ID: MRFR/CnM/9217-HCR | 99 Pages | Published By Anshula Mandaokar on March 2023
According to MRFR analysis, the performance coatings market is projected to witness a CAGR of over 5.11% to reach around USD 62.58 billion by the end of 2028.
$62.58 Billion
5.11%
North America
2021-2028
According to MRFR analysis, the performance coatings market is projected to witness a CAGR of over 5.11% to reach around USD 62.58 billion by the end of 2028.
Performance coatings are commonly used in surrounding where surface and structures need chemical resistance, enhanced abrasion and need durability. They are fabricated to fulfill the requirements of their primary functions, which is to protect the surface that they are coated.The performance coatings can be applied by using various processes such as solvent-based coating, water-based, and powder-based coatings in several end-use industries such as construction, automotive and transportation, industrial, aerospace & defense, marine, and others.
The key factor driving the growth of the global performance coatings market is the upsurge in demand for performance coatings in the automotive and marine industries. The growing demand for performance coatings in the automotive & transportation, and marine industry, is due totheir excellent performance properties such as adhesion, alkali resistance, flexibility, chemical resistance, heat resistance, ultraviolet (UV) resistance, moisture tolerance, and resistance to permeating, are expected to boost the global performance coating market over the forecast period. Additionally, the growing application of performance coatings inthe industrial segment isfurther expected to fuel the product demand in industrial textile production. Performance coatings are coated in rollers used in textile production that withstand high temperatures and have good aggressive chemicals and abrasive conditions.
Rising production and sales of automobiles across the globe on account of improving economic developmentareexpected to fuel the demand for performance coatings during the review period. In recent years, automotive coatings have beenconsidered one of the most important markets and play a crucial role in the automotive industry.Polyurethane coating is commonly used as a high-performance topcoat binder in automotive applications. In contrast,epoxy coating is used as a primer or the layer beneath the topcoat layer because of its good adhesion and good corrosion resistance. Extensive use of Industrial coatings in the aerospace & defense industry in gas turbine engines, air vessels, rocket exhaust cones, insulating tiles, space shuttles, windshield glass, and engine components is a key driver for the global industrial coatings market.
Regulatory Framework
Impact of Coronavirus Outbreak
The global performance coatings market is facing anintenseslump caused by the imposition of lockdowns across the globe to decrease the spread of COVID-19. The major end users of performance coatings such as automotive & transportation and industrial industry have also shut down their production facilities resulting in a decline in demand for performance coatings across the world. As a result, the demand for coatings hasnearly varnishedduring the assessment period. Itisunlikely to be recovered until the governments of all over the world take their provisional policies.
Supply Chain Analysis
The supply chain analysis evaluates every stage and step taken by stakeholders involved throughout the production and distribution of performance coatings. The supply chain includes raw materials suppliers, performance coatings manufacturers, distribution channels, and end-use industries.
The mainraw materials required to produce performance coatings include epoxy, silicone, polyester, acrylic, alkyd, polyurethane, and fluoropolymers. The other raw materials are petrochemical products, and as a result, raw material costs fluctuate.
Market USP
Performance coatingsare used for protection, performance, and aesthetics appeal.
Market Drivers
Market Restraints
Segmentation
By Type
By Coating Technology
By Application
By Region
Key Players:
Akzo Nobel NV, PPG Industries, Nippon Paint Holding Co. Ltd, andSherwin-Williams Company are key players in the global performance coating market. To gain a competitive advantage, key players in the global performance coating market are engaged instrategic initiatives such as collaborations,mergers & acquisitions, expansions, and technology/product launchto increase the product demand. For instance, the biggest plant of Akzo Nobel NV company situated in Europe for producing powder coatings is set to house a major capacity expansion to produce automotive coatings. The company follows recent investments in China and Vietnam designed to install greener facilities and production methodsthere, which will help the company achieve its sustainability ambitions.
Report Attribute/Metric | Details |
---|---|
Market Size |
|
CAGR | 5.11%(2022-2030) |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019Â &Â 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type,By Coating Technology, By Application, By Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Akzo Nobel NV (Netherlands),PPG Industries Inc. (US),Kansai Nerolac Paints Limited (India),Metal Coatings Corp. (US),Toefco Engineered Coating Systems Inc. (US),Endura Coatings LLC (US),Beckers Group (Germany),Nippon Paint Holdings Co. Ltd (Japan), The Sherwin-Williams Company (US),AFT Fluorotec Ltd (UK),The Chemours Company (US),Hempel Group (Denmark) |
Key Market Opportunities | Rise in demand for performance coating in the marine industry. |
Key Market Drivers | Increasing demand from the automotive industry. |
Performance Coatings Market is predicted to grow at 5.11% through forecast period of 2020-2027.
The forecast period for Performance Coatings Market research report is 2020-2027.
Performance Coatings Market is dominated by APAC region.
The major players are Akzo Nobel NV (Netherlands),PPG Industries Inc. (US),Kansai Nerolac Paints Limited (India),Metal Coatings Corp. (US),Toefco Engineered Coating Systems Inc. (US),Endura Coatings LLC (US),Beckers Group (Germany),Nippon Paint Holdings Co. Ltd (Japan), The Sherwin-Williams Company (US),AFT Fluorotec Ltd (UK),The Chemours Company (US),Hempel Group (Denmark)