The global paints and coatings market was valued at US$ 144.99 Bn in 2017, according to Global Paints and Coatings Market Report, by Technology (Waterborne, Solvent borne, High Solids Coatings/Radiation-Curable Coatings, and Powder Coatings), Resin Type (Acrylic, Alkyd, Epoxy, Polyester, and Polyurethane), by Application (Decorative Paints, Transportation (incl. Automotive OEM) and Metal industrial Coatings), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) published by Coherent Market Insights.
The global paints and coatings market is projected to reach US$ 237.57 Bn by 2026, exhibiting a CAGR of 5.64% during the forecast period. Paints and coatings are liquid or semisolids materials that are applied or sprayed to a substrate in the form of a thin layer that forms a solid film over time. They are used to decorate, protect, and color buildings, walls, objects, and equipment. They are a mixture of polymer particles known as binder, wide variety of surfactants, pigments, solvents, and processing aids. Increasing use of waterborne paints in various end-use industries such as automotive, furniture, and architecture is expected to boost growth of the market during the forecast period. Solvent-free content of these coatings results in negligible or low volatile organic compounds (VOC) emission, which in turn makes these products environment-friendly, thereby fueling demand for these coatings.
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Among applications, decorative paints segment accounted for the largest share with over 41.61% market share in the global paints and coatings market in 2015. Rapid urbanization and increasing demand for modern infrastructure is projected to fuel demand for decorative paints during the forecast period. Stringent environment regulations and increasing preference towards developing ecofriendly products with low VOC emissions is propelling demand for waterborne paints. Furthermore, powder coatings is projected to be the fastest growing segment during the forecast period, owing to rapid growth of end-use industries such as automotive and aerospace in emerging economies such as India and China. For instance, according to India Brand Equity Foundation, the Indian automotive industry was valued at US$ 93 billion in 2016 is expected to grow to US$ 251.4-282.8 billion by 2026 with a CAGR of 14.25%.
However, fluctuating raw material prices required for manufacturing paint and coatings and various stringent environmental regulations with respect to volatile solvent-based paints are some of the major factors expected to restrain growth of the global paints and coatings market.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 30 market data tables* and 15 figures* on “Global Paints and Coatings Market” – Global forecast to 2026.
Key Trends and Analysis of the Paints and Coatings Market:
Acrylic paints is one of the key segments among resin types due to its durability, affordability and flexibility characteristics. Acrylic paints segment is expected witness significant growth due to increasing infrastructure development and growing construction sector. For instance, according to World Bank, the global infrastructure investment needs US$ 97 trillion by 2040. Asia Pacific is expected to be the fastest growing market in the global paints and coatings market. This is owing to growing infrastructure and construction sector due to rising population in the region. The population of Asia Pacific is expected to reach 5 billion by 2050 according to United Nations (UN), which in turn is expected to fuel demand for supportive infrastructure development.
Key Takeaways of the Market:
· Asia Pacific is projected to hold dominant position in the global paints and coatings market and accounted for 41.56% market revenue in 2016 in the global paints and coatings market. The market in Asia Pacific is expected to be primarily driven by growing end-use industries in China, India, and ASEAN countries. For instance, according to United Nations, infrastructure investment needs in emerging economies in Asia Pacific are projected to be around US$18.1 trillion by 2020. Growing construction and automotive end-use industries, increasing urbanization, and high demand for fully-furnished homes are some of the key drivers for growth of the paints and coatings in Asia Pacific
Introduction of advanced paints and coatings products is expected to boost the market growth. For instance, in September 2016, Australian National University (ANU) developed a water repelling spray, which can be sprayed on mobile phones, aerospace, and ships. Furthermore, increasing initiatives by major players to upscale its paints and coatings business segment is expected to drive the global paints and coatings market growth. For instance, in December 2018, Amsterdam-based Akzo Nobel N.V. purchased all shares of Swire Industrial Ltd. This acquisition is expected to help Akzo Nobel to expand its paints and coatings business in Asia Pacific. Similarly, in 2017, Ohio-based paints and coatings company — Sherwin-Williams completed the acquisition of Minnesota-based Valspar Corporation in the cash payments of US$ 113 per share.
· Major players operating in the global paints and coatings market include, PPG Industries Inc., The Sherwin-Williams Co., RPM International Inc., The Valspar Corp., Axalta Coating Systems, BEHR, Benjamin Moore & Co., Dunn-Edwards Corporation, Ennis-Flint, Shawcor Ltd., Nippon Paints, Kelly-Moore Paints Co. Inc., Cloverdale Paints Inc., Innovative Chemical Products Group, Vogel Paints Inc., Yenkin Majestic Paints Corp., Tnemec Company Inc., Elantas Pdg Inc., True Value Company, and Vista Paints.
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