Westford, USA, March 30, 2023 (GLOBE NEWSWIRE) -- North America and Asia Pacific are expected to witness significant growth in the Functional Coatings market due to increasing demand from end-use industries, including automotive, construction, and healthcare. The market is fueled by rising demand for high-performance coatings and the development of advanced technologies, producing more efficient and durable coatings. According to SkyQuest reports, the global Functional coatings market is anticipated to reach USD 33.4 billion by 2030, driven by the rising need for smart coatings. The market is projected to grow at a CAGR of 5% from 2020 to 2030.
SkyQuest's latest global research reveals that the automotive sector is witnessing a surge in demand for functional coatings. The automotive coatings market is projected to grow at a CAGR of 6.6% from 2020 to 2027, reaching USD 35.82 billion by 2027. This growth in the automotive industry is driving the demand for functional coatings that protect against corrosion, wear, and tear.
Browse in-depth TOC on "Functional Coatings Market.”
- Pages - 242
- Tables - 69
- Figures - 80
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Functional coatings are coatings that are specifically formulated to enhance the surface properties of substrates. These coatings offer numerous benefits, including wear resistance, thermal insulation, and chemical and corrosion resistance. They are widely used in various industries, including automotive, aerospace, construction, and electronics. The significance of functional coatings lies in their ability to improve product performance, durability, and sustainability, reduce maintenance costs, and improve overall process efficiency in modern industrial applications.
Prominent Players in Functional Coatings Market
- AkzoNobel
- Axalta Coating Systems
- BASF SE
- Berger Paints India Limited
- Chemours Company
- Diamond Vogel Paints
- DowDuPont Inc.
- Hempel A/S
- Jotun A/S
- Kansai Paint Co. Ltd.
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- RPM International Inc.
- Sika AG
- Sherwin-Williams Company
- Teknos Group
- Tikkurila Oyj
- Wacker Chemie AG
- Whitford Corporation
- Yung Chi Paint & Varnish Mfg. Co. Ltd.
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Automotive Application Segment to Drive Higher Sales as There is a need to Protect Vehicles Against Corrosion and Wear, and Provide Thermal Insulation
A recent analysis reveals that the Main Landing Gear segment is a significant contributor to the rapid development of the Functional Coatings market in 2021. This trend is expected to continue from 2022 to 2030, driven by increasing demand for functional coatings in the automotive industry. The demand is attributed to the need to improve vehicles' aesthetic appearance, protect against corrosion and wear, and provide thermal insulation. According to SkyQuest reports, the engine components segment is expected to dominate the functional coatings market in the automotive industry, projecting a CAGR of 5.2% in the forecasted period. This growth in the engine segment is attributed to the increasing demand for high-performance and fuel-efficient engines, which require coatings that provide corrosion resistance, wear resistance, and thermal insulation to enhance the performance and durability of engine components.,
Research analysis indicates that North America is poised to become a dominant player in the Functional Coatings market from 2022 to 2030, with a projected CAGR of 5.95% during the forecast period, according to SkyQuest. This growth is attributed to the increasing demand for eco-friendly coatings and the rising use of functional coatings in the aerospace and defense industries in the region. Recent developments demonstrate the market's growth, such as PPG Industries, a leading coatings and specialty materials company, introducing a new series of high-performance coatings for the aerospace industry.
Anti-Corrosion Type Component Segment to Exhibit Strong Growth due to the Growing Need for Protection Against Corrosion in Various End-Use Industries
The Wheels and Brakes Component segment emerged as the dominant method in the Functional Coatings market in 2021 and is expected to retain its lead from 2022 to 2030. The increasing demand for anti-corrosion coatings can be attributed to the growing need for protection against corrosion in various end-use industries, including automotive, marine, and oil & gas. The development of advanced and eco-friendly anti-corrosion coatings is also driving the growth of this segment. According to SkyQuest research analysis, the global anti-corrosion coatings market size is projected to reach USD 37.6 billion by 2025, growing at a CAGR of 5.0% in the forecasted period.
The Asia Pacific region has emerged as a significant force in the Functional Coatings market and is poised to retain its leading position by 2030. SkyQuest forecasts significant growth in the Functional Coatings market for the Asia Pacific region, with a projected CAGR of 6.1% during the forecast period. The analysis also reveals that the government of India has launched the Make in India program to encourage domestic manufacturing across various sectors, including automotive, aerospace, and construction. This initiative is expected to increase the demand for functional coatings in the country. Similarly, the Chinese government has implemented several policies to promote eco-friendly coatings in the automotive industry and has introduced regulations to limit VOC emissions from coating products. These initiatives are expected to drive the demand for functional coatings in the region. Additionally, several other countries in the region, such as Japan, South Korea, and Singapore, have introduced various initiatives to promote sustainable and eco-friendly coatings in different industries.
A comprehensive analysis of the major players in the Functional Coatings market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Functional Coatings Market
- Ferro Corporation, a provider of functional coatings and color solutions, has confirmed the completion of its acquisition by Prince International Corporation. The transaction was made at $22.00 per share of Ferro common stock owned by shareholders without interest and applicable withholding taxes.
- AkzoNobel announced an agreement to acquire Kansai Paint's paints and coatings business in Africa, expanding its market presence. The deal, expected to be completed in 2023, is subject to regulatory approval. Kansai Paint's regional revenue is around €280 million, and it operates in 12 African countries. The acquisition includes the Plascon brand, a paint brand with more than a century of history in South Africa. Additionally, it encompasses automotive and protective coatings, as well as coatings for wood and coil.
Key Questions Answered in Functional Coatings Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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