Global Paint and Coatings Market Overview:
Liquid painting and powder coating are two different methods used in industrial processes that generally need a heat process, but both having distinct types of applications. Paints and coatings are used in several industries like machinery manufacturing, automotive, and consumer goods. The Global Paints & Coatings Market is projected to grow from USD 168.66 Billion in 2018 to USD 212.40 Billion by 2025, at a CAGR of 6.10% during the forecast period.
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Global Paint and Coatings Market Drivers and Restraints:-
The major Drivers of paints and coating market are increasing global population and the growing number of nuclear families that increase the demand for new houses every year, which in turn creates demand for paints and coatings. The rise in demand for consumer goods and automobiles is also propelling the growth of the market. The setup of more manufacturing units in developing countries is further expected to increase the usage of coatings in the automotive industry to a major extent in the region. However, the changing political and economic conditions around the world, leading to the volatile market conditions may result in the decline of the paints and coatings market in the forecast period.
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Global Paint and Coatings Market Geographical Representation:-
Asia-Pacific had the largest share in the global market, accounting for more than 40% of the market in 2018. China, India, Philippines, and Vietnam are the most promising markets in the Asia Pacific for the increasing use of automobiles, with many automotive manufacturers planning their manufacturing and assembly plants in these countries. This can be attributed to the availability of cheap labor, low raw material prices, and rising urban population in the region. Augmenting demand for construction industry, especially in China and India, is also a major factor supporting the growth of paints and coatings in this region. North America is predicted to witness a prominent market share due to the inclining residential houses sales, coupled with renovation of the existing houses, which is expected to bolster the demand for residential construction in the coming years.
Key Players of Global Paint and Coatings Market:
PPG Industries Inc., AkzoNobel NV, Sherwin Williams, RPM International, Nippon Paints and Asian Paints etc.
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