Having enhancing properties for products they are applied on, performance coatings are seeing a growth in terms of demand over the period of 2017-2022. And, it is not surprising considering that it can add notable durability by making products resistant to weather extremes, humidity, radiation, and other such conditions that have the potential to cause harm.
As per a Transparency Market Research (TMR) report, over the stated period, the global performance coating market is set to chart a growth trajectory, featuring a steady CAGR (Compound Annual Growth Rate) of 5.2%, raising the market worth up to USD 102 billion by the end of the forecast period.
Consumer Electronics to Drive Significant Growth in the Global Performance Coating Market over the Forecast Period
Demand for Consumer Electronics is growing and with that is set to increase the demand for performance coatings. The reason behind this is that consumer electronics call for a certain finish and appearance of the products. And, especially, in this day and age looks matter. And, performance coating can add the gloss over the product that is critical for attracting the millennial consumer. It is also pertinent to note at this point that consumers today are experiencing a high spending capacity, owing to economies doing well and disposable incomes rising, as a result. Additionally, technology is being adopted swiftly as it continues to bring in convenience to the lives of people. Additionally, these coatings also make them durable, creating in them a needed resistance to dust and damage.
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Other industries that are coextensive to the performance coating market are aerospace and automotive which are riding the wave of improved consumer spending, living standard and technological advancement.
APEJ to chart Significant Growth in the Global Performance Coating Market over the Forecast Period
Demand for premium cars in the Asia Pacific Excluding Region will lead it to untapped growth opportunities which the market players will leave no stone unturned to make the most of. The CAGR charted by the region over the forecast period of 2017-2024 will be significant, leading to the region accruing market worth of USD 34.8 billion. This region is also witnessing much growth in terms of sales of consumer electronics which is not surprising considering that spending power in the region is increasing due to terrific economic performance demonstrated by nations flanking the region.
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Competitive Landscape of Global Performance Coating Market to be Fragmented over the Forecast Period
Owing to the presence of a large number of regional and international players operating in the global performance coating market, the competitive landscape is fragmented and as more and more players try to take a chunk out of the growth pie to be generated, the degree of fragmentation is set to increase further. Leading players that have made their mark in the global performance coating market include AkzoNobel NV, Masco Corporation, Hempel A/S, Jotun A/S, The Valspar Corporation, Axalta Coating Systems Ltd., Nippon Paint Holding Co. Ltd., BASF SE, and PPG Industries Inc, among others.
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The Performance Coating Market has been undergoing some remarkable growth dynamics, shaped increasingly by digital technologies and environmental sustainability concerns of product development. Over the decades, the feedstock variability and the onslaught of cheaper substitutes have squeezed in profit margins of the chemical and materials sector. On the other hand, the value chain of several businesses in the Performance Coating Market has undergone overhaul, increasingly rendering some aspiring players with greater control over the forces and demand. The penetration of Industry 4.0 in in the market has stirred game-changing trends for range of stakeholders in the overall chemicals and materials sector. Manufacturing and production environments of businesses in the Performance Coating Market are keen on formulating and implementing strategic frameworks that will turn them into digital enterprises.
Companies in the Performance Coating Market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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