BRIC Performance Coatings Market
Market Insights on BRIC Performance Coatings covering sales outlook, demand forecast & up-to-date key trends
BRIC Performance Coatings Market by Product Type, Geographies, Applications & Region - Forecast 2022 - 2032
BRIC Performance Coatings Market Outlook
The BRIC performance coatings market is expected to generate US$ 95.9 billion in revenue in 2022. The market is anticipated to grow at a CAGR of 5.3% to reach US$ 8.66 billion by 2032.
Manufacturers perceive the significant population growth in the BRIC countries, especially China and India, as a huge opportunity to expand their businesses. Performance coatings like polyurethane and acrylic are now produced by manufacturers and deployed on automotive components, including wheel assembly washers, brake clips, and gas filler tubes.
The manufacturers make the performance coatings in such a way that they can be coated on furniture items to increase durability and applied to buildings for anti-corrosion in the construction industry. There will be a greater need for performance coatings in these industries due to their quick expansion, which will help the performance coating market thrive.
China's performance coatings market has the most significant potential for growth among the BRIC nations. For instance, according to the 2021 report on global vehicle production from the European Automobile Manufacturers Association, China produced 32% of the 74 million automobiles produced globally, while Japan and Korea contributed 16%.
Furthermore, according to the State Council of the People's Republic of China, in July 2021, China authorized plans for constructing inexpensive rental housing. Furthermore, according to the National Bureau of Statistics, China exported furniture and furniture parts worth US$63.9 billion in 2020, a 12.2% rise.
Indian performance coating industry is anticipated to see significant investments from new entrants in addition to capacity expansions and Greenfield projects by current paints and coating companies like Asian Paints and Berger Paints.
On the other side, the Indian government is implementing several initiatives, particularly programs like AMRUT and housing for all, which are projected to increase demand for interior paints, particularly those in the medium and low price range. Hence, by utilizing this opportunity, manufacturers are forming alliances with Government agencies to grow their businesses and increase income.
As the airline sector experiences tremendous expansion, industry players are developing performance coatings that are specifically designed for aircraft to defend against corrosion caused by adverse environmental elements and climatic conditions.
The demand for new commercial aircraft has surged in the Asia-Pacific region due to an increase in air passenger traffic, which has also increased the output of major aircraft manufacturers.
The requirement for performance coatings like polyurethane coating to be used in aircraft for corrosion resistance would also rise with an increase in the production rate of major aircraft manufacturers, favourably affecting the performance coating manufacturer for revenue generation. In the transportation industry, key businesses are expanding their supply networks and building lasting partnerships with end consumers.
Manufacturers are also making significant research investments to provide innovative products at competitive prices while adhering to legal requirements. Green technology is anticipated to become a prominent technology soon. Even more, some manufacturers have created coatings that lessen the risk of fire and the formation of toxic chemicals while simultaneously reducing the spalling of concrete.
To create innovative products at a lower cost while adhering to regulatory requirements, manufacturers are also making significant research investments. It is predicted that green technology will become a dominant technology soon. Manufacturers have even created coatings that lessen the risk of fire and the formation of harmful chemicals, as well as concrete spalling.
Manufacturers have begun to create goods tailored to the needs of the military sector in response to the steadily expanding defence spending of BRIC countries.
BRIC Performance Coatings Market CAGR
BRIC Performance Coatings Market (2022)
US$ 95.9 Billion
BRIC Performance Coatings Market (2032)
US$ 160.7 Billion
Ample Investments Unfold Multiple Opportunities
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. It can also be used in minute-sized components. Performance coatings satisfy the primer coat as well as basecoat requirements.
Performance coatings are used broadly in the fields of automotive and aerospace coatings, industrial coatings, powder coatings, mining and mineral industry, wastewater treatment, infrastructure, power, oil and gas and marine sectors.
Performance coatings work in a wide range of conditions and have a good record of adjusting faster with the surfaces. Its end use includes application on large and small equipment, components, repair& refurbishment and in almost all light and heavy industrial segments.
Performance coatings can ideally be used on walls, floors, railings, food and beverage facilities, schools, healthcare facilities, occupied or confined spaces and office buildings. They are compatible with wood, aluminium, steel, metal, masonry, drywall, concrete and galvanized metal surfaces. Performance coatings can be classified on the basis of product type into alkyd, acrylic, enamel, epoxy and primer.
Asia-Pacific is the largest market for performance coatings. Fast-paced urbanization in China and Brazil are strong drivers for the performance coatings market in these countries. Brazil leads the South American market as the country recently hosted the FIFA World Cup 2014 and is gearing up to host the Olympic Games in 2016.
Brazil holds more than half of the total South American paint and coatings market and will witness growth due to 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 and proportionally stimulates the demand for performance coatings and paints. Coatings consumption in China is valued between 4.5 and 5 million tons in 2013, reflecting high growth potential as a result of the policies of the Chinese government to improve its infrastructure in terms of sustainability and efficiency. In India, performance coatings hold more than quarter of the paint and coatings market share.
The Indian paint and coating industry is also reporting healthy growth with government focus on domestic manufacturing and country’s emergence as new manufacturing hub. Besides, the introduction of smart cities in India in the near future will boost the coatings sector in the infrastructure industry. The Russian coatings market is expected to slow down in 2014 and further witness moderate growth in 2015 and onwards.
Players in the paints and coatings industry are entering into joint ventures in order to strengthen their respective positions in the various segments of the potential coatings market. AkzoNobel is a leading coatings company based in the Netherlands with revenue of US $ 12.85 billion in 2014. PPG is the second-largest coatings company located in the U.S., with revenue of US $ 11.48 billion in 2014. The other major players in performance coatings are Henkel, Axalta, Valspar, BASF, DuPont, Sherwin-Williams Co., ICI Paints and Kansai.
The performance coatings market is flourishing in BRIC countries and manufacturers are unfolding new opportunities. India, Brazil and China are progressing in the performance coating business and promise a potential market for performance coatings in the coming years.
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