Global paints and coatings market is expected to reach USD 286.54 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Global paints & coatings industry is anticipated to witness significant growth owing to rapid advancements in the building, construction, and manufacturing sectors across Western Europe, North America, and Japan. Furthermore, product demand from chemical, automobile, industrial manufacturing, etc. will grow immensely over the forecast period. Higher vehicle production along with increasing industrial activities will boost the use of paints & coatings.
Increasing demand in the automobile sector owing to enhanced offered protection against extreme heat, dust, acid rain, UV radiations, etc. as well as inherent characteristics of improving appearance are projected to expand paints & coatings market size.
These products are used on buildings surfaces, pipelines, wood, packaging products, automobiles, marine vessels, and more, offering long-lasting protection whilst maximizing efficiencies, enhancing appearance, and meeting environmental regulations.
The demand for paints & coatings has escalated significantly on account of factors like low cost of manufacturing, enhanced corrosion protection, and improved aesthetic offering. The advent of the new smart coatings and paints has further enhanced corrosion protection and improved durability & appearance of surface components.
Paints & coating products also target specific customer expectations whilst maximizing their efficiencies and compiling with environmental regulations, factors that are expected to augment industry size over the future.
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According to the report, Asia Pacific paints and coatings market is expected to emerge as the fastest growing regional segment. The region was the largest market in 2017 and is anticipated to account for the maximum share of the global market in terms of consumption. High product demand from the Chinese economy and emerging markets like India, Thailand, Vietnam, and Indonesia are major trends supplementing industry landscape.
Leading industry players in the global paints and coatings market include BASF Coatings GmbH, Akzonobel N.V., Kelly-Moore Paints, Vista Paints Corp., Sacal Inetrnational Group Ltd., Indigo Paints Pvt. Ltd., Sherwin-Williams Co., Tiger Coatings GmbH & Co. Kg, Diamond Vogel Paints, Dunn-Edwards Corporation, S K Kaken Co., Ltd., Beckers Group, Masco Corp., Shalimar Paints, Hempel A/S, Kansai Paints Co., Ltd., Berger Paints India Ltd., Tikkurila OYJ, Valspar Corp., RPM International Inc., Asian Paints Ltd., Nippon Paint Holdings Co., Ltd., Axalta Coating System LLC, Jotun A/S, and PPG Industries. The company profiles of leading players are summarized in the report alongside their product benchmarking, business overview, financials, and recent developments.
The research report also offers an overview of the global paints and coatings market with respect to Porter’s five forces, market forces, industry trends, ecosystem analysis, competitive ranking analysis, and PEST analysis.