The Global Paints and Coatings Market is anticipated to reach USD 231.1 BN by 2025 with a CAGR close to 6% between 2019 to 2025 according to a new study conducted by the well-known market research company - Value Market Research. The market was valued at 153.7 BN in 2018. The increase in the demand for these products by the automotive industry owes to the growth of the paints and coating market. Besides, the purpose of this market to protect the materials from extreme heat, acid rain, dust, UV radiations etc. along with improving the appearance of the materials is anticipated to be among the major factors driving the growth of the global paints & coatings market. Another major reason for the growth of this market is due to the new government regulations that have been introduced in favour of this market. There is also an escalating demand for this market from the aerospace and marine industry which has led to the advancement of the global paints and coating market.
A paint is a pigmented liquid that after application to a substrate converts to a hardened film. Paints and coatings are used to protect, decorate or to add any specific special feature to the surface on which it is deposited along with increasing the durability and safety of the material. They are used for safety and decoration purposes widely. It is used extensively for interior and exterior house painting, boats, automobiles, planes, appliances, furniture, and several other places where protection and attractiveness are desired.
By resin type the global paints and coatings market is categorized into acrylic, polyester, polyurethane and epoxy types out of which the epoxy resin type has emerged as the leading segment with the highest market share. The characteristics of the resin that have made it the leading segment are improved mechanical and thermal stress, mould resistance, good adhesion & wetting properties, improved flexural strength and low shrinkage time. The enhanced adaptability of the epoxy resin has also amplified its application in epoxy flooring, neutralization tanks, separator vessel and pipelines.
The market for global paints and coatings involves powder, liquid paints and varnishes. Formulation-wise it is segmented into powder coating, water-borne coating, solvent-borne coating and UV coating. Waterborne coatings are used in industries such as packaging, healthcare, marine, automotive, aviation, building and construction and it is the leading segment. The lead was developed due to the characteristics possessed by waterborne coatings such as adhesion, low toxicity, flammability and being comparatively cheap with respect to the other three segments.
On the basis of applications, the global paints and coating industry is classified into industrial applications, architectural and decorative applications and marine applications out of which the architectural applications accounted for the major market share. This has been accounted due to a rise in construction activities and an increase in expenditure on architectural expenditures.
The report “Global Paints And Coatings Market Report By Resin Type (Acrylic, Polyester, Polyurethane, Epoxy, And Others), Formulation (Water-Based, Solvent-Based, Powder Coatings, And UV Coatings), Application (Architectural And Decorative, Industrial, And Marine) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024” helps the reader to get an insight on the potential value of the market and to get an analysis on the segments in the global paint and coatings market along with the growth factors supporting this market.
The key regions that the market is spread over are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa out of which Asia-Pacific led this segment. This lead is mainly because of the growing construction and automobile sector in countries like China and India along with socio-economic factors such as low cost for labor, urbanization and the increase in per capita income.
The Report Segments Global Paints and Coatings Market -
By Resin Type
Architectural And Decorative
Middle East & Africa
Players Profiled In The Report:
BASF SE, PPG Industries, Sherwin-Williams Company, AkzoNobel, Valspar Corporation, RPM International Inc., Axalta Coating System, Nippon Paint Holdings Jotun Group are among the leading key players of the global paints and coatings market.
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