Paints & Coatings Industry
Paints & Coatings Industry Highlight:
Paints & Coatings Market is projected to reach USD 190167.5 Million Dollar by 2023 end at a CAGR of 5.06% during the review period 2017-2023.
Paints & Coatings Market was USD 135542.6 Million Dollar in 2017 and is forecasted to grow at a healthy CAGR of 5.06% during the assessment period. Among various application industries, architectural segment accounted for the largest market share of 55.1% in 2017 with a market value of USD 78001.9 Million Dollar. Increasing use of paints & coatings in the residential construction activities is driving the growth of the architectural segment, which is expected to dominate the market during the forecast period. The industrial segment accounted for 44.9% of the global market share with a market value of USD 63450.5 Million Dollar in 2017. The segment is estimated to grow at CAGR of 4.72% during the forecast period to reach USD 83662.7 Million Dollar by 2023 end due to growing demand for coatings from the automotive and general industrial segment.
Paints & Coatings offer excellent adhesion with high corrosion and abrasion resistance and are used to provide glossy and decorative finish to the final product. They are composed of organic or non-organic resins and are applied to increase the durability as well as performance of products. Due to the aesthetic properties associated with paints & coatings they have found their diverse applications in construction, architectural, automotive, wood, industrial, and others.
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Paints & Coatings Industry Opportunities:
Paints and Coatings Market is expected to witness a significant growth in industrial Paints and Coatings with a CAGR of 4.3% in terms of volume and 5.6% in terms of value, during the forecast period, which is influenced largely by increasing waterborne recreational activities and global defense expenditure.
Paints & Coatings Market has shown steady growth over the years. In addition to this, consistent production innovations led by different production technologies expected to retain the growth trend of this this market over the coming years as well. Innovative formulation technologies has been successful to fulfil the consumer demand and is considered as key growth driver in this market over the years. Moreover, emergence of nanotechnology has fuelled demand for paints and coatings products across the globe.
Increasing investment by key industry participants to introduce cost-effective, efficient, products linked with incising expansion and acquisition market strategies complementing global market growth. Paints & coatings are largely applicable in automotive, construction, industrial applications. Automotive industry set to uplift consumption of paints, s they are used as dual purpose of protection as well as decoration. Increasing adoption of enamel paints to reduce environmental impact is increasing year by year and it is expected to drive global demand. As per WPCIA, Asia Pacific is the most promising paints & coatings market, and it is expected to surpass 23.1 Million KT in terms of volume by leading global market.
Emerging economies such Taiwan, India, South Korea, Indonesia are likely to witness penetration of several dye manufacturers by complementing paints & coatings demand. In addition to this, incising investment in construction industry by government of India & China expected to continue prominence of Asia Pacific over the review period of 2017-2023.
Paints & Coatings Industry Key Players:
Paints & Coatings Market are 3M, Jotun Group, The Sherwin-Williams Company, TIGER Coatings GmbH & Co. KG, Vitracoat America, Dai Nippon Toryo Co., Ltd, Kansai Nerolac Paints Limited, Diamond Vogel, Hentzen Coatings, Inc., Berger Paints India Limited, National Paints Factories, Axalta Coating Systems Ltd, Guangzhou Kinte Paints & coatings, and AkzoNobel N.V among others.
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Paints & Coatings Industry Competitive Landscape:
BASF Coatings GmbH, Akzo Nobel N.V., PPG Industries, Nippon Paint Holdings Co., Ltd arte the major stakeholders of global paints & coatings market. This market is undergoing acquisition of major players to position as market leader and the trend is likely to continue over the forecast period due to significant growth provided by the market. Acquisition of BASF’s coating bigness by Akzo Nobel is undertaken in exchange of USD 558.1 million and it is considered as one of the major industrial initiatives and has set to increase industry rivalry.
Paints & Coatings Market has shown steady growth over the years. In addition to this, consistent production innovations led by different production technologies expected to retain the growth trend of this this market over the coming years as well. Innovative formulation technologies has been successful to fulfil the consumer demand and is considered as key growth driver in this market over the years. Moreover, emergence of nanotechnology has fuelled demand for paints and coatings products across the globe.
Paints & Coatings Industry Segmentation:
Based on the substrate type, paints & coatings market is segmented into non-metals and metals. On the basis of the type, the market is segmented into polyester, epoxy-polyester hybrid, epoxy, acrylic, polyurethane, polyolefin, polyamide, and others. Regionally, the market is divided into the Asia Pacific, the Middle East & Africa, Latin America, North America, and Europe.
Paints & Coatings Industry Table of Content:
1 Executive Summary
2 Market Introduction
2.1 Definition
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Strengthening Construction Industry Growth
4.2.2 Growth in Automotive Production in Asia Pacific & Europe
4.2.3 Augmented Demand for High-Performance Coatings
4.3 Restraints
4.3.1 Rise in Raw Material Prices
4.4 Opportunities
4.4.1 Technological Innovation in Product Development
4.4.2 Emerging Country Level Markets
4.5 Challenge
4.5.1 Stringent Regulatory Policies
Paints & Coatings Industry Table of Content to be Continue…….,
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