Booming construction, automotive, aerospace, and other end-use industries are driving the market growth. Use of paints and coating to give better visual appeal, texture, to increases shelf-life and protect the product from external damage is further fueling its demand in end-use industries. Also, stringent governmental mandates on the usage of low VOC, bio-based paints is contributing significantly to the growth of eco-friendly paints and coating market. In addition to this, on-going construction projects, rapid urbanization, and industrialization are presumed to raise the market demand in the following years.
The latest report by Value Market Research expects the Global Paint And Coating Market was valued USD 145 billion in 2017 and is likely to reach USD 218.0 billion by 2024 with the CAGR of 6%.
WATER BORNE PAINTS LED THE SEGMENT
By technology, water borne paints emerged as the leading segment and are presumed to continue the trend in forecasting period. In 2017, waterborne paints accounting for X.X% of the total market share. Strict mandates imposed by USEPA on use of low VOC paints to reduce environmental pollution are driving the segment growth. Also, advantages such as better adhesion, low toxicity & flammability, better heat and abrasion resistance, relatively cheap are further fueling its demand in end-use industries.
EPOXY RESIN DOMINATED THE RESIN SEGMENT
In 2017, epoxy resin led the segment and has accounted for X.X% of the total market share. Owing to better mechanical, thermal stress, mould resistance, better adhesion & wetting properties, improved flexural strength and low shrinkage time is driving the segment growth. Also, better adaptability of resin has widened its application in epoxy flooring, neutralization tanks, separator vessel and pipelines are further fueling the segment demand.
ARCHITECTURAL COATING LED THE APPLICATION SEGMENT
In 2017, architectural coating dominated the application segment and has accounted for over 50% of the total market share. Rising construction activities, increased expenditure on architectural infrastructures and high demand for improved paints and coatings to beautify the infrastructural buildings is driving the segment growth. Wide application areas of architectural coatings in the interior such as wall painting, sculptures, furniture, and others are further boosting the segment growth.
ASIA PACIFIC DOMINATED THE REGIONAL MARKET
Geographically, Asia Pacific led the market and has accounted for approx. 35% of the total market share in 2017. Booming construction and automobile sector in emerging economies such as China and India are driving the market growth. Low labor cost, increased per capita income, ongoing industrialization and urbanization are another socio-economic factors fueling the market growth in Asia Pacific.
KEY PLAYERS OF THE MARKET
BASF SE, PPG Industries, Sherwin-Williams Company, AkzoNobel, Axalta Coating System, Valspar Corporation, RPM International Inc., Nippon Paint Holdings and Jotun Group are the prominent manufacturers of paints and coatings market.
As per this study, the Global Paints And Coatings Market was valued USD XX BN (by revenue) in 2021 and is anticipated to reach USD XX BN by 2027 with a CAGR of XX%. By volume, the market was estimated at XX KT in 2021 and is expected to reach XX KT by 2027 with a CAGR of XX%.
Paints and coatings are liquid compositions which are converted into solid films after being applied to any material. They are basically used for the functional or decorative purpose. They are used to enhance the appearance of the material and ensure the safety, durability and extend the shelf life of the material. They have application across construction, automotive, aerospace, rail coating, packaging, and other general industries.
The growth of paints and coating market can be attributed to the growing demand from the automotive, furniture, construction, and other manufacturing sectors where coatings are used to enhance the appearance of the product. Also, growing innovation in the formulation of paints and coating technology along with the expansion of product portfolio is further driving the market growth. On the other hand, rising environmental concern coupled with the high price of the raw material is likely to limit the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis, and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of paints and coatings.
The broad paints and coatings market has been sub-grouped into resin type, formulation, and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Resin Type
- Powder Coatings
- UV Coatings
- Architectural And Decorative
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for paints and coatings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Asia Pacific Paints And Coatings Market By Revenue (USD MN)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the paints and coatings market include Akzo Nobel N. V., Axalta Coating Systems Ltd., BASFR SE, Berger Paints India Limited, Jotun A/S, Kansai Paint Co. Ltd., Masco Corporation, PPG Industries Inc., RPM International Inc., Shalimar Paints Limited, and The Sherwin-Williams Company. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.