Performance coatings manufacturers are pushing for industry collaborations in a bid to consolidate market position and sustain operations through the covid-19 crisis.
ROCKVILLE, MD / ACCESSWIRE / July 23, 2020 / The global performance coatings market is expected to sustain a 5% CAGR for the duration of 2020 to 2030. As per the Fact.MR report, the industry is expected to be adversely impacted by the covid-19 outbreak. The slump of the automotive and aerospace industries, with suspended production and supplies will hold back the demand for performance coatings in the months to come. Faster relaxation of lockdown restrictions is key to the recovery of the market.
"Improvements to the power grid infrastructure has contributed substantially to the demand for performance coatings, as renewable energy sources become increasingly mainstream. The solar energy sector is expected to generate major demand for performance coatings, particularly in emerging economies, which will aid growth for the foreseeable future," says the FACT.MR report.
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Performance Coatings Market- Key Takeaways
- Water borne performance coatings are rapidly gaining demand, aided by environment regulations on VOC-emissions.
- Automotive and building sector applications account for most performance coating sales, owing to strong demand from emerging economies.
- Asia Pacific is highly profitable market for performance coatings owing to extensive use in heavy machinery and construction sectors.
Performance Coatings Market- Driving Factors
- Strong demand for affordable and durable cosmetic coating options in end user verticals aids market growth.
- Investments into the development of sustainable and eco-friendly product offerings will generate lucrative opportunities.
- Wide scope of applications across multiple verticals including mining, wastewater treatment, power, infrastructure, oil & gas, and marine sustains sales growth.
Performance Coatings Market- Major Restraints
- Environmental and health concerns associated to solvent based performance coatings are hindering market growth.
- Water-borne coatings are largely limited to use in stationary industry applications.
COVID-19 Impact on Performance Coatings Market
The global performance coatings market has been negatively impacted by the coronavirus pandemic. Wide ranging lockdown measures, coupled with supply chain issues are hurting market prospects in the short term. The slump in construction, aerospace, and automotive industry activities during this period will also hurt the demand for performance coatings. Gradual relaxation of lockdown regulations will aid steady recovery towards 2021.
Explore the global Performance Coatings market with 63 figures, 79 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4272/performance-coatings-market
Performance coatings market players are pushing to develop new products for niche applications. For example, Nippon Paint has launched a new range of industrial paints under its Protec brand. Akzo Nobel N.V., PPG Industries, Nippon Paint Holding Co. Ltd., and BASF SE are some of the top performance coatings manufacturers in the global market.
About the Report
This study offers readers a comprehensive market forecast of the performance coatings market. Global, regional and country-level analysis of the top industry trends impacting the performance coatings market is covered in this FACT.MR study. The report offers insights on the performance coatings market on the basis of resin (polyurethane, acrylic, polyester, epoxy, and others), end user (transportation, consumer goods, building & infrastructure, and industrial) and formulation type (water-borne and solvent borne), across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and MEA).
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Expert analysis, actionable insights, and strategic recommendations of the veteran research team at FACT.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over a thousand reports and 1 million+ data points, the team has scrutinized the chemical & materials sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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