The global paints and coatings market size was valued at US$ 147.03 billion in 2019 and expected to reach US$ 209.09 billion by 2027, with a CAGR of 4.5%.
OTTAWA, Nov. 15, 2020 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Paints and Coatings Market Size, Share By Material (Polyester, Acrylic, Alkyd, Epoxy, Polyurethane, and Others), By Product (Solvent-borne Coatings, Waterborne Coatings, Powder Coatings, High Solids/Radiation Curing, and Others (Specialty Coatings)), By Application (Non-Architectural and Architectural & Decorative) - Global Industry Analysis, Trends, Segment Forecasts, Regional Outlook 2020 - 2027”.
Paints & coatings are the decorative and glossy finishes that enhance the aesthetic appearance of the surface of walls, equipment, metal component, or other products. They also protect the product from corrosion & abrasion along with this it enhances the durability of the product surface. Basic raw materials used for the production of paints & coatings include curing agent, solvent, pigments, additive, resin, and dispersant.
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Rising demand for high-performance coatings is one of the prime factors that driver the growth of the paints & coatings market. High-performance coating includes corrosion-resistant coatings, low-temperature and high-temperature coatings, and other coating products that are primarily used for commercial applications.
On the other hand, the fluctuating price of raw materials owing to the volatility in the prices of crude oil restricts the market growth for the paints & coatings product during the analysis period. In addition, stringent regulations pertaining to the implementation of solvent-borne paints & coatings expected to impart major challenges for the growth of the paints & coatings market.
The Asia Pacific capture the major market value share of more than 35% in the year 2019 and anticipated to register prominent growth over the forthcoming timeframe. Availability of low cost raw materials and labors within the region is a key factor that augments the market size for paints & coatings. Because of low labor cost, several manufacturers have been attracted to the region for expanding their manufacturing base this reduces the overall cost of production as well as also increases their profit ratio. In addition to this, prominent growth of automotive industry particularly in the developing countries such as India, South Korea, China, and Southeast Asian countries is likely to drive the market for paints & coatings over the forecast timeframe. Rising demand for personal transportation coupled with rising purchasing power of consumers is the prime factor that impels the market growth.
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Besides this, Europe holds the second largest position in the global paints and coatings market with more than 27% of value share in 2019. Rising building construction particularly residential and commercial buildings majorly in the Netherlands, the U.K., Hungary, Germany, Sweden, Poland, and Ireland expected to impetus the market growth for paints & coatings over the upcoming years. Furthermore, the region has supportive policies for the growth of construction as well as automotive industry that further predicted to impel the market.
The Asia Pacific covered the major part of the global revenue and accounted for more than 35% share in 2019 owing to increasing construction activities and rising demand from the automotive industry
Europe holds the second largest position and accounted for more than 27% of value share in 2019 due to growing the construction activities across various countries
The waterborne segment dominated the global market with a value share of more than 37% in 2019 owing to rising spending in the construction industry
The solvent-borne coatings segment estimated to register slower growth rate compared to other types of products because of stringent government regulations for the products containing VOC
The architectural & decorative segment captured major market share and accounted for nearly 60% of value share in 2019 owing to significant development of road and rail infrastructure
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Key Players & Strategies
The global paints and coatings industry is highly fragmented in nature as it comprises of prominent number of tier 1 player that are primarily engaged in manufacturing of diverse range of paints & coating products. Besides these prominent manufacturers, the paints & coatings market is a hub of some small, however substantial manufacturers. As per an estimate, more than 50% of the top 20 manufacturers in the market contribute around 70% of the total production of paints & coatings.
Furthermore, these major market players are prominently involved in the inorganic growth strategies that include regional expansion, merger & acquisition, investment in Research & Development (R&D) activity, and many more to strengthen their foot hold in the global market. For example, in November 2019, Akzo Nobel N.V. announced to acquire Mapaero Coatings, a France-based aerospace coatings manufacturer. The acquisition helps the company to strengthen its global position in the aerospace coatings market.
Some of the key players operating in the market are Akzo Nobel N.V.; PPG Industries, Inc.; The Sherwin-Williams Company; Jotun; Axalta Coating Systems, LLC; RPM International Inc.; Henkel AG & Company, KGaA; BASF SE; Kansai Paint Co., Ltd.; Hempel A/S; Nippon Paint Holdings Co., Ltd.; Sika AG; Beckers Group; 3M; and The Chemours Company among others.
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