Global Performance Coating Material Market Expected to Grow at a Growth Rate of 5% During 2020--2030
Performance coatings manufacturers are pushing for industry collaborations in a bid to consolidate market position and sustain operations through the covid-19 crisis.
"Improvements to the power grid infrastructure has contributed substantially to the demand for performance coatings, as renewable energy sources become increasingly mainstream. The solar energy sector is expected to generate major demand for performance coatings, particularly in emerging economies, which will aid growth for the foreseeable future," says the FACT.MR report.
Performance Coatings Market- Key Takeaways
• Water borne performance coatings are rapidly gaining demand, aided by environment regulations on VOC-emissions.
• Automotive and building sector applications account for most performance coating sales, owing to strong demand from emerging economies.
• Asia Pacific is highly profitable market for performance coatings owing to extensive use in heavy machinery and construction sectors.
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Performance Coatings Market- Driving Factors
• Strong demand for affordable and durable cosmetic coating options in end user verticals aids market growth.
• Investments into the development of sustainable and eco-friendly product offerings will generate lucrative opportunities.
• Wide scope of applications across multiple verticals including mining, wastewater treatment, power, infrastructure, oil & gas, and marine sustains sales growth.
Performance Coatings Market- Major Restraints
• Environmental and health concerns associated to solvent based performance coatings are hindering market growth.
• Water-borne coatings are largely limited to use in stationary industry applications.
COVID-19 Impact on Performance Coatings Market
The global performance coatings market has been negatively impacted by the coronavirus pandemic. Wide ranging lockdown measures, coupled with supply chain issues are hurting market prospects in the short term. The slump in construction, aerospace, and automotive industry activities during this period will also hurt the demand for performance coatings. Gradual relaxation of lockdown regulations will aid steady recovery towards 2021.
Performance coatings market players are pushing to develop new products for niche applications. For example, Nippon Paint has launched a new range of industrial paints under its Protec brand. Akzo Nobel N.V., PPG Industries, Nippon Paint Holding Co. Ltd., and BASF SE are some of the top performance coatings manufacturers in the global market.
PR Source- https://www.factmr.com/