High Performance Coatings Market - Forecast(2023 - 2028)

Report Code: CMR 39425 Report Format: PDF + Excel
High Performance Coatings Market size is forecast to reach $119.8 billion by 2025, after growing at a CAGR of 5% during 2020-2025. Performance coatings are varnishes used to enhance the performance of surfaces and are resistant to high temperatures, corrosion and abrasion. A performance coating is an affordable option for delivering cosmetically engaging, durable finishes to a product. It is an effective technology that is environment-friendly and comes in a variety of colour combinations due to which the high performance coatings market is expected to grow during the forecast period.
Key Takeaways
  • Asia-Pacific is expected to dominate the global market during the forecast period.
  • By end-user industry, building & construction industry is expected to witness the highest demand for high performance coating during the forecast period. 
  • Polyurethanes are generally considered high performance coatings, offering excellent color and gloss retention, and good resistance to chemicals and abrasion.

By Type - Segment Analysis
Acrylic segment held a significant share in high performance coatings market in 2019. Acrylic resin-based performance coatings have high demand, especially in the automotive industry, owing to stringent environmental regulations and the high corrosion resistance of these coatings. Apart from automotive, consumer appliances are the major end-use industry of high performance coatings. The coatings based on acrylic resins are also being used in wood, marine, transportation, and general industrial applications. 
Epoxy coatings for marine applications are typically formed by the chemical reaction of a bisphenol A-type epoxy resin with a curing agent as in coal tar epoxy films, with similar packaging of epoxy and curing agent. Fluoropolymers are high-performance plastic materials used in harsh chemical and high-temperature environments, primarily where a critical performance specification must be met. 

By Application - Segment Analysis
Powder-based segment held a significant share in high performance coatings market in 2019. Powder-based coatings are highly efficient with over 98% powder overspray recoverability, more resistant to scratching, fading, chipping, and wearing than other finishes. This process releases negligible VOC into the environment and takes less cure time beyond the cool-down period. Powder-based industrial coatings emit low levels of VOCs, providing superior performance and cost efficiency for applications that require maximum abrasion resistance, and hardness.

By End-User Industry - Segment Analysis
Building & construction segment held a significant share in high performance coatings market in 2019 growing at a CAGR of 5.12% during the forecast period. High performance coatings provide the following qualities, such as exceptional corrosion protection, abrasion resistance and high resistance to impact, excellent chemical and thermal resistance, extreme durability and strength, and it also contributes to the aesthetics as well. The key areas of expected growth in building and construction segment are social infrastructure, hospitals, schools, water, government accommodation, defense infrastructure, and water resources.

Geography- Segment Analysis
Asia Pacific dominated the high performance coatings market with a share of more than 41%, followed by North America and Europe.  This is primarily because of higher demand from the construction sector due to a growing population. In China, the housing authorities of Hong Kong have launched various measures to push-start the construction of low-cost housing. Additionally, the Chinese government has rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years, despite efforts to rebalance its economy to a more service-oriented form. This is likely to boost the demand for high performance coatings in the country.
Furthermore, countries such as India and Japan have also been contributing to the growth of the high performance coatings market. Overall, the demand for high performance coatings is expected to increase in the during the forecast period.

Drivers – High Performance Coatings Market

  • Increasing consumption of high performance coatings in general industrial and protective industries 
Stringent EU regulations regarding the reduction of VOC emissions in coating resins and low polluting coating technologies are driving the demand for environmentally-friendly coatings. Government regulations in the Western European countries and US, especially regarding air pollution, will continue to be a driving force for the adoption of new and low-pollution coating technologies. These regulations have led to the shift in demand from solvent-based coatings to environmentally-friendly products, such as water based, powder coatings, high solids, and UV-curable coatings. These environment-friendly products contain fewer solvents that evaporate during the curing phase. Hence, new rules and regulations set by the European Commission and Federal government agencies are leading toward achieving a greener environment with minimum or zero VOC emissions.

