As per MRFR analysis, the performance coatings market will grow at a CAGR of more than 5.11 percent by the end of 2028, reaching roughly USD 62.58 billion. Performance coatings are widely utilized in environments where surfaces and structures require chemical resistance, increased abrasion resistance, and durability. They are made to meet the needs of their principal function, and that is to cover the material that they are covered with.
Performance coatings can be utilized in a range of end-use industries, automotive and transportation, including construction, industrial, marine, aerospace & military, and others, using diverse techniques such as solvent-based coating, water-based coating, and powder-based coatings.
The increase in requirement for performance coatings inside the automotive and marine sectors is the primary factor contributing to the growth of the worldwide performance coatings market.
The increasing use of performance coatings in the industrial sector is predicted to increase product sales in commercial textile production. Performance coatings are applied to rollers utilized in textile production that can endure high temperatures and are resistant to strong chemicals and abrasion.
The worldwide performance coatings market Share is experiencing a surge due to the enforcement of lockdowns around the world to combat the spread of COVID-19. The primary end-users of performance coatings, such as automotive and transportation, and the industrial industries, have also closed down manufacturing facilities, resulting in a global reduction in consumption of performance coatings.
As a result, demand for coatings nearly vanished during the evaluation period. It is unlikely to be restored until governments all around the world implement temporary policies.
The performance coatings market is divided into three sections: type, technology, and application.
By its type, it is segmented into Polyurethane, Silicone, Polyester, and Acrylic. By technology, it is divided into Solvent-based coating, Water-based coating, and Powder-based coating. By application, the division is Aerospace & Defense, Construction, Automotive & Transportation, and Industrial.
North America: During the assessment period, the North American region is predicted to dominate the worldwide performance coating market growth. This expansion is likely to raise market demand during the projection period. The United States is one of the world’s premier military powers and is expected to remain so. The increased requirement for compact military aircraft is likely to drive regional market growth. The worldwide military sector is predicted to grow at a CAGR of nearly 3% between 2021 and 2028, reaching USD 2.1 trillion before the end of 2028.
Europe: Due to the region’s growing automotive, aerospace, and marine industries, the market in Europe is expected to see increasing demand for performance coatings.
Asia-Pacific: Lower raw material prices, a greater emphasis on environmentally friendly coatings, and more building activity in the region are some of the primary reasons driving the expansion of the performance coating market in Asia-Pacific. As a result, these variables are providing an optimistic opportunity for the worldwide performance coating market in the Asia-Pacific region in the near future.
The high-performance coatings market is somewhat consolidated. Akzo Nobel NV, PPG Industries Inc., Daikin Industries Ltd, Hempel Group, and Sherwin-Williams Company are among the market’s key participants.