Evolving Regulatory Landscape Coupled with Growing Focus on Personalization to Aid Market Growth
Coatings for performance OEM are increasingly being used across a host of industrial domains for numerous applications, including mining equipment, rail, port equipment & cranes, industrial machines, and functional products. The automotive sector is another prominent sector wherein the demand for coatings for performance OEM has witnessed a consistent surge over the past few years. The Europe coatings market for performance OEM is primarily influenced by a range of factors, including evolving regulatory landscape, research & development, organic & inorganic strategies deployed by market participants, and entry of multiple new technologies and innovative concepts.
Over the past decade, waterborne coatings have gained immense popularity, particularly to manufacture interior and exterior architectural paints. Leading participants in the Europe coatings market for performance OEM are increasingly focusing on offering customized coating solutions to their customers to gain advantage. In addition, market players are also expected to emphasize on addressing the challenges across the supply chain as well as the pricing structure of their products to gain a competitive edge. While improving the quality of coatings for performance OEM is likely to remain imperative, market players are also expected to explore the potential of different types of coatings.
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At the back of these factors, along the consistent growth of the various end-use industrial domains, the demand for coatings for performance OEM has witnessed a noteworthy surge over the past few years– a trend that is expected to continue over the forecast period. The Europe coatings market for performance OEM is expected to reach a market value of € 9.1 Bn by the end of 2030.
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High Demand for Wear Resistant Coatings Expected to Aid Market Growth
Among various end-use industries, mining and automotive sectors are likely to remain at the forefront in terms of market share and value. The demand for wear resistant coatings for performance OEM across the European region has witnessed a remarkable growth, owing to the growth of the automotive and the mining sector in the region. Moreover, over the past few years, the demand from the cement and the concrete manufacturing industry has increased at a consistent rate due to which, market players are increasingly capitalizing on the opportunities in various sectors. The growing demand for wear resistant coatings made from epoxy and polyurethane can be primarily attributed to the required anti-abrasion properties and exceptional resistance to high stress grinding.
Due to consistent research and development, polymer coatings have emerged as a popular coating choice among players operating in the Europe coatings market for performance OEM. The functional properties of polymer coatings including optimum adhesion, corrosion resistance, wettability, and wear resistance are expected to drive the demand for coatings for performance OEM during the assessment period. Coatings for performance OEM are increasingly being used for a broad spectrum of applications, such as construction tools, consumer packaged goods, walking surfaces, building materials, due to which, the Europe coatings market for performance OEM is poised to grow at a significant rate during the assessment period.
Demand to Decline amid COVID-19 Pandemic, Market Players Likely to Focus on Inorganic Growth Strategies
The COVID-19 pandemic is expected to have a negative impact on the growth of the Europe coatings market for performance OEM due to the dwindling demand from various end-use industries, including automotive, building & construction, and industrial machinery. While governments across Europe imposed stringent lockdown measures to contain the transmission of the novel coronavirus, operations across the industrial sector are largely affected. Delays and complete shutdown of several construction projects across the European Union coupled with restriction on transportation and trade are likely to create several barriers across the supply chain.
Market players should focus on opportunities in various nations wherein industries remain unaffected by collaborating or forging strategic partnerships with regional market players to gain an advantage. In addition, companies operating in the Europe coatings market for performance OEM are also expected to expand their product portfolio in line with industrial requirements in the post COVID-19 era.
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