A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global performance coatings market. Presenting exclusive insights into the market from 2019 to 2029, the report projects that the market will witness notable growth during the forecast period. Performance coatings are chemicals that are used to improve the performance of surfaces and make them resistant to high temperatures, corrosion, and abrasion. These coatings are an effective, affordable solution to boost the durability of the products. Moreover, performance coatings are available in a wide variety of color combinations, and can also be used as minute-size components. The growth of the market is primarily attributed to growing demand from numerous end-use sectors such as marine, power, automotive, and aerospace. Furthermore, technological advancements in power grid infrastructure, coupled with an increased preference for alternative energy sources, are also anticipated to complement the market growth through the forecast period.
Ability to Enhance Physical Properties of Finished Product Surges Adoption in Manufacturing Sector
Performance coatings have become have been gaining traction in the global manufacturing sector, owing to the physical benefits they bestow to the equipment. Using performance coatings for manufacturing equipment and finished products increases resistance to physical factors such as temperature, corrosion, and pressure. Owing to this facet, performance coatings are finding remarkable adoption in automotive, aerospace, power, and marine sectors. Moreover, as the production of consumer goods continues to increase year-on-year, the performance coatings market will continue to grow at a healthy rate. Furthermore, the power sector is playing a crucial role in driving the market on a positive growth trajectory as the demand for alternative energy sources, such as solar energy, is sky-rocketing owing to the environmental factors. As the demand for solar energy increases, performance coatings will find significant utility in the coating of solar energy installations. Likewise, high demand for solar power, especially in underdeveloped countries as a mass-scale alternative, will create an uptick in the revenue of the performance coatings market.
Asia Pacific Except Japan Remains Center of Global Market
Asia Pacific except Japan is expected to remain a prominent regional market for performance coatings owing to the high demand from the sprouting manufacturing sector in the region. Moreover, the development in marine, oil & gas, automotive refinishes and plastic coating sectors, will also contribute to the growth of the market in the region. Besides, the consumption of coatings in China has beheld a significant growth in the recent past, backed by favorable government policies in the region.