Performance Coating Market

Performance Coating Market Study by Polyurethane, Acrylic, Polyester, and Epoxy for Transportation, Consumer Goods, Buildings & Infrastructure, and Industrial Use from 2024 to 2034

Analysis of Performance Coating Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Performance Coating Market Outlook (2024 to 2034)

The global performance coating market size has been forecasted to reach US$ 176.6 billion by the end of 2034, up from US$ 105.4 billion in 2024, which equals to expansion at a CAGR of 5.3% between 2024 and 2034.

Performance coatings are varnishes applied to products to shield them from environmental factors such as corrosion, heat damage, and material wear. By reducing these forms of product degradation, performance coatings ensure a longer lifespan for the products. These coatings can be either organic, including epoxy, polyurethane, and polyester-based coatings, or inorganic, including acrylic and ceramic-based coatings.

Due to their robust resistance to UV, corrosion, abrasion, and temperature, performance coatings find wide use in industries such as construction, automotive, aerospace, electronics, and textiles. Performance coating market growth is driven by factors such as the increasing volume of construction activities, high demand for vehicles, rising consumption of furniture items, increased production of aircraft, and increased production of petrochemicals.

Some coatings such as solvent coatings contain volatile organic compounds (VOCs) that are harmful to the environment. Government regulations aimed at limiting the emission of such VOCs can potentially hinder the growth of the market. The market is growing at a steady pace worldwide along with the cool roof coating market, packaging coating market, and more.

Report Attributes Details
Performance Coating Market Size (2024E) US$ 105.4 Billion
Projected Market Value (2034F) US$ 176.6 Billion
Global Market Growth Rate (2024 to 2034) 5.3% CAGR
China Market Value (2034F) US$ 24.9 Billion
Canada Market Growth Rate (2024 to 2034) 5.1% CAGR
North America Market Share (2024E) 18.4%
East Asia Market Value (2034F) US$ 43.4 Billion
Key Companies Profiled
  • BASF SE
  • PPG Industries
  • Jotun A/S
  • Akzo Nobel NV
  • Daikin Industries Ltd
  • Endura Coating
  • Metal Coating Corp
  • PPG Industries

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What’s Driving Innovations in Production of Performance Coatings?

“Stringent Environmental Regulations Mandating VOC Content Reduction in Coating Products”

Strict environmental regulations in major markets such as North America limit the amount of VOC content in coating products. This has prompted coating manufacturers to adopt greener and more sustainable practices. Manufacturers are heavily investing in research to develop innovative products at a lower cost while adhering to regulatory guidelines. Green technology is anticipated to emerge as a leading technology during the forecasted period.

  • For instance, Nippon has developed coatings that reduce concrete spalling and also mitigate the risk of fire and hazardous chemical generation.

Environmental degradation coupled with changing consumer preferences for buildings and the use of eco-friendly construction materials are projected to boost the consumption of powder coatings. The global adoption of powder coatings is driven by stringent regulations by governments and other recognized regulatory bodies to control VOC levels. These materials offer several environmental benefits compared to competing products like anodizing or liquid PVDF paints. These products are readily approved due to their low levels of VOC emissions.

What are the Key Performance Coating Market Trends?

“Collaborations Between Manufacturers and Suppliers for Seamless Product Distribution”

Emerging trend of supplier consolidation is observed with global and regional coating manufacturers merging with global suppliers. This is leading to enhanced profitability for various market participants.

  • In 2020, PPG agreed to acquire Tikkurila, a prominent Nordic Paints company.
  • Nippon secured a 100% stake in its joint ventures with Wuthelam in China, Thailand, and Malaysia in 2020, positioning itself as the market leader in Asia.

These strategic acquisitions by key players have led to a moderately consolidated market by providing a boost to the growth of the performance coatings market.

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Country-wise Insights

Fact.MR, a market research and competitive intelligence provider, through its newly published analysis, asserts that East Asia is projected to hold 25.6% of the global market share by 2034. Performance coating manufacturers globally are partnering with new and thriving market players worldwide to establish a stronger market position and gain a leading market share.

What are the Factors Shaping the United States Market?

“Growing Emphasis on Producing Environment-Friendly Performance Coatings”

Attribute United States
Segment Value (2024E) US$ 13.9 Billion
Growth Rate (2024 to 2034) 5% CAGR
Projected Value (2034F) US$ 22.7 Billion

The market in the United States is primarily influenced by the increase in productivity and higher demand for paints and coatings from various sectors such as consumer goods, automotive, and industrial maintenance. Reconstruction efforts and industry expansion due to increasing technological advancements are projected to drive market growth during the forecast period.

Environmental regulations mandating the reduction of VOC emissions and hazardous air pollutants (HAPs) and escalating operational expenses associated with chemical products and materials, constituting 55% to 65% of overall production costs of performance coatings, are prompting the adoption of performance coatings. Major companies in the United States are changing their mindset and increasing investment in environmentally friendly performance coatings products through research and development activities. This change is expected to drive the market to have lucrative growth opportunities during the forecasted period.

What is Influencing Performance Coating Sales in China?

