The market for performance coatings is projected to reach US$ 95.9 billion in 2022 and is projected to grow at a CAGR of 5.3% from 2022 to 2032. Any product’s surface can normally receive a performance coating, which can serve both aesthetic and practical objectives. These coatings are used to give the applied product a variety of performance enhancements.
These advantages could include anti-fouling, temperature resistance, UV absorption, anti-reflection, sealing and waterproofing, gloss and lustre protection, and more.
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In addition, the trend in performance coatings’ water-borne compositions shifted as a result of international environmental restrictions regarding hazardous compounds. As the global trend for interior and exterior coatings has changed, so too has the aesthetic performance of polyurethane and fluoropolymer. In turn, this helps to support the expansion of the mid-term market.
Additionally, many major players have started working on newer products to replace the outdated PTFE coating in order to offer better advantages like reduced spalling, anti-spatter properties, and other performance improvements like harsh temperature & weather resistance as well as long-term durability.
Key Takeaways from the Market Study
The market for performance coatings is expected to grow at a remarkable CAGR of 5.3% and reach US$ 160.7 billion by 2032.
The market experienced a 4.7% CAGR from 2017 to 2021.
Epoxy resin, valued at US$ 35.5 billion in 2022, dominates the resin market and is used in performance coatings.
In 2021, APAC had a 45.9% market share, dominating the industry.
North America is anticipated to hold a market share of 19.6% in 2022, while Europe is projected to hold a market share of 21.2%.
China currently holds a dominant position in the market and is anticipated to hold a 15.5% market share in 2022.
Eminent Market Player’s Key Stratagems
Key players such as BASF, Sherwin-Williams, & Nippon Paint Holdings are approaching ahead with a strategic mix of both organic and inorganic strategies such as strategic capacity expansions in target markets. A multitude of product launches and numerous acquisitions in the competing market to reduce competition, improve its existing global presence and diversify its product portfolio to offer customized solutions as per the client’s requirements.
Prominent Key Players
- PPG Industries
- Akzo Nobel N.V.
- Axalta Coating Systems Ltd
- Nippon Paint Holding Co. Ltd.
- BASF SE
- The Valspar Corporation
- Jotun A/S
Segmentation of Performance Coatings Industry Research
- By Resin:
- Polyurethane
- Acrylic
- Polyester
- Epoxy
- Others
- By Formulation Type:
- Water-borne
- Solvent-borne
- By End-User:
- Transportation
- Consumer Goods
- Buildings and Infrastructure
- Industrial
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global performance coatings market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of resin (polyurethane, acrylic, polyester, epoxy, and others), formulation type (water-borne and solvent-borne), end-user (transportation, consumer goods, buildings and infrastructure, and industrial), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
The performance coatings market, often referred to as industrial coatings, is a pivotal sector that transcends aesthetics to offer durability, protection, and enhanced performance across diverse industries. These coatings shield surfaces from corrosion, harsh environmental conditions, chemicals, and wear and tear while optimizing their functionality. Valued at over $120 billion in 2021, the global performance coatings market has witnessed consistent growth, driven by the escalating demand for high-performance, long-lasting coatings across various sectors.
Several key factors have propelled this growth. Technological advancements have given rise to coatings with superior properties like increased corrosion resistance, reduced VOC content, and improved durability. Growing investments in infrastructure development worldwide have led to an increased demand for coatings that safeguard and prolong the life of structures and buildings. In the automotive industry, there is a surge in the demand for coatings with advanced features such as enhanced scratch resistance and reduced weight. Furthermore, stringent environmental regulations have spurred the development of eco-friendly, low-VOC coatings that align with sustainability goals.
However, the performance coatings industry faces its share of challenges. Fluctuating raw material costs, particularly for specialty chemicals, can impact the profitability of manufacturers. The pursuit of sustainability and reduced environmental impact while maintaining product efficacy poses a delicate balancing act. Fierce competition in the market necessitates ongoing innovation to stay competitive and meet evolving customer demands.
Table of Content ( Included No. of Figures – 93 & No. of Tables- 112 )
1. Performance Coatings Market – Executive Summary
2. Market Overview
2.1. Market Definition and Introduction
2.2. Market Taxonomy/ Research Scope
3. Market Background and Foundation Data
3.1. Green Building Trends
3.2. Investment Feasibility Matrix
3.3. Product Lifecycle
3.4. Opportunities for enterprises
3.5. Global Real Estate Health Monitor
3.6. Global Aerospace Industry
3.7. Regulatory Compliances w.r.t. VOC
3.8. Global Automotive Industry
3.9. Performance Coatings: Apparent Production & Consumption Analysis
3.9.1. Production Capacity (Tons)
3.9.1.1. By Key Regions
3.9.1.2. By Key Companies
3.9.2. Consumption Statistics
3.9.3. Apparent Trade Analysis
3.10. Performance Coatings Market Opportunity Assessment
3.10.1. Total Available Market (US$ million)
3.10.2. Serviceable Addressable Market (US$ million)
3.10.3. Serviceable Obtainable Market (US$ million)
Looking ahead, several trends promise to shape the future of the performance coatings market. Nanotechnology is ushering in coatings with remarkable properties, including self-healing capabilities, superhydrophobicity, and antibacterial functionalities. Smart coatings, which adapt to external stimuli such as temperature or light, are gaining momentum, offering improved adaptability and protection. The emphasis on eco-friendliness continues to grow, with a focus on biodegradable and sustainable coatings. Additionally, digitalization is becoming integral, with predictive maintenance and augmented reality being integrated into the coatings industry for enhanced quality control and customer service.
In conclusion, the performance coatings market is a dynamic and essential industry that contributes significantly to the durability, aesthetics, and functionality of various products and surfaces. It thrives on innovation and sustainability, with advancements in technology and a growing emphasis on environmental concerns driving its evolution. As the industry continues to develop smarter, greener coatings, it is poised to shape a future where performance and protection coexist harmoniously, elevating excellence across numerous sectors.
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