Emphasis on Technology (Water-Borne, Solvent-Borne, Powder Coating, and Others); Formulation (Acrylic, Polyester, Epoxy, Polyurethane, and Others); Application [Architectural and Industrial (Automotive OEM, General Industrial, Protective, Automotive Refinish, Wood, Marine, Coil, and Others)]; Region and Country
The global paints and coatings market is likely to showcase a growth of around 4% during the forecast period. In the last couple of decades, the global paints demand increased significantly outpacing the world GDP growth due to an increase in construction activity, improving income, frequent repaint activity, and rising population. For instance, between 2004 to 2019, global paint demand grew at a CAGR of 5.5% whereas, for the same period, world GDP grew by 4.7%. Further, it is expected that the industry would showcase a similar trend during the forecast period owing to increasing per-capita paint consumption in developing economies along with rising investment to boost the infrastructure sector. Companies are also launching a range of products to cater to all types of customers however, uncertainties in the raw material prices like epoxy and polyester are expected to somewhat affect the operations of major players operating in the market.
Insights Presented in the Report
“Amongst technology, water-borne is expected to showcase significant growth over the forecast period”
Based on technology, the market is categorized into water-borne, solvent-borne, powder coating, and others. Among these, water-borne is expected to showcase robust growth over the forecast period. The water-borne coating is increasingly replacing the market of solvent-based coating owing to its lower VOC content. In many cases, water-borne coatings contain up to 80% water with small quantities of other solvents, such as glycol ethers. Further, in countries like the United States and European Union, water-borne coatings need to have a VOC content of fewer than 3.5 pounds per gallon, thus making it an environment-friendly option also.
“Amongst application, architectural coating accounted for a dominant share in 2020”
Based on application, the market is bifurcated into the architectural coating and industrial coating. Of both, architectural coating accounted for a prominent share of the market owing to rising new construction and repainting activities. With growing income, the consumer standard of living is also growing resulting in renovation activities. This in turn is increasing the consumption of paints & coatings.
“Asia-Pacific is likely to showcase significant growth during the forecast period”
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 a prominent share of the global paints and coatings market owing to the large population resulting in a greater number of houses, large and growing industrial production, increasing urbanization, and rising consumer disposable income. Further, increasing regulation to reduce the content of VOC components from the paints has resulted in the increasing demand for waterborne coating in the region. Further, the presence of large national and international players in the market focusing on developing advanced coatings is propelling the market growth.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Paints And Coatings Market
6. Paints And Coatings Market Revenue (usd Mn), 2020-2028f
7. Market Insights By Technology
8. Market Insights By Formulation
9. Market Insights By Application
10. Market Insights By Region
11. Paints And Coatings Market Dynamics
12. Paints And Coatings Market Opportunities
13. Paints And Coatings Market Trends
14. Demand And Supply-side Analysis
15. Value Chain Analysis
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Research Methodology for Global Paints and Coatings Market Analysis (2020-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of paints and coatings, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the paint and coatings industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of paints and coatings through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Paints and Coatings market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by technology, color, and application. Further regional and country-level analyses were conducted to evaluate the overall adoption of paints and coatings globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of paints and coatings. Further, we conducted factor analysis using dependent and independent variables such as the growing construction activities and recovery in the automobile industry. A thorough analysis was conducted of demand and supply-side scenarios considering the increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the Paints and Coatings industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Paints and Coatings market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants by Stakeholders and Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Paints and Coatings market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of technology, formulation, and application.
The main objective of the Paints and Coatings market study
The current & future market trends of global paints and coatings were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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