- Other Types (Polyether Sulfone (PES), Vinyl-Ester, etc.)
Performance Coatings Market size was estimated to be valued at USD 84,923.1 million in 2022 and is poised to grow at a significant CAGR of 5.1% over 2023-2029. Performance coatings are frequently utilised in environments where surfaces and structures need to be durable, chemical resistant, and improved abrasion. They are made to meet the specifications of their main purpose, which is to safeguard the surface on which they are coated. In a number of end-use industries, including construction, automotive and transportation, industrial, aerospace & defence, marine, and others, performance coatings can be applied using a variety of techniques, including solvent-based coating, water-based coating, and powder-based coatings. The increase in demand for performance coatings in the automotive and marine industries is the main factor propelling the growth of the worldwide performance coatings market. Due to their superior performance characteristics, such as adhesion, alkali resistance, flexibility, chemical resistance, heat resistance, ultraviolet (UV) resistance, moisture tolerance, and resistance to permeating, performance coatings are in high demand in the automotive, transportation, and marine industries. Over the course of the forecast period, these characteristics are anticipated to drive the global performance coating market. Further predicted to drive product demand in industrial textile production is the expanding use of performance coatings in the industrial sector. Rollers used in the manufacture of textiles are covered with performance coatings to help them endure high temperatures, corrosive chemicals, and abrasive conditions. During the review period, it is anticipated that increased automotive production and sales due to better economic development will drive up demand for performance coatings. Automobile coatings have been regarded as one of the most significant markets in recent years and are essential to the automobile sector. In automotive applications, polyurethane coating is frequently used as a high-performance topcoat binder. Epoxy coating, in contrast, is utilised as a primer or as the layer under the topcoat layer due to its excellent adherence and corrosion resistance. The aerospace and defence industry's extensive usage of industrial coatings in windscreen glass, gas turbine engines, air containers, rocket exhaust cones, insulating tiles, space shuttles and engine components is a major market driver.
Performance Coatings Market Key Developments:
In September 2021, Fenix Group, acquired one of the leading companies in specialty and high-performance coatings for industrial applications, Lubbock, Texas-based TCI Coatings. This acquisition will broaden Fenix's selection of performance coatings.
Fastest Growing Market
The global performance coatings market is expanding due to an increasing trend of temperature-resistant paint adoption. Moreover, there has been a shift towards environmentally friendly and more sustainable practices adopted by consumers globally. This development will provide further scope for expansion in various industries such as automotive, aerospace & defense, construction activity, etc., which are expected to drive demand for high-performance coating products worldwide. Furthermore, rising globalization trends have increased manufacturing activities across various regions due to rapid transportation and trade facilities that allow businesses to operate at a low cost with little time lag. In addition, technological advancements around better process optimization methods have led suppliers towards using advanced materials while reducing product weight without compromising durability or quality levels required during application on surfaces.
Asia Pacific holds the highest share in 2022.
PPG Industries Inc., Akzo Nobel NV, Daikin Industries Ltd., Hempel Group, and The Sherwin-Williams Company are the major companies operating in High-Performance Coatings Market.
Building and Construction accounts for the major market share in 2022.