At 5.10% CAGR, Global Performance Coating Market to Surpass US$ 140.70 Bn By 2030, Forecast Report By Zion Market Research
According to the report published by Zion Market Research, the global Performance Coating Market size was valued at USD 94.51 Billion in 2022 and is predicted to reach USD 140.70 Billion by the end of 2030. The market is expected to grow with a CAGR of 5.10% during the forecast period. The report analyzes the global Performance Coating Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Performance Coating Market industry.
Global Performance Coating Market: Overview
Performance coatings are varnishes utilized to improve the performance of surfaces and are highly resistant to abrasion, corrosion, and temperatures. Performance coating is an affordable way to deliver cosmetically durable and engaging finishes to the product. It is an advanced technology that is eco-friendly and satisfies the requirements of base coat as the flat coat. Performance coatings are widely utilized within the fields of aerospace, industrial, mining, wastewater treatment, marine, power, oil, and gas sectors. It is used in a number of applications like repair and refurbishment. It can be applied to large equipment as well as to minute-size machines. Performance coatings are fit for use in confined spaces, healthcare facilities, schools, food & beverage facilities, railings, flowers, walls, and office buildings. They are highly compatible with galvanized metal surfaces, concrete, drywall, machinery, metal, steel, aluminum, and wood.
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Global Performance Coating Market: Growth Factors
The utilization of performance coatings in a wide range of industrial applications is the key factor driving the growth of the global performance coating market. Also, the key contributions of performance coatings in automotive spaces, electronics, and consumer goods are likely to create several lucrative growth opportunities in the market over the forecasted period. Performance coating improves the physical property of the products. The solar energy sector will exhibit huge demand for performance coatings as it maximizes the efficiency of solar energy installations. There is a significant spike in demand for solar power especially in the underdeveloped regions as a substitute for expensive sources.
Therefore, it is expected that the power sector is expected to be the major contributor towards the growth of the global performance coating market. The technical innovations and advancements in the field of power grid infrastructures will also expand the scope of performance coatings. The rapidly increasing population is posing huge requirements for residential construction, which in turn will also augment the adoption of high-performance coatings. The growing stringent policy framework for VOC emissions will favor the expansion of sustainable and eco-friendly coatings which will open new avenues in the global performance coating market. Several manufacturers are facilitating coating solutions that are VOC exempted. The fast proliferating automotive and construction sectors globally are likely to support the market by creating a huge demand for performance coating materials.
The growing disposable income of people all across the globe is posing exponential demand for premium performance coating products for hotels and commercial spaces. The surging infrastructure projects are accentuating the requirements for heavy machinery which requires acrylic resin performance coatings. All the aforementioned factors will exponentially steer the growth of the global performance coating market.
Global Performance Coating Market: Segmentation
The global performance coating market can be segmented into end-user, resin, and region.
By end-user, the market can be segmented into industrial buildings & infrastructures, consumer goods, transportation, and others.
By resin, the market can be segmented into epoxy, polyester, acrylic, and polyurethane. The acrylic resin segment accounts for the largest share in the global performance coating market due to its growing usage in a large number of applications including commercial buildings, industrial sites, hotels, schools, and hospitals. Also, the water-based epoxy performance coating segment is expected to foresee an impressive growth rate in the forthcoming years due to its capability to resist durability and repeated cleanings.
Global Performance Coating Market: Regional analysis
North America accounts for the largest share in the global performance coating market due to the growing expenditure in the aerospace and automotive sectors. Along with this, the ongoing technological advancements in the field of defense equipment will significantly accentuate the growth of the regional market. However, the presence of prominent leaders in the region will also complement the growth. The surging number of industrial projects and growing demand for premium products in the region will also pose a huge demand for high-performance coating materials in the region.
Asia Pacific is likely to witness an impressive growth rate in forthcoming years due to the large number of construction activities going on in the region. Also, the surging initiatives undertaken by the government to encourage the development of innovative and green buildings are likely to boost the growth of regional market manifolds. However, the fast proliferating aerospace and construction sector in the region will pose huge requirements for these coating materials, which in turn will scale the growth of the regional market significantly.
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Global Performance Coating Market: Competitive Players
Some of the significant players in the global performance coating market are:
- Nippon Paint Holding Co. Ltd.
- Masco Corporation
- Berkshire Hathaway Inc.
- Axalta Coating Systems, Ltd.
- Aremco Products Inc.
- Cetek Ceramic Technologies Ltd
- Saint-Gobain
- DuPont
- Kurt J. Lesker Co.
- Praxair Surface Technologies Inc
- Bodycote PLC
- APS Materials Inc.
The Global Performance Coating Market is segmented as follows:
By End-user
- industrial buildings & infrastructures
- consumer goods
- transportation
- and others
By Resin
- epoxy (resist durability and repeated cleanings)
- polyester
- acrylic (commercial buildings, industrial sites, hotels, schools, and hospitals)
- and polyurethane
Global Performance Coating Market: Regional Segment Analysis
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
What Reports Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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