January 07, 2022
According to the research report titled ‘Global Paints and Coatings Market (Value, Volume) - Analysis By Technology (Water-borne, Solvent-borne, Others), Material, End-User, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global paints and coatings market was worth USD 161.27 billion in the year 2019 and is projected to grow substantially during the forecast timespan 2020-2025.
Rising demand for elastomeric coatings in concrete construction, offering strong layers with enhanced performance, in consort with green environmental regulations, and widespread use by end-use industries are the major growth propellers of the global paints and coatings market.
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Furthermore, numerous applications of paints and coating materials in the automotive and marine industries, and new product developments are expected to boost the industry growth rate in the ensuing years.
Based on technology, the industry is fragmented into solvent-borne, water-borne, and others. Among these, water-borne coatings have gained a lot of traction, owing to their low environmental effect. Improved economic conditions of population, in addition to flourishing building & construction industry, particularly in developing nations, will facilitate the segmental growth.
With respect to material, worldwide paints and coatings market is classified into epoxy, polyurethane, alkyd, polyester, acrylic, and others. Of these, acrylic segment is projected to increase significantly due to rising demand in a variety of applications, including automotive, residential, construction, and industrial, owing to properties like inertness and great color retention when exposed to outside conditions.
Speaking of end-use spectrum, the business sphere is bifurcated into automotive refinish, powder coatings, industrial maintenance & protective, metal industrial coatings, transportation, decorative coatings, and others. The decorative coatings category is poised to gain significant market share by 2025, owing to technical improvements, economic growth in developing nations, increased infrastructure investment, and preference for green & environmentally friendly coatings.
From a regional aspect, Asia Pacific paints and coatings market is reckoned to grow considerably through 2025, on account of availability of raw materials, along with less rigorous VOC emission laws than in North America and Europe. Moreover, low labor costs have enticed many foreign investors to shift their industrial operations in the region, leading to high demand for paints and coatings in APAC region.
Considering the competitive landscape, Henkel AG & Co. KGaA, Asian Paints Ltd., Masco Corp., Kansai Paint Co. Ltd., BASF SE, Axalta Coating Systems Ltd., RPM International Inc., Akzo Nobel N.V., PPG Industries Inc., and Sherwin-Williams Co. are the major contenders influencing global paints and coatings market trends.