Performance Coatings, Market Leading Player 2023-29

The global performance coatings market size was estimated to be valued at USD 84,923.1 million in 2022 and is poised to grow at a significant CAGR of 5.1% over 2023-2029. The global performance coating market has become a key part of the growth of the manufacturing sector across the world. Performance coatings offer physical advantages to finished products, including increased resistance to environmental factors. This is becoming an important issue in the increasingly competitive manufacturing sector, leading to growing demand from the global performance coatings market. Growing demand from diverse end use sectors such as marine, power, automotive, and aerospace is likely to drive the global performance coating market at a strong CAGR in the coming years.

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Building and Construction Dominate the Performance Coatings, Market:
Building and Construction accounted significant market share and it is expected to grow with a CAGR from 2023-2029. 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 global construction sector is expected to expand in real terms, by an annual average of 3.2% in the coming decade, to a nominal value of more than USD 6.0 trillion. The rapid increase in population, in regions of developing nations, is expected to give a rise in demand for residential construction, which, in turn, augments the usage of high-performance coatings.

Asia Pacific leads Performance Coatings, Market:
In the Asia Pacific, the performance coatings, market holds the highest market share in 2022 and the market is expected to grow at a significant CAGR during the forecast period due to the increase in construction activity and the high adoption rate from a variety of end-user businesses in the area, including the industrial and aerospace & defence sectors. Hong Kong's housing authorities in China have started a number of initiatives to speed up the development of affordable housing. In addition, despite efforts to shift its economy to one that is more service-oriented, the government has unveiled expansive development plans, including one that calls for the relocation of 250 million people to its new megacities over the course of the next ten years. The need for high performance coatings in the nation is projected to increase as a result.

The global performance coatings market segmentation:
1) By Type: Epoxy, Silicon, Polyester, Acrylic, Alkyd, Polyurethane, Fluoropolymer, and Other Types.
2) Coating Technology: Solvent-based, Water-based, and Powder-based.
3) End-user Industry: Building and Construction, Automotive and Transportation, Industrial, Aerospace and Defense, Marine, and Other End-user Industries.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Performance Coatings, Market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. In August 2021, Painters Supply & Equipment Co., a renowned specialised distributor of coatings, paint, and related consumables, among others, was purchased by Odyssey Investment Partners. The company's global reach and customer base have improved as a result of the acquisition.

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Key players' profiles in the global performance coatings, market report are Akzo Nobel NV (Netherlands), PPG Industries Inc. (US), Kansai Nerolac Paints Limited (India), Metal Coatings Corp. (US), Toefco Engineered Coating Systems Inc. (US), Endura Coatings LLC (US), Beckers Group (Germany), Nippon Paint Holdings Co. Ltd (Japan), The Sherwin-Williams Company (US), AFT Fluorotec Ltd (UK), The Chemours Company (US), Hempel Group (Denmark).

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