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.