A recent report ongoing study by Infinium Global Research on the performance coating market provides in-depth analysis of segments and sub-segments in the BRICS as well as the regional performance coating market. The study also highlights the impact of drivers, restraints, and macro indicators on the BRICS and regional performance coating market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the BRICS performance coating market. According to the report, the BRICS performance coating market is projected to grow at a significant CAGR over the forecast period of 2021-2027.
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. Performance coatings have a good record of adjusting to surfaces. Its end-use includes application on large and small equipment, components, repair & refurbishment, and in almost all light and heavy industrial segments. Performance coatings can be used on walls, floors, railings, food and beverage facilities, schools, healthcare facilities, occupied or confined spaces, and office buildings. They are compatible with different materials such as wood, aluminum, steel, metal, masonry, drywall, concrete and galvanized metal surfaces, etc.
The key driver for the BRICS performance coating market is its widespread adoption in a wide range of industrial sectors. Performance Coatings are being adopted in various sectors such as power, marine, automotive & aerospace, mining and mineral, wastewater treatment, oil, and gas, etc. Performance coatings enhance the physical properties of the product. The adoption of performance coatings in a wide range of industrial sectors is expected to boost the growth of the BRICS performance coating market. The enhancements provided by performance coatings have become vital in the manufacturing sector, making it likely to remain a crucial driver for the BRICS performance coating market. Nearly 80% of commercial and domestic paints are water-based performance coatings. The key contributors to the growth of the manufacturing sector are consumer goods, automotive, and aerospace sectors which are expected to boost the growth of the BRICS performance coating market. Performance coatings help in maximizing the utility of solar energy installations. The increasing demand for solar power in underdeveloped countries as a mass-scale alternative to costlier forms of energy is expected to boost the growth of the BRICS performance coating market. These factors are expected to propel market growth during the forecast period. It can be harmful to breathe the smell of performance coatings they require ventilation all the time. This is expected to restrain the growth of the BRICS performance coating market.
In terms of region, the BRICS performance coating market is segmented into Brazil, Russia, India, China, and South Africa. South Africa and India hold the biggest market share, because of the rising urbanization, and booming manufacturing sector in the region. Increasing presence and investment in Research and Development from major players in this sector will enhance the market growth in the BRICS region. Moreover, the rising utilization of coating solutions for defense in Brazil due to its high durability will drive the growth of the BRICS region. Russia and China are expected to dominate the market during the forecast period as the countries are the largest markets for coating raw materials. The rising developments in the marine, protective coatings, oil and gas, automotive refinishes and plastic coating sectors will propel the growth of the market in the BRICS region.
The report on the BRICS performance coating market covers segments such as type, coating technology, and application. On the basis of type, the sub-markets include polyurethane, silicone, polyester, acrylic, and others. On the basis of coating technology, the sub-markets include solvent-based coating, water-based coating, and powder-based coating. On the basis of application, the sub-markets include aerospace & defence, construction, automotive & transportation, industrial, and others.
The report provides profiles of the companies in the market such as PPG Industries, Inc., AkzoNobel N.V., Axalta Coating Systems, Ltd.,, Nippon Paint Holdings Co., Ltd., Hempel A/S, Jotun A/S, Masco Corporation, BASF SE, Valspar Corporation, and Sherwin- Williams Company.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the BRICS performance coating market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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