Chemicals and Materials Performance Coatings Market Growth Status | Page 2

account of being scratch and humidity resistant. The coating technology
segment is divided into solvent based, water based, and powder based.
Further, the end user industry segment is divided into building &
construction, automotive & transportation, industrial, aerospace & defense,
marine and others.
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The global performance coatings market is thriving on the back of adoption
in 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.
Increasing demand for solar power- 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.
Asia-Pacific is expected to account for 30% of the global market during the
forecast period on the back of rising urbanization, booming manufacturing
sector and introduction of smart cities in the region. Europe is expected to
grow at a CAGR of 4.5% on the back of escalating manufacturing sector in
the region. North America is expected to grow significantly on the back of
growth of local manufacturing sectors in the region. Latin America is
projected to expand significantly on the back of developments in the marine,
protective coatings, oil and gas, automotive refinishes and plastic coating
sectors. This unfolds opportunities for ample investments in the industrial
infrastructure sector.