(MENAFN- GetNews) Protective Coating Market is expected grow USD 31.4 Billion By 2027, Global Photovoltaic Coating Market has been segmented based on Coating Types, Application, and Region
Global Photovoltaic Coating Market - Regional Analysis
Asia Pacific region dominates the Global Photovoltaic Coating Market and is expected to witness the highest growth during the forecast period. Rapid growth in infrastructure expansion in India and Indonesia is likely to drive growth over the forecast period. High growth in automotive industry is the major factor driving the growth of the market. Numerous photovoltaic cells projects expected to go underway in Asia Pacific region. This also fuelling the growth of the market. Increasing demand for energy and growing awareness regarding renewable energy sources is also expected to drive the market growth in this region. China, India, and Japan are the major markets in the region. China accounted for the major market share in the region.
North America is the second largest region for the market. U.S. accounted for the major share in global as well as North America photovoltaic coating Market. Europe is another major market for the photovoltaic coating. Technological advancements and presence of key market players in this region pouring the growth of the market. Germany, U.K, France are the major markets in the region.
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Photovoltaic Coating Market - Competitive Analysis
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Photovoltaic Coating manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Photovoltaic Coating for every application.
Global Photovoltaic Coating market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R & D, brand building, and fostering strong relationships with customers to support their competitive position.
Key Players-
Some of the key players in the Photovoltaic Coatings market are-
- Suntech Power Holdings Co. Ltd (China)
- PPG Industries (U.S)
- Sherwin Williams (U.S)
- AkzoNobel N.V. (The Netherlands)
- Axalta Coating Systems (U.S.)
- BASF SE (Germany)
According to a recent study report published by the Market Research Future, The global market of Photovoltaic Coating is booming and expected to gain prominence over the forecast period. The Global Photovoltaic Coating market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 2023).
High growth in automotive industry in emerging economies is the major factor driving the growth of the market. The growth of this industry can be attributed to growing population and rising disposable incomes and the consequent increase in car sales and air passenger traffic. Growing demand for electricity across the globe and technological advancement are also driving the growth of the photovoltaic coating market. Photovoltaic cells being cost effective and a significantly renewable source of energy have gained much popularity in recent times with many new market players entering the market. Increasing investment in clean energy is directly translating into increasing demand in the photovoltaic coating Market. However, strict regulatory frameworks regarding VOC emissions and the fluctuating costs of raw materials are the major challenges faced by the industry.
Global Photovoltaic Coating Market - Segmentation
Global Photovoltaic Coating Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of Coating Type , market is segmented into Water Borne, Power and solvent borne. The water-borne coating projected to witness the highest growth during the forecast period. Waterborne coating use water as a solvent to disperse a resin, therefore making these coatings eco-friendly and easy to apply. In many cases, waterborne coatings contain 80% water with small quantities of other solvents, such as glycol ethers. These coatings are also known to be environment friendly as US and European regulations require waterborne coatings to have a VOC content of less than 3.5 pounds per gallon of water. Whereas, solvent borne coating is a liquid protective layer that is mainly composed of organic compounds and applied to a material's surface to prevent corrosion. Solvent borne coating is typically more resilient than water borne coatings during the curing of the coating.
On the basis of Application , market is segmented into Automotive, Construction and textile industry. Construction segment dominates the application segment of the Photovoltaic Coating market. Rising infrastructure development activities in emerging countries such as India, Brazil, and China, among others driving the growth of the market. Automotive is another majioe application segment of the market and is expected to contribute significantly during the forecast period.
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