The growing asymmetric warfare conflicts in different parts of the world are driving the demand for multi-role combat armored vehicles. Conflicts occurring from Islamic states in Iraq, the civil war in Syria, and the war against Taliban group in Afghanistan are drawing the attention of law enforcement agencies of major global countries such as the U.S., the U.K., and Russia. Therefore, there is a huge demand for more advanced armored vehicles for multi-purpose applications, such as search and rescue, combat operations, and transportations. The adoption of the robotics technology in future combat armored vehicles is expected to propel the demand for armored vehicles. Apart from upgrading their existing technologies, the countries are also looking forward to adopting innovative coatings and emerging concepts that can help utilize the current resources more efficiently.
The demand for camouflage coatings varies according to various geographical regions. The market holds a prominent share in various countries of North America, Asia-Pacific & Japan, Middle East and Africa, South America, and Europe. The U.S. is currently the largest revenue generating country in the camouflage coatings market. Industrial advancements, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major defense equipment companies are some of the major drivers that are propelling the growth of the market in the country. Additionally, due to the wide-scale production of coatings as well as technological advancements pertaining to the coatings technology, the market for camouflage coatings is expected to grow at a steady rate. Apart from North America, Asia-Pacific & Japan is also expected to grow at a high rate, owing to an excessive industrial base, encouraging government policies, and financial support in R&D offered in the countries in the entire region.
The competitive landscape of the camouflage coatings market consists of different strategies undertaken by major players across different end-user industries to gain market presence. Some of the strategies adopted by the companies are new product launches, business expansions, and partnerships, and collaborations. PPG Industries, Inc., BASF SE, and Axalta Coatings Systems are some of the leading players in the global camouflage coatings market. Despite the small number of players in the market, the industry landscape is quite competitive. Therefore, innovations and developments have been the key factors for large-scale growth in this market. To increase their overall global footprint, coatings manufacturers are expanding their businesses and are also entering into strategic partnerships to increase their customer base and overall reach.
The ongoing COVID-19 crisis is expected to have a prominent impact on the camouflage coatings market, owing to national lockdowns in several manufacturing countries. Both the demand for the coatings as well as the supply of raw materials for manufacturing of the coatings have been widely affected due to the restrictions imposed on the exports and imports of goods and services. Moreover, the unavailability of labor due to COVID-19 also limits the production, if not temporarily ceasing it altogether due to factory shutdowns. The pandemic has had a major impact on the niche end-user industries that consume camouflage coatings, specifically in the automotive and textile industries. However, in the long run, the market is anticipated to get to its regular consumption pattern.
Obtain the Sample Report at: https://bisresearch.com/requestsample?id=992&type=download
Over the last decade, the usage of innovative coatings has become a necessity in maintaining the durability of a product, leading the manufacturers in the industry to use different functional coatings and add new properties to their products to distinguish their products in the competitive market. The defense industry has been witnessing a massive transformation owing to the increasing development in technologies such as artificial intelligence (AI), Internet of Things (IoT) and machine learning. The increased need for efficiency and accuracy, rising labor cost, and unavailability of skilled labor have shifted the focus of enterprises from conventional defense systems to modernize defense systems. The market is undergoing a major transformation with the application of smart military coatings.
The market research study offers a wide perspective of camouflage coatings used in different applications. The report also provides an analysis on the market penetration of these coatings in different applications and their growth opportunities across different regions and countries. The study focuses on the changing landscape of the camouflage coatings market, owing to the significant developments made by the leading players. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players), and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
UPCOMING INDUSTRY TRENDS 