The global paints & coatings market size is projected to grow from USD 147.2 billion in 2020 to USD 179.4 billion by 2025, at a CAGR of 4.0% during the forecast period. The rapid growth in the housing and construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income are driving the paints & coatings market. Technological advancements in end-use industries such as automotive, marine, aerospace, wood, and general industrial are also supporting growth.
Paints & coatings are widely adopted for their esthetic and protective characteristics in residential, architectural, commercial, and industrial applications such as automotive, marine, aerospace, wood, protective, and coil coatings. Coatings such as elastomeric wall coatings have the unique ability to seal and bridge hairline cracks on a variety of surfaces in order to prevent water damage to masonry, concrete, and stucco.
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There has been steady growth, especially in the APAC paints & coatings market for the last few years, because of the rising construction industry, supported by rapid urbanization in developing countries such as India and China. The market is also driven by high demand for environmentally friendly coatings and an efficient process with durable and better esthetics appearance. There is slow growth in the paints & coatings market in North America and Europe. Stringent government regulations and high safety standards are also one of the major concerns for the market.
The key players in the paints & coatings market are The Sherwin-Williams Company (US), PPG Industries (US), AkzoNobel N.V. (Netherlands), Nippon Paint (Japan), Axalta Coating Systems (US), Jotun A/S (Norway), and Asian Paints (India). They have adopted various developmental strategies such as acquisitions, new product launches, and contracts & agreements to increase share in the market.
Sherwin-Williams is a global leader in the manufacture, development, distribution, and sale of paint, coatings, and related products to professional, industrial, commercial, and retail customers. The company operates through three reportable segments, namely, The Americas Group, Consumer Brands Group, and Performance Coatings Group. The company sells their branded products through more than 5,100 company-operated stores and facilities, while the company’s other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors.
In June 2019, Sherwin-Williams introduced a new quick-drying coating, Moisture Vapor Barrier Interior Latex Primer/Sealer, to help reduce the moisture through ceilings and walls. The new coating provides a cost-effective solution to the problems faced in manufactured housing facilities.
PPG Industries, Inc. manufactures and distributes coatings. PPG’s business comprises two reportable business segments: Performance Coatings and Industrial Coatings. The Performance Coatings and Industrial Coatings reportable business segments supply coatings and specialty materials to customers in a wide array of end-uses, including industrial equipment and components; packaging material; aircraft and marine equipment; automotive original equipment (OEM); automotive refinish; as well as for other industrial and consumer products. PPG also serves commercial and residential new build and maintenance customers by supplying coatings to painting and maintenance contractors and directly to consumers for decoration and maintenance. Strategically, the company has adopted inorganic strategies to increase its share in the paints and coatings market.
In April 2019, PPG acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings. This acquisition helped facilitate PPG’s strategic growth plans by adding new products to its existing portfolio.
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