Having enhancing properties for products they are applied on, performance coatings areseeing a growth in terms of demand over the period of 2017-2022. And, it is notsurprising considering that it can add notable durability by making productsresistant to weather extremes, humidity, radiation, and other such conditionsthat have the potential to cause harm.
As per a Transparency Market Research (TMR) report, over the statedperiod, the global performance coating market is set to chart a growth trajectory, featuring asteady CAGR (Compound Annual Growth Rate) of 5.2%, raising the market worth upto USD 102 billion by the end of the forecast period.
Consumer Electronics to Drive Significant Growth inthe Global Performance Coating Market over the Forecast Period
Demand for Consumer Electronics is growing and with that is set to increasethe demand for performance coatings. The reason behind this is that consumerelectronics call for a certain finish and appearance of the products. And,especially, in this day and age looks matter. And, performance coating can addthe gloss over the product that is critical for attracting the millennialconsumer. It is also pertinent to note at this point that consumers today areexperiencing a high spending capacity, owing to economies doing well anddisposable incomes rising, as a result. Additionally, technology is beingadopted swiftly as it continues to bring in convenience to the lives of people.Additionally, these coatings also make them durable, creating in them a neededresistance to dust and damage.
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Other industries that are coextensive to the performance coating marketare aerospace and automotive which are riding the wave of improved consumerspending, living standard and technological advancement.
APEJ to chart Significant Growth in the GlobalPerformance Coating Market over the Forecast Period
Demand for premium cars in the Asia Pacific Excluding Region will leadit to untapped growth opportunities which the market players will leave nostone unturned to make the most of. The CAGR charted by the region over theforecast period of 2017-2022 will be significant, leading to the regionaccruing market worth of USD 34.8 billion. This region is also witnessing muchgrowth in terms of sales of consumer electronics which is not surprisingconsidering that spending power in the region is increasing due to terrificeconomic performance demonstrated by nations flanking the region.
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Competitive Landscape of Global Performance CoatingMarket to be Fragmented over the Forecast Period
Owing to the presence of a large number of regional and internationalplayers operating in the global performance coating market, the competitivelandscape is fragmented and as more and more players try to take a chunk out ofthe growth pie to be generated, the degree of fragmentation is set to increasefurther. Leading players that have made their mark in the global performancecoating market include AkzoNobel NV, Masco Corporation, Hempel A/S, Jotun A/S,The Valspar Corporation, Axalta Coating Systems Ltd., Nippon Paint Holding Co.Ltd., BASF SE, and PPG Industries Inc, among others.
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The PerformanceCoating Markethas been undergoing some remarkable growth dynamics, shaped increasingly by digitaltechnologies and environmental sustainability concerns of product development.Over the decades, the feedstock variability and the onslaught of cheapersubstitutes have squeezed in profit margins of the chemical and materialssector. On the other hand, the value chain of several businesses in the Performance Coating Market has undergone overhaul, increasinglyrendering some aspiring players with greater control over the forces anddemand. The penetration of Industry 4.0 in in the market has stirredgame-changing trends for range of stakeholders in the overall chemicals andmaterials sector. Manufacturing and production environments of businesses inthe Performance Coating Market are keen onformulating and implementing strategic frameworks that will turn them into digitalenterprises.
Companies in the Performance Coating Market have increasingly shifted gears with wideapplication of digital technology across the continuum, from raw materialsourcing to manufacturing to generation of final output, to warehousing tofinal distribution operations. Among the various affects, the market iswitnessing new growth economics due to thinning of line between specialty andcommodity businesses that are associated with the larger ecosystem. At the sametime, new growth parameters are being vigorously being debated as industrystakeholders put greater emphasis on the circular economy processes.
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