Transportation accounts for a majority share in the performance coatings market. The automotive industry has shown a slight downfall, owing to slow growth in China and Europe and stringent emission regulations. This has led to a reduction in amount of automobiles production globally, resulting in mediocre growth of the performance coatings market. With regard to revenue, the global performance coatings market is projected to expand at a CAGR of ~5% during the forecast period. This notable growth in the performance coatings market is mainly influenced by its extensive consumption in automobile & aerospace coatings. Moreover, the performance coatings market is gaining traction in consumer good applications, which further fuel market growth throughout the forecast period. Furthermore, key manufacturers are increasing their business footprint rapidly, which create profitable opportunities for the market.
As per the Fact.MR study, manufacturers involved in the performance coatings market are rigorously investing in research & development activities to introduce innovative and cost-efficient solutions in the market. Stringent government regulations on VOC emissions has resulted in a shift in the adoption of water-borne performance coatings thus, driving the growth of the performance coatings market. Manufacturers are also expanding their business via organic growth strategy by collaborating with giant industry players and raw material suppliers. The key strategy of performance coating manufacturers is to develop fuel-efficient performance coatings, multi-purpose and hybrid coatings, and innovative eco-friendly products such as green coatings, nano-coatings, etc. For instance, PPG industries introduced PPG SIGMASHIELD 880, a high-performance Coating for U.S. and Canada offshore markets.
According to the study, epoxy resins are the most attractive performance coating, which hold a majority share in the market. This is due to high functional properties offered by epoxy resins. Epoxy resins find major applications in automotive, aerospace, and marine industries. Epoxy powder-based coatings are useful for corrosive protection of steel pipes, potable water transmission pipelines, and reinforcing pipes. In addition to this, powder-based epoxy coatings have very low VOC content abiding regulatory policies.
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Moreover, acrylic resin is expected to witness the fastest growth owing to its fast-drying properties. Water-borne acrylic coatings find primary applications across various industries, especially in Western Europe and North America, as there are stringent environmental regulations regarding VOC emissions in these regions. Solvent-borne performance coatings have witnessed steady growth due to regulations on VOC emissions, and thus, hampering the overall performance coatings market. Also, fluctuation in crude oil prices has a huge impact on the market.
Resurgence in residential construction activities and continuance in maintenance work for wood finishing and furniture will propel the wood coatings market to reach a value pool of near US$ 17 Bn by the end of the forecast period (2019-2027).
Further, demand for new coatings in construction-related applications will be the primary factor accelerating market growth through 2027.
Wood coatings will achieve significant value gains in interior wood applications such as wooden cabinets and wooden flooring.
Water-based coatings account for a majority share in the global wood coating market.
Concerns around the release of volatile organic compounds has led to a gradual shift toward water-based coating in applications such as furniture, decking and sliding.
On this premise, the global wood coatings market is projected to grow at a CAGR of over 6%Key Takeaways of Wood Coatings Market StudyThe trend of water-based coatings is significant in the North American wood coatings market.
