify potential resources, from sales and delivery perspectives in the performance coatings market.
Performance Coatings Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which help deliver projections on regional markets. This chapter include regional macros (political economic, and business environment outlook), which are expected to have a momentous influence on the growth of the performance coatings market during the forecast period.
Country-specific valuations on demand for performance coatings have been offered for each regional market, along with market scope estimates and forecast, price index, and impact analysis of prominence in regions and countries. Regional markets Y-o-Y growth estimates have also been incorporated in the report.
Detail breakup in terms of value & volume for emerging countries have also been included in the report.
Performance Coatings Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of the performance coatings market, along with their detailed profiles. Essential and up-to-date data information related to market players, who are principally engaged in the production of performance coatings, have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been combined in the report, which include essentials such as product portfolios, along with an all-inclusive SWOT analysis on each player. The company presence is mapped and presented through the matrix for all prominent players, thus, providing readers with actionable insights, which help in thoughtfully presenting the market status, and predicting competition levels in the performance coatings market. Prominent companies operating in the global performance coatings market include PPG Industries, Inc., Akzo Nobel N.V., Axalta Coating Systems Ltd., Berkshire Hathaway Inc., Hempel A/S, Nippon Paint Holding Co. Ltd., BASF SE, The Valspar Corporation, and Jotun A/S.
1. Global Performance Coatings Market - Executive Summary
1.1. Summary of Key Findings
1.2. Summary of Key Statistics
1.3. Opportunity Assessment
1.4. Fact.MR View Point
2. Global Performance Coatings Market Overview
2.1. Introduction
2.2. Global Performance Coating Market Taxonomy
2.3. Global Performance Coating Market Definition
2.4. Global Performance Coating Market Size (US$ Mn) and Forecast, 2014-2029
2.5. Global Performance Coating Market Y-o-Y Growth
2.6. Global Performance Coating Market Dynamics
2.7. Regional Trend Analysis
2.8. Supply Chain
2.9. Regional Regulatory Framework
2.10. Cost Structure
2.11. Pricing Analysis
2.12. Raw Material Sourcing Strategy and Analysis
2.13. List of Distributors
2.14. Key Participants Market Presence (Intensity Map) By Region
3. Global Performance Coatings Market Analysis and Forecast 2014-2029
3.1. Global Performance Coatings Market Size and Forecast By Resins 2014-2029
3.1.1. Polyurethane Market Size and Forecast, 2014-2029
3.1.1.1. Revenue (US$ Mn) & Volume (Kilotons) Comparison, By Region
3.1.1.2. Market Share Comparison, By Region
3.1.1.3. Y-o-Y Growth Comparison, By Region
3.1.2. Acrylic Market Size and Forecast, 2014-2029
3.1.2.1. Revenue (US$ Mn) & Volume (Kilotons) Comparison, By Region
3.1.2.2. Market Share Comparison, By Region
3.1.2.3. Y-o-Y Growth Comparison, By Region
3.1.3. Polyester Market Size and Forecast, 2014-2029
3.1.3.1. Revenue (US$ Mn) & Volume (Kilotons) Comparison, By Region
3.1.3.2. Market Share Comparison, By Region
3.1.3.3. Y-o-Y Growth Comparison, By Region
3.1.4. Epoxy Market Size and Forecast, 2014-2029
3.1.4.1. Revenue (US$ Mn) & Volume (Kilotons) Comparison, By Region
3.1.4.2. Market Share Comparison, By Region
3.1.4.3. Y-o-Y Growth Comparison, By Region
3.1.5. Others Market Size and Forecast, 2014-2029
3.1.5.1. Revenue (US$ Mn) & Volume (Kilotons) Comparison, By Region
3.1.5.2. Market Share Comparison, By Region
3.1.5.3. Y-o-Y Growth Comparison, By Region
3.2. Global Performance Coatings Market Size and Forecast By By End-User, 2014-2029
3.2.1. Transportation Market Size and Forecast, 2014-2029
3.2.1.1. Revenue (US$ Mn) & Volume (Kilotons) Comparison, By Region
3.2.1.2. Market Share Comparison, By Region
3.2.1.3. Y-o-Y Growth Comparison, By Region
3.2.2. Consumer Goods Market Size and Forecast, 2014-2029
3.2.2.1. Revenue (US$ Mn) & Volume (Kilotons) Comparison, By Region
3.2.2.2. Market Share Comparison, By Region
3.2.2.3. Y-o-Y Growth Comparison, By Region
