According to Market Research, the global performance coatings market was valued at US$79.1 bn in 2017. Exhibiting a steady CAGR of 5.2%, the market is likely to rise to US$102 bn over the 2017-2022 forecast period.
Albany, NY -- (SBWIRE) -- 10/06/2017 -- A new report added to the repository of Market Research Reports Search Engine, "Performance Coating Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022" is a comprehensive repository of information, providing market share, size, and forecast.
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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.
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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.
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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