Pune, Aug. 23, 2024 (GLOBE NEWSWIRE) -- According to the SNS Insider report, The Performance Coatings Market size is projected to reach USD 77.73 billion by 2032 and grow at a CAGR of 5.00% over the forecast period of 2024-2032.
Growing Automotive and Aerospace Industries Drive Market Growth.
Increased performance and durability play leading roles in the development of components used in the automotive and aerospace industries. In 2023 the automotive industry saw an unprecedented rise in advanced polymer coatings and enhanced anti-corrosion technologies across the domain. New ceramic coatings have been developed and adopted by several automobile manufacturers as an advanced protective coating solution. Coatings resist UV exposure for prolonged periods and the ceramic layer provides robust protection against long-term chemical corrosion.
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Key Players
- PPG Industries Inc. (US)
- Nippon Paint Holdings Co. Ltd (Japan)
- Kansai Nerolac Paints Limited (India)
- Akzo Nobel NV (Netherlands)
- Metal Coatings Corp. (US)
- Endura Coatings LLC (US)
- The Chemours Company (US)
- Toefco Engineered Coating Systems Inc. (US)
- Beckers Group (Germany)
- AFT Fluorotec Ltd (UK)
- The Sherwin-Williams Company (US)
- Hempel Group (Denmark)
The coatings enable the marine vessels’ fuel efficiency by reducing friction and improving the hydrodynamic properties continue gaining popularity. The advanced coatings lead to a smoother surface of the hulls, which results in a considerably smaller amount of drag and allows vessels to travel through the water more proficiently. With reduced friction, less fuel is needed, and the operation costs are decreased. Such solutions are compliant with a growing number of environmental regulations as they help to cut down the number of emissions.
For instance, Jotun launched the "SeaQuantum X200" advanced antifouling coating. This product incorporates innovative biocide-free technology, which reduces fuel consumption and maintenance costs by preventing the growth of marine organisms on hull surfaces.
Moreover, Innovations in coating technologies, such as the development of more durable, eco-friendly, and high-performance formulations, are expanding the market. Advancements in nanotechnology and smart coatings also contribute to the growth of this sector.
Performance Coatings Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 50.11 Billion |
| Market Size by 2032 | US$ 77.73 Billion |
| CAGR | CAGR of 5.00% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Drivers | • Rising demand coming from the automobile sector. • The marine industry is seeing an increase in demand for performance coating. |
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Segmentation Analysis
By Type
The polyurethane held the largest market share of around 34.45% in 2023. These coatings are highly valued for their superior mechanical properties, including resistance to abrasion, chemicals, and extreme weather conditions. Their adaptability allows them to be used in a wide range of applications, from automotive and aerospace to industrial and marine environments. Polyurethane coatings provide excellent gloss and color retention, enhancing the aesthetic and protective qualities of surfaces.
By Coating Technology
The water-based coating technology held the largest market share around 40.13% in 2023. These coatings are increasingly preferred because they offer lower levels of volatile organic compounds (VOCs), making them eco-friendly and more compliant with stringent environmental regulations. Water-based formulations are less harmful to human health and contribute to improved air quality, aligning with growing sustainability and green building trends.
By End-user Industry
The industrial sector held the largest share among end-user industries. Industrial environments often expose surfaces to harsh conditions, including chemicals, abrasion, and extreme temperatures, necessitating coatings that offer superior protection and durability. Performance coatings used in this sector are essential for maintaining the integrity and longevity of equipment, machinery, and structural components. Additionally, industries such as manufacturing, mining, and construction rely on coatings to enhance the operational efficiency and safety of their assets.
Key Segments
By Type
- Silicon
- Polyester
- Acrylic
- Alkyd
- Polyurethane
- Fluoropolymer
- Other
By Coating Technology
- Solvent-based
- Water-based
- Powder-based
By End-user Industry
- Automotive and Transportation
- Industrial
- Aerospace & Defense
- Marine
- Other End-user Industries
Regional Landscape:
North America held the highest market share in the performance coatings market around 42.21% in 2023. The region boasts a well-established industrial base and a mature infrastructure that demands high-quality, durable coatings. The automotive and aerospace industries, which are significant contributors to the North American market, require coatings that provide superior protection and performance under demanding conditions. Furthermore, stringent environmental regulations in the U.S. and Canada drive the adoption of advanced, eco-friendly coatings that comply with low-VOC and other environmental standards.
Recent Developments
- In 2023, PPG launched a new range of high-performance, environmentally friendly coatings intended for use on commercial vehicles. These low-VOC coatings meet standards while providing improved durability and tolerance to harsh environmental conditions.
- In 2023, RPM International launched industrial maintenance applications for use in industrial maintenance. This technology uses cutting-edge plural component coatings that have a smaller environmental effect and improved application efficiency.
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Key Takeaways:
- The performance coatings market is experiencing steady growth, driven by increasing demand across various sectors.
- The marine sector is a significant driver of growth in the performance coatings market due to the need for durability.
- The market is expected to witness increased adoption of smart coatings with self-healing properties.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Performance Coatings Market Segmentation, by Type
8. Performance Coatings Market Segmentation, by Coating Technology
9. Performance Coatings Market Segmentation, by End-user Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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