Performance Coating Market: Global Industry Size, Share, Growth, Forecasts
Latest
industry research report on: Global Performance Coating Market :
Industry Size, Share, Research, Reviews, Analysis, Strategies,
Demand, Growth, Segmentation, Parameters, Forecasts
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 coatings
market was valuated at US$79.1 bn in 2017. According to Transparency
Market Research, the performance coatings market is likely to exhibit
steady growth in the coming years on the back of steady demand from
numerous end use industries. The 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 coatings market. The marine
and power sectors are likely to be important to the performance
coatings 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 coatings market.
The
steady growth of the material sciences has been important for the
global performance coatings 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.
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Global Performance Coating
Market: Segmentation
Asia Pacific except Japan
(APEJ) is the dominant market for performance coatings 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 coatings 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
coatings 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 coatings market. The segment was valued at US$29.2 bn in
2017, accounting for 37% of the global performance coatings market.
Global Performance Coating
Market: Competitive Dynamics
Leading companies in the global
performance coatings 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.
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