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.
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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.
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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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