April 30, 2021
According to the business intelligence report titled ‘GLOBAL Paints & Coatings Market 2019-2027’, available with Market Study Report LLC, global paints & coatings market is projected to register a CAGR of 5.34% by revenue and 4.3% by volume over the forecast period 2019-2027.
Flourishing automotive industry and escalating number of infrastructure projects in Asia-Pacific are augmenting global paints & coatings market growth. Besides, surging demand from marine & aerospace industries coupled with growing significance of paints & coatings with functional benefits are adding considerable traction to business development.
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Rising demand from developing countries, incorporation of nano and fluoropolymers in product manufacturing, and growing inclination towards adoption of sustainable solutions are further expected to push the market forward in the upcoming years.
On the contrary, high product costs along with imposition of stringent regulations for reducing VOC emissions are restraining global paints & coatings industry progression.
For the uninitiated, paints and coatings are chemicals that safeguard products from damage and extend their lifespan. They also impart better texture and aesthetic to the products. Paints and coatings are developed from base materials termed as binders and fillers. Binder is the film-forming component that majorly dictates the performance characteristics of paints and coatings. Whereas, fillers are additives used to enhance those characteristics.
Based on resin type, global paints & coatings market is fragmented into acrylic, polyester, alkyd, polyurethane, epoxy, and others. In terms of technology, the market is split into solvent-borne, water-borne, high-solids, power coating, radiation cured, and emerging coating technologies. Moving on, the application scope segmentation comprises architectural application, industrial applications, and others.
Considering the regional landscape, global paints & coatings industry size spans across North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. Among these, Asia Pacific currently leads the industry growth, largely creditable to booming construction sector and rapid urbanization, especially in emerging economies like India, China, Malaysia, South Korea, and Singapore.
Speaking of the competitive landscape, Valspar Corp., Sherwin-Williams Co., RPM International Inc., PPG Industries Inc., Nippon Paint Holdings Co. Ltd., Kelly-Moore Paints, Kansai Paint Co. Ltd., Jotun A/S, Indigo Paints Ltd., Berger Paints Ltd., Beckers Group, BASF Coatings GmbH, Axalta Coating Systems Ltd., Asian Paints Ltd., and Akzo Nobel N.V. are the top players in global paints & coatings market sphere.