3.2.3. Buildings and Infrastructure Market Size and Forecast, 2014-2029
3.2.3.1. Revenue (US$ Mn) & Volume (Kilotons) Comparison, By Region
3.2.3.2. Market Share Comparison, By Region
3.2.3.3. Y-o-Y Growth Comparison, By Region
3.2.4. Industrial Market Size and Forecast, 2014-2029
3.2.4.1. Revenue (US$ Mn) & Volume (Kilotons) Comparison, By Region
3.2.4.2. Market Share Comparison, By Region
3.2.4.3. Y-o-Y Growth Comparison, By Region
4. North America Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029
4.1. Introduction
4.2. North America Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029 by Country
4.2.1. US
4.2.2. Canada
4.3. North America Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) by Resin
4.4. North America Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) By End-User
5. Latin America Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029
5.1. Introduction
5.2. Latin America Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029 by Country
5.2.1. Brazil
5.2.2. Mexico
5.2.3. Rest of Latin America
5.3. Latin America Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) by Resin
5.4. Latin America Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) by End-User
6. Europe Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029
6.1. Introduction
6.2. Europe Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029 by Country
6.2.1. EU-5 (Germany, UK, France, Spain, and Italy)
6.2.2. BENELUX
6.2.3. Nordics
6.2.4. Eastern Europe
6.2.5. Rest of Europe
6.3. Europe Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) by Resin
6.4. Europe Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) by End-User
7. Japan Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029
7.1. Introduction
7.2. Japan Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029
7.3. Japan Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) by Resin
7.4. Japan Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) By End-User
8. APEJ Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029
8.1. Introduction
8.2. APEJ Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029 by Country
8.2.1. Greater China
8.2.2. India
8.2.3. South Korea
8.2.4. ASEAN Countries
8.2.5. Australia & New Zealand
8.2.6. Rest of APEJ
8.3. APEJ Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) by Resin
8.4. APEJ Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) By End-User
9. MEA Performance Coatings Market Analysis 2014–2018 and Forecast 2019–2029
9.1. Introduction
9.2. MEA Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) by Country
9.2.1. GCC Countries
9.2.2. Turkey
9.2.3. South Africa
9.2.4. North Africa
9.2.5. Rest of MEA
9.3. MEA Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) by Resin
9.4. MEA Performance Coatings Market Value (US$ Mn) and Volume (Kilotons) By End-User
10. Competitive Assessment
10.1. Global Performance Coatings Market Structure
10.2. Global Performance Coatings Market Competition - a Dashboard View
10.3. Global Performance Coatings Market Company Share Analysis
10.4. Key Participants Market Presence (Intensity Mapping) by Region
11. Company Profiles
11.1. PPG Industries, Inc.
11.1.1. Company Overview
11.1.2. Product Overview
11.1.3. Key Financials
11.1.4. Key Developments
11.1.5. SWOT Analysis
11.2. Akzo Nobel N.V.
11.2.1. Company Overview
11.2.2. Product Overview
11.2.3. Key Financials
11.2.4. Key Developments
11.2.5. SWOT Analysis
11.3. Axalta Coating Systems Ltd.
11.3.1. Company Overview
11.3.2. Product Overview
11.3.3. Key Financials
11.3.4. SWOT Analysis
11.4. Berkshire Hathaway Inc.
11.4.1. Company Overview
11.4.2. Product Overview
11.4.3. Key Financials
11.4.4. SWOT Analysis
11.5. Hempel A/S
11.5.1. Company Overview
11.5.2. Product Overview
11.6. Jotun A/S.
11.6.1. Company Overview
11.6.2. Product Overview
11.6.3. SWOT Analysis
11.7. Nippon Paint Holding Co. Ltd.
11.7.1. Company Overview
11.7.2. Product Overview
11.7.3. Key Financials
11.7.4. Key Developments
11.8. The Valspar Corporation.
11.8.1. Company Overview
11.8.2. Product Overview
11.8.3. Key Financials
11.8.4. SWOT Analysis
11.9. BASF SE.
11.9.1. Company Overview
11.9.2. Product Overview
11.9.3. Key Financials
11.9.4. Key Developments
11.9.5. SWOT Analysis
12. Disclaimer
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Performance Coatings Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2019 to 2029