Performance Coating Market
Performance Coating Market (Resin - Epoxy, Polyester, Acrylic, Polyurethane; Application - Transportation, Consumer Goods, Buildings and Infrastructure, Industrial Sector) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022
Press Release :
Global Performance Coating Market: Snapshot
The global performance coating market has become a key part of the growth of the manufacturing sector across the world. Performance coatings offer physical advantages to finished products, including increased resistance to environmental factors. This is becoming an important issue in the increasingly competitive manufacturing sector, leading to growing demand from the global performance coatings market. Growing demand from diverse end use sectors such as marine, power, automotive, and aerospace is likely to drive the global performance coating market at a strong CAGR in the coming years.
Valued at US$79.1 bn in 2017, the global performance coating market is likely to exhibit a 5.2% CAGR in the 2017-2022 forecast period to rise to a value of US$102 bn.
Rising Demand from Numerous End Use Industries to Propel Performance Coating Market
The key driver for the global performance coating market is their widespread adoption in a wide range of industrial sectors. The manufacturing sector’s rampant growth in recent years has been vital for the performance coating market, making sectors such as consumer goods, automotive, and aerospace likely to remain key contributors to the market. The enhancements provided by performance coatings have become vital in the manufacturing sector, making it likely to remain a crucial driver for the global performance coating market.
The power sector is also likely to emerge as a major contributor to the global performance coating market. Technical advancements in power grid infrastructure are likely to drive demand for performance coatings, while the rising demand for alternative energy sources such as solar is also likely to lead to growing demand from the performance coating market. The solar energy sector in particular is likely to exhibit steady growth in the demand for performance coatings, as they play a vital role in maximizing the utility of solar energy installations. The increasing demand for solar power in underdeveloped countries as a mass-scale alternative to costlier forms of energy is likely to remain a key driver for the performance coating industry.
Asia Pacific except Japan, Europe to Dominate Global Performance Coating Market
Geographically, the global performance coatings market is segmented into Asia Pacific except Japan, Japan, Europe, North America, and the Middle East. Of these, Asia Pacific except Japan is likely to remain the leading regional contributor to the global performance coatings market, accounting for more than 30% of the global market throughout the 2017-2022 forecast period. The APEJ performance coatings market is likely to reach a valuation of US$34.8 bn by 2022, exhibiting a strong 6.2% CAGR therein. Japan is also likely to remain a strong contender in the global performance coatings market, with the region likely to be valued at US$11.2 bn by 2022, exhibiting a solid 5.6% CAGR in the 2017-2022 forecast period.
Europe is another dominant contender in the global performance coatings market due to the proliferation of the manufacturing sector in the region. The Europe market for performance coatings is expected to be valued at US$22.1 bn by 2022, exhibiting a solid 4.5% CAGR in the 2017-2022 forecast period. Growth of local manufacturing centers in the U.S. has also led to significant demand from the performance coatings market from North America. The latter is likely to rise from US$15.8 bn to US$19.8 bn over the 2017-2022 forecast period.
Leading companies such as 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. dominate the global performance coatings market. There is significant scope for new players in the burgeoning industry, while collaborations between industry players in various regions could also be a feature of the performance coatings market in the coming years.
High Demand for Environment Friendly Coatings to Boost Global Performance Coating Market
Stringent regulatory requirements for volatile organic compound (VOC) have favored the establishment of sustainable and environment friendly coatings, thereby opening up countless opportunities for the global performance coating market in the years to come. Several companies now offer coatings that are free of VOCs. The demand for performance coating materials is likely to be fueled by robust development in the automotive and construction industries.
The development of the overall coating industry is being fueled by a surge in premium performance coatings for hotels and commercial spaces. The growth of the paints and coatings industry worldwide is directly related to the rise in the number of infrastructure and buildings projects. Because of its excellent chemical and corrosion resistance, performance coating is useful in the both automotive and aerospace industries. Performance coating is also used in a wide variety of end-use industries, such as construction and infrastructure, consumer goods, and transportation to improve functional and aesthetic characteristics. Such benefits are likely to work in favor of the global performance coating market in near future.
Expansion of the Automotive and Construction Industries to Spell Growth for the Market
Nearly 80% of commercial and domestic paints are water-based performance coatings. Water-based performance coatings, such as those used in indoor house paint and heavy-duty protective coatings, are in high demand. In commercial buildings, industrial sites, hotels, schools, and hospitals, acrylic resin performance coatings are used on equipment, machinery, piping, and structural steel. This type of performance coating has become the one of the leading segments, thanks to rising infrastructure projects and demand for heavy machinery. Water-based epoxy performance coatings, on the other hand, are anticipated to develop at a rapid pace owing to their capability to resist repeated cleanings and longevity.
The Asia pacific region is estimated to be the most profitable one for the global performance coating market , thanks to strong growth in the regional construction industry. The growth of performance coatings industry also is influenced by regional trends and regulatory policies.
Global Performance Coating Market: Overview
The global performance coating market report offers a comprehensive look at the market by profiling it by various criteria and examining the effect of all contributing factors on the market’s growth trajectory. The global performance coating market is assessed in detail to understand the hierarchy of the segments. Geographical analysis of the global performance coating market is also provided in the report to deliver key information on the best regions to invest in the market.
Performance coatings are a set of varnishes used to enhance the physical properties of various surfaces. Enhancing the resistance of the surface against environmental factors such as moisture, temperature, etc. The demand from the performance coatings market has steadily risen due to the growth of numerous end use industries, which has resulted in the need for improvements in product quality and thus products such as performance coatings.
The global performance coating market was valuated at US$79.1 bn in 2017. According to Transparency Market Research, the performance coating market is likely to exhibit steady growth in the coming years on the back of steady demand from numerous end use industries. The performance coating market is expected to rise to more than US$102 bn by 2022, rising at a 5.2% CAGR therein.
Global Performance Coating Market: Dynamics
The vast range of highly important fields using performance coatings is the key driver for the global performance coating market. The marine and power sectors are likely to be important to the performance coating market in the coming years, among others. The power sector is so firmly established in the global economic structure that it has been one of the first adopters of performance coatings, which ensure better protection for wires and other electrical instruments. The progressive development of the power sector to make services more reliable is likely to entail rising demand from the global performance coating market.
The steady growth of the material sciences has been important for the global performance coating market, as it has provided the market an easy channel for innovations. The steady government support and private investment in the sector is likely to ensure steady growth of the performance coatings market.
Global Performance Coating Market: Segmentation
Asia Pacific except Japan (APEJ) is the dominant regional segment for performance coating market and is set for steady dominance due to the presence of a booming manufacturing sector in the region. Countries such as China, India, Thailand, Vietnam, and Myanmar are set to emerge as major manufacturing centers for various sectors in the coming years, with China and India likely to drive the APEJ market on significantly. This will be a key driver for the performance coating market in Asia Pacific except Japan, as performance coatings are likely to be ingrained as a key part of the manufacturing sector in the coming years. The APEJ performance coating market is expected to exhibit a healthy CAGR of 6.2% in the 2017-2022 forecast period.
Various types of resin used to produce performance coatings include epoxy, polyurethane, polyester, and acrylic resin. Epoxy resin is the dominant resin in the global performance coating market. The segment was valued at US$29.2 bn in 2017, accounting for 37% of the global performance coating market.
Global Performance Coating Market: Competitive Dynamics
Leading companies 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.