Global Paints and Coatings Market is expected to exhibit a solid 5% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The Global Paints and Coatings Market was valued at USD 147.9 billion in 2018, according to the report.
The growing construction industry and industrialization in emerging economies in Asia Pacific has been a major driver for the Global Paints and Coatings Market over the last few years. Paints and coatings are finishes that provide aesthetic as well as functional properties to the desired substrate. They are highly valued for their ability to provide a highly aesthetically pleasing finish to substrates in industrial components. Paints and Coatings are also valued for their ability to provide protection against corrosion. This has led to a widespread adoption of paints and coatings in construction projects. Construction projects use paints and coatings liberally to protect the construction from corrosion as well as to provide an aesthetically pleasing finish to the project. The growing demand for aesthetically pleasing construction projects is likely to be a major driver for the Global Paints and Coatings Market over the forecast period. The growing demand for longer lasting construction projects is also likely to be a major driver for the Global Paints and Coatings Market over the forecast period.
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The automotive industry is also likely to be a major consumer of paints and coatings over the forecast period. The automotive industry consumes significant amounts of Paints and Coatings in order to provide an aesthetically pleasing and corrosion-resistant finish to cars and other vehicles. Having an aesthetically pleasing finish is even more important in cars than in construction projects, as cars are considered a projection of the buyer’s persona and thus have to match up to higher standards. The corrosion resistant properties of paints and coatings are also more important in cars than in construction projects, as cars are made from metals, which are more susceptible to corrosion than concrete. This has led to a growing demand for Paints and Coatings from the automotive industry in recent years. The growth of the automotive industry is likely to remain a major driver for the paints and coatings market over the forecast period.
Leading Players in the Global Paints and Coatings Market include Kelly-Moore Paints, Hempel A/S, Tiger Coatings GmbH & Co. KG, Beckers Group, Berger Paints India Ltd., Indigo Paints Pvt. Ltd., Diamond Vogel, Shalimar Paints, BASF SE, Solvay SA, Axalta Coating Systems Ltd., RPM International Inc., Kansai Paint Co. Ltd., Asian Paints, Nippon Paint Holdings Co. Ltd., The Sherwin-Williams Company, Jotun, Akzonobel NV, and PPG Industries. Major players in the global paints and coatings market are engaged in expanding their overseas presence in order to claim a significant share in emerging markets.
In February 2018, Akzonobel NV expanded its six production facilities in India with an investment of USD 650 million.
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Global Paints and Coatings Market is segmented on the basis of Resin Type, Performance Range, Application, and Region.
By Resin Type, Global Paints and Coatings Market is segmented into acrylic, alkyd, epoxy, polyurethane, polyester, fluoropolymer, polyether etherketone (PEEK), polyether ketone (PEK), polyaryl etherketone (PAEK), and others.
By Performance Range, Global Paints and Coatings Market is segmented into commodity coating range, engineering coating range, and high-performance coating range. All three segments are further sub-segmented into thermoplastic and thermoset.
By Application, Global Paints and Coatings Market is segmented into architectural and industrial. The architectural segment is further sub-segmented into residential and non-residential. The industrial segment is further sub-segmented into automotive, general industrial, wood, marine, packaging, and others.
Asia Pacific holds a dominant 44% share in the Global Paints and Coatings Market due to the rapid growth of the industrial sector and construction industry in the region. China is the dominant regional market within Asia Pacific and is likely to exhibit the highest growth rate over the forecast period.
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