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 globalperformance coating market is set to chart a growth trajectory,featuring a steady CAGR (Compound Annual Growth Rate) of 5.2%, raising themarket worth up to 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 toincrease the demand for performance coatings. The reason behind this is thatconsumer electronics call for a certain finish and appearance of the products.And, especially, in this day and age looks matter. And, performance coating canadd the 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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