A large chunk of businesses across various sectors is shifting toward sustainability and eco-friendly materials to protect the planet from the harm caused due to various reasons. Many eco-friendly materials are garnering considerable traction in terms of revenues. The performance coatings materials are one of them. They do not contain Volatile Organic Compounds (VOC). Hence, the growing influence of such materials may prove to be a prominent growth factor for the global performance coatings market.
Performance coatings are varnishes used for improving the physical properties of different surfaces. These coatings are resistant to corrosion, abrasion, and high temperatures. These benefits help the performance coatings market to climb the ladder of growth. These coatings can be used on floors, walls, and railings. They are compatible with diverse materials like steel, concrete, aluminum, concrete, masonry, wood, drywall, and others.
All these aspects create great growth opportunities across a plethora of end-uses. The utilization of performance coatings across a variety of applications across industrial, consumer goods, buildings and infrastructure, and transportation may prove to be a boon for the growth of the performance coatings market.
Based on the solvent type, the global performance coatings market can be classified into solvent-based and water-based. According to the opinion of the analysts at Fact.MR, the water-based performance coatings solutions may prove to be the most bankable segment for non-VOC and eco-friendly coating solutions. However, solvent-based performance coatings are also not behind. The affordability factor makes them preferable.
A Boom in Construction Activities across the Globe to Bring Considerable Growth
The construction sector is witnessing great advancements lately. The rapid urbanization and industrialization around the world may bring substantial growth opportunities for the performance coatings market. The growing number of residential and non-residential projects in various parts of the world may bring massive growth prospects for the performance coatings market.
High Growth Opportunities from Solar Industry
The influence of using solar energy is rising at a rapid rate and is bringing extensive growth opportunities for the growth of the performance coatings market. These materials are used in solar energy installations on a large scale. They are used to maximize the utilization of solar energy. Therefore, this aspect may bring tremendous growth opportunities for the performance coatings market.
Industrial Sector Adding Extra Stars of Growth
The manufacturing sector is adding feathers to its cap across various regions. Performance coatings are utilized on a large scale across diverse industries. Hence, this aspect may bring substantial growth opportunities for the performance coatings market.
High utilization across automation and aerospace industries due to great chemical-resistance and corrosion properties is raking in good growth for the performance coatings market.
The novel coronavirus pandemic has caused immense loss to numerous businesses across almost all sectors. The outbreak has negatively impacted the performance coatings market to a certain extent. All the manufacturing facilities and production units were shut for a brief time when government bodies of numerous countries imposed lockdown restrictions.
The demand for performance coatings was also decreased greatly during this period. However, to bring the economy on track, the countries started relaxing restrictions and allowed certain activities to function including the work at manufacturing facilities and production units. This aspect has certainly revived the hopes of the players in the performance coatings market to increase their revenues and eventually expand the growth of the performance coatings market.