The global paints and coatings market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Paints and coatings are specialty chemicals used to decorate and protect buildings and structures. Paints and coatings are segmented based on type and application. Some of the common paints and coatings include acrylic, epoxy and others. Paints and coatings use different technologies like waterborne coatings, high-solids coatings, two-component systems, powder coatings, and radiation-curable coatings.
Based on type, paints and coatings can be
Based on application paints and coatings market can be
- Architectural coatings
- Product finishes
- Powder coatings
- Wood furniture and fixtures
- Metal containers
- Coil coatings
- Agricultural, construction, and equipment
- Wood and composition flat stock
- Industrial plants and others
- Special-purpose coatings
- High-performance maintenance and marine paints
- Vehicle refinishes
- Highway markings and traffic signs
As paints and coatings are the major products used in construction, automotive, aerospace, and other industries, demand from these industries is expected to increase the growth of paints and coatings market. Demand from construction, automotive, aerospace, and other industries is actually increasing because of growing population and extra income in developing countries.
Drivers and Restraints of Paints And Coatings Market
Growing investments in construction, automotive, aerospace, and other industries in regions like Asia and the Americas are likely to offer tremendous possibilities for paints and coatings market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Paints and coatings have a probability of volatility in supply and prices. Feedstock chemicals affect the cost of production of paints and coatings. Health concerns on the usage of certain paints and coatings, especially VOCs are a growing trend in the market. Existing and future health regulations concerning the use of certain paints and coatings are likely to challenge the market growth.
Paints And Coatings Market by Region
Asia was the largest consumer of paints and coatings and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in population growth and economic activity. Growing demand from construction, automotive, aerospace and other industries will drive paints and coatings market in Asia. With major production capacities in China, the region is likely to grow in terms of global supply capability. Demand from North America was relatively stable and is likely to stay same in the next few years. Consumption of paints and coatings in the Europe is likely to grow at a significant rate.
Top players in this market include PPG, Akzo Nobel, Kansai Paint, Nippon Paint, BASF, Axalta, Chugoku Marine Paint, Valspar, Sherwin-Williams, and Hempel among others.
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth