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Performance Coatings Market Perceptions Targeting Industrial Expansion Studied during the Forecast Period, 2019-2029

October 14, 2019 by Amanpreet  

The performance coatings market is highly competitive with the presence of numerous fragmented players. However, majority of the market share is obtained by Fortune 500 companies, including AkzoNobel N.V., BASF SE, PPG Industries, Inc., and The Sherwin-Williams Company, among others. Key focus of manufacturers is on the development of new products and expansion in emerging markets. In addition to this, stringent government regulations for eco-friendly and sustainable coatings play a vital role in the performance coatings market globally. Therefore, this is pressurizing manufacturers to invest heavily in development of solvents that are free from volatile organic compounds (VOC)

As per Fact.MR estimates, the global performance coatings market is expected to witness a steady growth with a CAGR of ~5% during the forecast period. This growth is attributed to the increased demand from the end-use industry, majorly from the automobile and aerospace industry. Performance coatings offer excellent chemical and corrosion resistance properties, with high thermal barrier characteristics that leads to a significant reduction in radiated heat. Moreover, it is also used in various niche applications to improve aesthetic as well as functional features of products. For instance, on 27 September 2019, Roccat, a designer and developer of gaming hardware, introduced Kain 120 AIMO gaming mice. The gaming mice is coated with high-end performance coating.

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Stringent Government Regulations on VOC Emissions to Boost Environment-Friendly Performance Coatings

Strict regulatory frameworks on VOC emissions have made a considerable impact on the overall performance coatings markets. Volatile organic compound (VOC) is hazardous as it reacts with nitrogen in the air and depletes the ozone layer. This factor has made numerous regulatory bodies like the European Environment Agency (EEA) and the Environment Protection Agency to limit the VOC content in various performance coatings in the market. On 11 September 1998, the Environmental Protection Agency published the architectural coatings rule (63 FR 48848) under the authority of Section 183(e) of the Clean Air Act. This law mandates to limit the amount of volatile organic compounds (VOC) in products. This has, in turn, led to a shift in the focus of performance coating manufacturers towards improvising products and exploring opportunities to introduce innovative and environment-friendly products in the performance coatings market. The maximum emphasis is being laid on the lifecycle of performance coatings, the introduction of multi-purpose and hybrid coatings, and innovative eco-friendly products such as green coatings, nano-coatings, etc. These factors are expected to drive the growth of the global performance coatings market, since all of these innovations are likely to be applied. Moreover, the primary focus of researchers across the globe is to make products exist in extreme temperature applications, which is expected to open up lucrative opportunities for stakeholders in the near future.

The Market Will Receive High Traction with Water-based Performance Coatings

Strict regulations established by government bodies across the globe have resulted in a shift towards the adoption of water-based coatings. Water-based coatings reduce volatile organic compound (VOC) emissions by 80% and offer enhanced performance as compared to conventional solvent-based coatings. These features are driving the growth of the performance coatings market. The water-based coatings market has witnessed a stable growth rate in the recent past, particularly in markets in emerging economies. This is due to their high cost as compared to other functional coatings alternatives. However, with existing regulatory pressure, protective coatings producers are increasingly focusing on cost reduction initiatives to fuel adoption rates. Moreover, increased investments by leading players in this segment have been observed as a key trend.

Green Performance Coatings to Bring About Untapped Opportunities

Due to stringent laws and regulations by governments and environmental organizations across the globe, many countries have imposed restrictions on the environmental damage caused due to manufacturing of various paints. Consumers are well-aware of environment degradations caused due to hazardous gases and chemicals used in these paints, which in turn, create a demand for eco-friendly products. This is forcing manufacturers to come up with sustainable performance coatings that provide various properties like heat/chemical resistance, friction reduction, etc. These properties are also offered by conventional coatings, but sustainable performance coatings comply with regulations to lessen the environmental impact, boost recyclability, lower greenhouse gas emissions and give way to a smaller carbon footprint. Leading manufacturers in the global performance coatings market are making higher investments in green coatings to fuel the future demand for environment-friendly coatings.

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New Product Development and Acquisitions are the Top Strategies of Key Market Players

Key manufacturers in the performance coatings market are mainly involved in research and development activities to develop innovative products and cater to the growing needs of functional coatings. Besides, they are also entering into long-term partnerships with end-use industries, raw material suppliers, and global players, to have a strong presence in the worldwide market. Some of the significant developments in the performance coatings market include:

In November 2018, PPG Industries, Inc., a manufacturer of paints, coating, and materials, announced the launch of new high performance coatings called PPG SIGMASHIELD 880 for the U.S. and Canada Offshore Environments.

In July 2017, PPG Industries, Inc. introduced KWIKSPAR 600 and Kwikspar600SG polyaspartic coatings, which is a corrosion-resistant direct-to-metal coating that formulates advanced film-build and fast-cure characteristics.

In April 2017, PPG Industries, Inc. introduced PSX 800 and PSX 805 coatings for steel and metal surfaces.

In September 2019, Hempel, a supplier of protective coating, introduced Hempaguard MaX, an enhanced version of Hempaguard X7. It offers great fuel efficiency with maximum speed loss of around 1.2%.

In May 2017, AkzoNobel N.V., a leading paints & coating manufacturer, expanded its performance coating facility at Chonburi, Thailand, to cater to growing needs in Thailand and South East Asia regions.

Few other companies in the performance coatings market are also involved in product innovations, expansion of product portfolios, and collaborations with industry giants and end users to hold a strong position in the market.

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Regional Development in the Performance Coatings Market

Regional trends and regulatory policies have left a huge impact on the development of the global performance coatings market. Asia Pacific holds a majority share in the global performance coatings market. Steady demand from the fastest growing economies is likely to sustain the demand for performance coatings in this region. The growing economy and government initiatives in India and China are gradually supporting the manifestation of renewable energy infrastructures. Due to sustained demand from the automotive, power, electronics, and renewable energy industries, the Asia Pacific region is estimated to remain as a profitable market of performance coatings globally throughout the assessment period. Europe holds the second-largest share in the global performance coatings market. European producers are primarily taking efforts on eco-friendlier products without compromising efficiency and performance. In North America, performance coatings manufacturers are investing heavily in producing water-based products with low VOC (Volatile Organic Compound) content. Renowned market players in this region are expected to witness steady growth in the coming years. In the Middle East & Africa, the performance coatings market has witnessed a standstill due to fluctuation in crude oil prices and uncertainties caused due to political instability. Expansion in manufacturing facilities is expected in Latin America, owing to increasing demand from end-use industries.

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