The global paints & coatings market is expected to reach a market value of around US$ 301.1 Bn by 2026, growing at a CAGR of around 5.2% during the forecast period 2019 to 2026.
An industrial coating or paint is typically defined by its protective, rather than its esthetic properties, although it often provides both. Volume-wise, most industrial coatings are ‘protective’, i.e., they are used for corrosion control of steel or concrete, for example, but this is a complex market segment with numerous different areas.
The factors like escalating construction expenditure, growing automotive industry, increasing urban population, rising household consumption expenditure and improving economic conditions are expected to drive the market growth. However, the growth of the industry would be challenged by increasing raw material prices and stringent regulations. Additionally, Increasing adoption of smart coatings in commercial applications as these are increasingly being used for the restoration of historical buildings will contribute to Paints and Coatings market growth during the forecast period. Also, large-scale investment in the construction of projects such as hotels, apartments, offices, retail centers, and civic infrastructures are expected to boost the Paints and Coatings market in the upcoming year. A few notable trends include rising consolidation of market players, increasing preference for professional contractors, growing adoption of natural ingredients by chemical corporations, high demand for personalized paints solutions in developing economies and technological advancement. Moreover, the major factor driving the market growth is the introduction of various innovative manufacturing processes and technologies such as Anticorrosive protection, low-VOC content coats and Nanocoatings significantly facilitated to cater to numerous new and diverse consumer demands. Furthermore, the growing application of paints and coatings to protect machines and equipment from rusting and corrosion in industries. As for consumer goods, they serve the purpose of keeping corrosion at bay and make products look better will accelerate the growth of the Paints and Coatings market.
By Resin, Acrylic segment is expected to dominate the paints & coatings market
Acrylic resin dominated the paint & coatings market in 2018. Acrylic resin offers weatherproof, ideal for outdoor, last for decades, doesn't yellow when exposed to sunlight, even after years, excellent gloss properties, mechanical properties i.e. scratch resistant, and makes the paint shinier. Trending fiber component for automobile resulted in the popularity of epoxy resin. Acrylic powder coatings, ranging from thin-film clear coats to very smooth, provide a high-performance finish with outstanding weather resistance, high-gloss colors, making them ideal for outdoor applications with excellent exterior durability. Acrylic coatings are typically water-based, easy to handle, moderately priced, and exhibit superior performance in a wide variety of applications such as roof coating, wall coating, and others. They are cured by water evaporation, exhibiting a reasonable degree of cohesive strength, and provide excellent adhesion to most roof surfaces.
Based on technology, the waterborne is expected to dominate during the forecast period
Waterborne coatings dominate the paint & coatings market and will continue its dominance throughout the forecast attributed to eco-friendly nature. Waterborne coatings are followed by solvent-borne coatings and powder coatings. Stringent regulation concerned with VOCs will hinder the market of solvent-borne coating in a forecast. Power coating will grow at a moderate rate because of edges offered like zero VOC, easy rework of work piece and powder reuse.
The market research study on “Global Paints & Coatings Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global paints & coatings market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global paints & coatings market, its market resin, technology, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global paints & coatings market size and volume, and segment markets by market resin, technology, application, and geography along with the information on companies operating in the market. The global paints & coatings market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, Asia- Pacific dominated the regional market with a maximum market share
Asia- Pacific accounted for the high market share of the global paints & coatings market and the region is also expected to maintain its dominance over the forecast period. Some major factors contributing to this growth are, due to the rising launch of innovative & economical water-solvent paints, increasing the preference of personalized colors by urban population and increasing second-hand automobile repaint activities. The growth of paints & coatings market in the Asia Pacific is mainly driven by developing countries like China, India, and Japan. Large manufacturers establishing their facilities in this region and rising demand from construction and automotive industries.
The key companies involved in the market include PPG Industries Inc., AkzoNobel NV, RPM International, Nippon Paints, Sherwin-Williams Company, Valspar Corporation, Kansai Paint Company, Hempel A/S, and Asian Paints.
Market By Resin
Market By Technology
Market By Application
Market By Geography
Middle East & Africa
Paints & coatings are used for corrosion control of steel or concrete.
Factors such as the escalating construction expenditure, growing automotive industry, increasing urban population, rising household consumption expenditure and improving economic conditions restrain the paints and coatings market growth.
According to Acumen Research and Consulting, the paints and coatings market value is anticipated to be worth around US$ 301.1 billion in 2026.
The paints and coatings market is anticipated to grow over 5.2% CAGR during the forecast period 2019 to 2026.
Asia- Pacific held maximum share in 2018 for paints and coatings market.
PPG Industries Inc., AkzoNobel NV, Sherwin Williams, RPM International, Nippon Paints, Sherwin-Williams Company, and Valspar Corporation are the top players operating in the paints and coatings market.
The waterborne is expected to dominate during the forecast period 2019 to 2026.