Market Trends of High Performance Coatings Industry
This section covers the major market trends shaping the High Performance Coatings Market according to our research experts:
Growing Demand from Building & Construction Industry
- 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.
- The key areas of expected growth are social infrastructure, schools, hospitals, government accommodation, water, defense infrastructure, and water resources.
- In the non-residential construction, the major growth was witnessed in healthcare, commercial, and office buildings. The investment in transportation, communication, and power infrastructure has also witnessed growth in the forecast period. All these factors are expected to improve the demand for the studied market.
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China to Dominate the Demand in Asia-Pacific Region
- China is expected to dominate the high performance coatings market in Asia-Pacific and is also likely to witness the fastest growing demand.
- The market is estimated to witness a healthy growth over the assessment period, due to rising construction activities, along with the high adoption rate from various end-user industries such as, industrial, and aerospace & defense sector.
- In China, the housing authorities of Hong Kong have launched various measures to push-start the construction of low-cost housing.
- Additionally, the government has rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years, despite efforts to rebalance its economy to a more service-oriented form. This is likely to boost the demand for high performance coatings in the country.
- China is aiming high in the aerospace business. Its focus is on both commercial aircraft, as well as fighter jets. Over the next 20 years, both the European and the American aerospace giants forecast that China would become their biggest single market, due to the demand for new aircraft by Chinese airlines, which are keen to meet the rising middle classes’ desire for air travel.
- Furthermore, countries such as India and Japan have also been contributing to the growth of the market studied. Overall, the demand for high performance coatings is expected to increase in the during the forecast period.
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