Automotive accounts for the majority of market share in the performance coating market.
The 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, an 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.
Stringent government regulations on VOC emissions have resulted in the adoption of water-borne performance coatings thus, driving the growth of the performance coatings market. Epoxy resin is expected to be the most attractive performance coating.
Owing to its high functional properties, it finds high utilization in the automotive, aerospace, and marine industry.
The outbreak of COVID-19 has impacted demand within the global construction and automotive industry, as a result of nation-wide lockdowns. This has shown a significant effect on the production and supply chain of products.
Key Takeaways of Global Performance coating Market
- The global performance coating market is expected to create a valuable opportunity of around $250 million during the forecast period, adding 2x more value in 2030 as compared to 2020;
- Acrylic resin-based performance coatings will continue to dominate demand for the 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;
- 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 $150 million, 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 the market share in the North American market for performance coatings by 2030, with a growth rate of 4% over the forecast period.
“Favorable regulatory policies and high uptake of eco-friendly anti-VOC coatings are set to boost demand for performance coatings with water-borne formulation type," according to a Fact.MR analyst.