High Performance Coatings Market size is forecast to reach $119.8 billion by 2025, after growing at a CAGR of 5% during 2020-2025. 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. It is an effective technology that is environment-friendly and comes in a variety of colour combinations due to which the high performance coatings market is expected to grow during the forecast period.

Key Takeaways
Asia-Pacific is expected to dominate the global market during the forecast period.
By end-user industry, building & construction industry is expected to witness the highest demand for high performance coating during the forecast period.
Polyurethanes are generally considered high performance coatings, offering excellent color and gloss retention, and good resistance to chemicals and abrasion.

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By Application - Segment Analysis
Powder-based segment held a significant share in high performance coatings market in 2019. Powder-based coatings are highly efficient with over 98% powder overspray recoverability, more resistant to scratching, fading, chipping, and wearing than other finishes. This process releases negligible VOC into the environment and takes less cure time beyond the cool-down period. Powder-based industrial coatings emit low levels of VOCs, providing superior performance and cost efficiency for applications that require maximum abrasion resistance, and hardness.

Drivers – High Performance Coatings Market
Increasing consumption of high performance coatings in general industrial and protective industries
Stringent EU regulations regarding the reduction of VOC emissions in coating resins and low polluting coating technologies are driving the demand for environmentally-friendly coatings. Government regulations in the Western European countries and US, especially regarding air pollution, will continue to be a driving force for the adoption of new and low-pollution coating technologies. These regulations have led to the shift in demand from solvent-based coatings to environmentally-friendly products, such as water based, powder coatings, high solids, and UV-curable coatings. These environment-friendly products contain fewer solvents that evaporate during the curing phase. Hence, new rules and regulations set by the European Commission and Federal government agencies are leading toward achieving a greener environment with minimum or zero VOC emissions.

Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the high performance coatings market. Major players in the high performance coatings market are PPG Industries Inc., Akzo Nobel NV, Hempel Group, Daikin Industries Ltd., and The Sherwin-Williams Company, among others.

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