DUBLIN, Ireland — A new study published by research firm Fact.MR predicts that the global market for performance coatings will experience significant growth by 2030, backed by the automotive and aerospace industries. The study expects that COVID-19 will impact demand in the short-term.
The automotive industry accounts for the majority of performance coatings market share. The performance coatings industry has experienced growing demand in China, Japan and India. Increasing demand for customized automotive products, provided by custom auto shops, has resulted in numerous market opportunities for performance coatings. An increase in the number of aerospace vehicles has also resulted in increasing demand for performance coatings, as these coatings improve aesthetic and functional features.
Stringent government regulations on VOC emissions have resulted in adoption of waterborne performance coatings, driving the growth of the performance coatings market. Epoxy resin is expected to be a popular performance coating. Because of its high functional properties, epoxy resin is used in the automotive, aerospace and marine industries. The COVID-19 outbreak has impacted demand within the global construction and automotive industry, due to nation-wide lockdowns. These lockdowns have had a significant effect on production and the supply chain in the near-term.
According to the study, the global performance coating market is expected to create a value opportunity of around $250 million during the forecast period, adding two-times more value in 2030 as compared to 2020.
The study expects that acrylic-resin-based performance coatings will continue to dominate demand in the performance coating market, accounting for more than one-fourth of the global share.
Demand for waterborne performance coatings is expected to grow at a higher rate due to regulatory policies regarding VOCs in coatings.
The global market for performance coatings is expected to witness high growth in emerging countries such as India, China and Brazil, owing to 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. This value share is expected to expand over the forecast period.
Performance coatings used in building and infrastructure will continue to dominate the market. The reports predicts that these end-use sectors will account for more than half of market share in North America by 2030, with a growth rate of 4% over the forecast period.
For more information about the report, Performance Coatings Market Forecast, Trend Analysis & Competition Tracking — Global Market Insights 2020 to 2030, visit https://www.factmr.com/report/4272/performance-coatings-market.