Automotive accounts for majority of market share in performance coating market. Automotive industry has experienced increasing demand in developing countries such as China, Japan and India. Furthermore, mounting demand for customized automotive provided by auto custom shops has resulted in opening up numerous market opportunities for performance coatings. Furthermore, increase in the number of aerospace vehicles has also resulted in increasing demand for performance coatings as a coating agent, which improves aesthetic and functional features.
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Stringent government regulations on VOC emissions has resulted in adoption of water-borne performance coatings thus, driving the growth of the performance coatings market. Epoxy resin is expected to be most attractive performance coating. Owing to its high functional properties, it finds high utilization in automotive, aerospace and marine industry. Outbreak of Covid-19 has impacted demand within the global construction and automotive industry, as result of nation-wide lockdowns. This has showing significant effect on production and supply chain of products.
Key Takeaways of Global Performance coating Market
- Global performance coating market is expected to create a value opportunity of around US$ 250 Mn during the forecast period, adding 2.0X more value in 2030 as compared to 2020.
- Acrylic resin based performance coatings will continue to dominate demand for performance coating market accounting for more than one-fourth of the global share.
- Water-borne performance coating is set to grow at a higher growth rate facilitated by regulatory policies with respect to VOC exempted coatings.
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- The global market for performance coatings is expected to witness high growth in emerging countries such as India, China and Brazil owing to the increasing infrastructure projects and mounting demand for automotive products.
- Europe is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 150 Mn and is expected to show prolific expansion over the forecast period.
- Performance coating used in building and infrastructure will continue its dominance. It will account for more than half of market share in North American market for performance coatings by 2030, with growth rate of 4% over the forecast period.
“Favorable regulatory policies and high uptake of eco-friendly anti-VOC coatings is set to boost demand for performance coatings with water-borne formulation type”, says the Fact.MR analyst.
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Key Players to Focus on Product Innovation and Regional Expansion
The prominent players of Performance coating market 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. Key players are adopting aggressive growth strategies for establishing their presence over regional and global markets. These players are also focusing on product innovation to meet increasing demand compatible with associated applications. For instance in November 2018, PPG Industries, Inc., announced the launch of new high performance coatings PPG SIGMASHIELD 880 for the U.S. and Canada Offshore Environments.
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