Transportation accounts for a majority share in the performance coatings market. The automotive industry has shown a slight downfall, owing to slow growth in China and Europe and stringent emission regulations. This has led to a reduction in amount of automobiles production globally, resulting in mediocre growth of the performance coatings market. With regard to revenue, the global performance coatings market is projected to expand at a CAGR of ~5% during the forecast period. This notable growth in the performance coatings market is mainly influenced by its extensive consumption in automobile & aerospace coatings. Moreover, the performance coatings market is gaining traction in consumer good applications, which further fuel market growth throughout the forecast period. Furthermore, key manufacturers are increasing their business footprint rapidly, which create profitable opportunities for the market.
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As per the Fact.MR study, manufacturers involved in the performance coatings market are rigorously investing in research & development activities to introduce innovative and cost-efficient solutions in the market. Stringent government regulations on VOC emissions has resulted in a shift in the adoption of water-borne performance coatings thus, driving the growth of the performance coatings market.
Manufacturers are also expanding their business via organic growth strategy by collaborating with giant industry players and raw material suppliers. The key strategy of performance coating manufacturers is to develop fuel-efficient performance coatings, multi-purpose and hybrid coatings, and innovative eco-friendly products such as green coatings, nano-coatings, etc. For instance, PPG industries introduced PPG SIGMASHIELD 880, a high-performance Coating for U.S. and Canada offshore markets.
According to the study, epoxy resins are the most attractive performance coating, which hold a majority share in the market. This is due to high functional properties offered by epoxy resins. Epoxy resins find major applications in automotive, aerospace, and marine industries. Epoxy powder-based coatings are useful for corrosive protection of steel pipes, potable water transmission pipelines, and reinforcing pipes. In addition to this, powder-based epoxy coatings have very low VOC content abiding regulatory policies.
Moreover, acrylic resin is expected to witness the fastest growth owing to its fast-drying properties. Water-borne acrylic coatings find primary applications across various industries, especially in Western Europe and North America, as there are stringent environmental regulations regarding VOC emissions in these regions. Solvent-borne performance coatings have witnessed steady growth due to regulations on VOC emissions, and thus, hampering the overall performance coatings market. Also, fluctuation in crude oil prices has a huge impact on the market.
Asia Pacific holds a prominent share in the global performance coatings market due to growing economy and government initiatives in emerging countries like China and India. The ever increasing demand from automobile, oil & gas, and marine industries has further enhanced market growth in the region. North America and Europe have witnessed stagnant growth due to market maturation. However, continuous investments for the improvement in technology and product innovations to develop green and advanced performance coatings have further boosted the performance coatings market growth in these regions.
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Stringent regulations and government initiatives in Europe have forced manufacturers to develop eco-friendly products without compromising on efficiency and performance. In North America, huge investments from prominent players are observed to produce water-borne performance coatings with low VOC content. On the other hand, the performance coatings market in Middle East & Africa have shown slow growth due to fluctuations in crude oil prices and uncertainties caused by political instability.
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