“Rising Need for High-Quality Performance Coatings for Commercial and Residential Construction”

Attribute China
Segment Value (2024E) US$ 15.4 Billion
Growth Rate (2024 to 2034) 5% CAGR
Projected Value (2034F) US$ 24.9 Billion

Performance coating sales in China are influenced by the growing urbanization and industrialization in the country, which is leading to increased construction activities. This is generating significant demand for high-quality performance coatings for the construction of commercial and residential buildings.

China accounts for 56.9% of the performance coating market share in East Asia. Growth of the automotive sector in China is also playing a crucial role in market expansion. The automotive sector extensively uses performance coatings for various applications such as vehicles, electronic devices, and industrial equipment, driving the demand for high-quality and durable products.

Adoption of low-VOC and eco-friendly coatings has risen among environmentally conscious consumers. This shift towards sustainable and green solutions has prompted manufacturers to invest in research and development to meet the evolving needs of industries.

Category-wise Insights

Which Formulation Type Accounts for a Leading Market Share?

“Increased Sales of Solvent-borne Coatings Due to High Resistance to Harsh Conditions”

Attribute Solvent-Borne
Segment Value (2024E) US$ 73 Billion
Growth Rate (2024 to 2034) 5.3% CAGR
Projected Value (2034F) US$ 122.2 Billion

Superior properties of solvent-borne coatings such as excellent adhesion, high gloss, and robust resistance to harsh conditions are driving their adoption across industries. These coatings are widely used in automotive, marine, and industrial applications due to their durability and protective qualities.

Despite increasing environmental concerns and regulations, solvent-borne coatings continue to hold a significant position in the market by highlighting their indispensable role in performance coatings. The market is witnessing a gradual shift towards more environmentally friendly alternatives such as water-borne and high-solid coatings. For now, solvent-borne coatings remain at the forefront of the performance coating market.

What is the Reason Behind Extensive Adoption of Polyester Resins?

“Advancements in Resin Production Enhancing UV Resistance and Thermal Stability of Coatings”

Attribute Polyester
Segment Value (2024E) US$ 27 Billion
Growth Rate (2024 to 2034) 5% CAGR
Projected Value (2034F) US$ 44 Billion

Extensive adoption of polyester resin is driven by increased demand from the automotive sector for durable coatings with excellent mechanical properties. The expansion of the packaging industry is leading to increased usage of saturated polyester resins for flexible packaging applications.

Advancements in resin production technology are leading to the development of novel formulations with improved performance characteristics such as enhanced UV resistance and thermal stability. Rising consumer awareness regarding sustainable and environmentally friendly products is leading to the adoption of bio-based and recycled saturated polyester resins. The growing trend of non-BPA coatings is creating growth opportunities for saturated polyester resin manufacturers.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Competitive Landscape

Market growth is being driven by several factors, including evolving consumer preferences, technological advancements, and global economic conditions. Key players in the performance coating market are BASF SE, PPG Industries, Jotun A/S, Akzo Nobel NV, Daikin Industries Ltd., Endura Coating, Metal Coating Corp., and PPG Industries.

  • In 2021, PPG Industries launched a new series of functional coatings for the automotive sector.
  • In 2021, AkzoNobel took over the performance coatings and polymers business of Stahl.

Key Segments of Performance Coating Market Research

  • By Resin :

    • Polyurethane
    • Acrylic
    • Polyester
    • Epoxy
  • By Formulation Type :

    • Water-Borne
    • Solvent-Borne
  • By End-User :

    • Transportation
    • Consumer Goods
    • Buildings and Infrastructure
    • Industrial
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

What is the size of the performance coating market in 2024?

The global performance coating market is estimated US$ 105.4 billion in 2024.

What is the projected revenue from the sales of performance coatings by 2034?

By 2034-end, revenue from the sales of performance coatings is projected to reach US$ 176.6 billion.

What is the rate at which sales of performance coatings are projected to rise?

Sales of performance coatings are projected to rise at a CAGR of 5.3% through 2034.

What is the sales forecast for performance coatings in North America?

Sales of performance coatings in North America are forecasted to rise at a CAGR of 4.7% from 2024 to 2034.

What is the projected rate of market expansion in East Asia?

The market in East Asia is projected to expand at a CAGR of 4.9% from 2024 to 2034.

What is the forecasted growth rate for the market in Japan?

Sales of performance coatings in Japan are projected to increase at a CAGR of 4% from 2024 to 2034.

- Also of Interest -

Cool Roof Coating Market

Cool Roof Coating Market Study by Low-slope and Steep-slope for Elastomeric Plastic, Silicon, Tiles, and Metal from 2024 to 2034

Packaging Coating Market

Packaging Coating Market Analysis by Acrylic Coatings, Epoxy Thermoset Coatings, and Plastisol Packaging Coatings from 2023 to 2033

Coating Additives Market

Coating Additives Market Study by Acrylic-Based, Urethane, and Metallic for Dispersants, Foam Control, and Wetting Agents from 2023 to 2033

Metal Coatings Market

Metal Coatings Market Analysis by Product Type (Fluoropolymers, Polyurethanes, Polyester, Plastisol), by Process (Coil, Extrusion, Hot Dip Galvanizing), by Form (Liquid, Powder), by End-Use & Regional Forecast 2022-2032

Performance Coating Market

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