Recovery in the end-use consumers is expected to fuel the market for paints and coatings!
- Vikas Kumar
- January 12, 2023
- CHEMICAL, NEWS
- Asia Paints and coatings market, Europe Paints and coatings market, Middle east Paints and coatings market, Paints and coatings, Paints and coatings market, Paints and coatings market analysis, Paints and coatings market forecast, Paints and coatings market growth, Paints and coatings market shape, Paints and coatings market share, Paints and coatings market size, Paints and coatings market trends, US Paints and coatings market
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The global paints and coatings market is likely to showcase a growth of around 4% during the forecast period. The large base of the end-use sector coupled with growing per capita consumption of paints due to rising income and standard of living are some of the key attributable factors for the growth of the market.
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Over the years, the global paints and coatings industry has been steadily growing, however, in 2020, the industry faces several resistances due to COVID-19. The pandemic has affected all the stakeholders of the industry value chain ranging from raw material suppliers to final consumers due to uncertainties in crude oil prices, shutdown of industrial production, halted residential and non-residential construction activities, and limited capital inflow in the market. However, a large number of countries across the globe and mainly emerging nations are showing robust economic recovery which in turn is expected to drive the demand for paints and coatings as the industry is significantly dependent on the nation’s economic performance. Further, the rising per capita income and increasing repainting frequency in developing nations are creating new opportunities for paint and coatings manufacturers to offer high-value products in the market which in turn fuel the market in value terms.
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Based on formulation, the market is categorized into acrylic, polyester, epoxy, polyurethane, and others. Among these, the acrylic category held the prominent share in the market owing to its usage in various types of paints & coatings products like emulsion and latex paints. Further, increasing residential and non-residential construction activities and growing market of automotive refinish. This type of coating is used in a wide range of applications owing to its chemical characteristics and unique aesthetic properties.
Based on application, the market is bifurcated into the architectural coating and industrial coating. Of both, the industrial segment is also likely to showcase robust growth during the forecast period owing to the recovery in the end-use industry after the severe impact of COVID-19 and increasing demand for high-performance coating products. Further, the increasing electrical & electronics industry coupled with the increasing development and installation of 5G technology is propelling the demand for fluoropolymer coatings.
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For a better understanding of the market adoption of Paints and Coatings, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World. The Asia-Pacific accounted for significant share in the market and is expected to showcase substantial growth during the forecast period owing to large and growing base of end-use industry due to improving consumer spending power, rapid urbanization, and growing demand for better quality products. Further, increasing strict environment legislation is increasing the adoption of waterborne coating in the region.
Global Paints and Coatings Market Segmentation
Market Insight, by Technology
• Water-Borne
• Solvent-Borne
• Powder Coating
• Others
Market Insight, by Formulation
• Acrylic
• Polyester
• Epoxy
• Polyurethane
• Others
Market Insight, by Application
• Architectural
• Industrial
o Automotive OEM
o General Industrial
o Protective
o Automotive Refinish
o Wood
o Marine
o Coil
o Others
Market Insight, by Region
- North America Paints and Coatings Market
- The United States
- Canada
- Rest of North America
- Europe Paints and Coatings Market
- Germany
- The United Kingdom
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific Paints and Coatings Market
- China
- Japan
- India
- Rest of Asia-Pacific
- Rest of World Paints and Coatings Market
Top Company Profiles
- The Sherwin-Williams Company
- PPG Industries Inc.
- Akzo Nobel N.V.
- NIPSEA Group
- RPM International Inc.
- Kansai Paint Co. Ltd.
- Axalta Coating Systems Ltd.
- BASF SE
- Asian Paints Ltd.
- Masco Corporation