Challenges – High Performance Coatings Market

  • Corrosion damage
Modern high performance coatings will last decades before any visible corrosion damage is observed. Another drawback is the inability to accurately quantify the corrosion damage. Thus, a major effort within the coatings research community has been in the development of more rapid and quantitative tests to assess the corrosion performance of coated metal substrates.

Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the high performance coatings market. In 2019, the market of high performance coatings has been consolidated by the top five players accounting for xx% of the share. Major players in the high performance coatings market are PPG Industries Inc., Akzo Nobel NV, Hempel Group, Daikin Industries Ltd., and The Sherwin-Williams Company, among others.

  • In March 2020, PPG completed acquisition of Alpha Coating Technologies, light industrial powder coatings manufacturer.

1. High Performance Coatings Market - Overview
        1.1 Definitions and Scope
2. High Performance Coatings Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. High Performance Coatings Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. High Performance Coatings Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. High Performance Coatings Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. High Performance Coatings Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. High Performance Coatings Market -Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. High Performance Coatings Market - By Resin (Market Size -$Million / $Billion)
        8.1 Epoxy
        8.2 Silicon
        8.3 Polyester
        8.4 Acrylic
        8.5 Alkyd
        8.6 Polyurethane
        8.7 Fluoropolymer
            8.7.1 Polytetrafluoroethylene (PTFE)
            8.7.2 Polyvinylidene Fluoride (PVDF)
            8.7.3 Fluorinated ethylene propylene (FEP)
            8.7.4 Ethylene tetrafluoroethylene (ETFE)
            8.7.5 Ethylene tetrafluoroethylene (ECTFE)
            8.7.6 Others (FEVE, PVF, etc.)
        8.8 Others (Polyether Sulfone (PES), Vinyl-Ester, etc.)
9. High Performance Coatings Market - By Coating Technology (Market Size -$Million / $Billion)
        9.1 Solvent-based
        9.2 Water-based
        9.3 Powder-based
10. High Performance Coatings - By End-user Industry (Market Size -$Million / $Billion)
        10.1 Building & Construction
        10.2 Automotive & Transportation
        10.3 General Industrial
            10.3.1 Power Plants
            10.3.2 Chemical Plants
            10.3.3 Oil & Gas Industry
            10.3.4 Metal Processing
        10.4 Aerospace & Defense
        10.5 Marine
        10.6 Consumer Goods
        10.7 Wood Industry
        10.8 Others
11. High Performance Coatings- By Geography (Market Size -$Million / $Billion)
        11.1 High Performance Coatings Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
         Rest of North America
        11.3 High Performance Coatings- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
         Costa Rica
         Rest of South America
        11.5 High Performance Coatings- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
         Rest of Europe
        11.7 High Performance Coatings - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
         South Korea
         Hong kong
         Rest of APAC
        11.9 High Performance Coatings - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
         Saudi Arabia
            11.10.6 Africa Segment Analysis
         South Africa
         Rest of Middle East & Africa
12. High Performance Coatings Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. High Performance Coatings Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at global level - Top 10 companies
            13.1.6 Best Practises for companies
14. High Performance Coatings Market - Key Company List by Country Premium
15. High Performance Coatings Market Company Analysis
        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.2 Aft Fluorotec Ltd
        15.3 Akzo Nobel Nv
        15.4 Beckers Group
        15.5 Endura Coating Llc
        15.6 Hempel A/S
        15.7 Jotun Group
        15.8 Kansai Paint Co. Ltd
        15.9 Metal Coating Corp
        15.10 Nippon Paint Holding Co. Ltd
        15.11 Ppg Industry Inc
        15.12 The Sherwin-Williams Company
        15.13 The Valspar Corp
        15.14 Toefco Engineered Coating System Inc
        15.15 Company 14
        15.16 Company 15 & More
*Financials would be provided on a best efforts basis for private companies
16. High Performance Coatings Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. High Performance Coatings Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends