Paints and Coatings Market Size, Share & Trends 2018 | Product Types & Application, Top Manufacturer, Regional Analysis & Forecasts to 2023

Global Paints & Coatings Market - by Resin Type, Product Type (commodity, engineering, and high performance), Application (Architectural, Industrial), Region - Forecast till 2023

Pune, India - July 12, 2018 /MarketersMedia/ —

Market Insights:

Market Research Future (MRFR) has asserted in its recently report that the Global Paints and Coatings Market will grow at a steady CAGR of 3% during the forecast period 2016 to 2021. In terms of volume, the matured market for Paints and Coatings will witness 4.5% CAGR during the assessment period.

The primary demand for Paints and Coatings comes from the construction industry. The expenditure incurred by customers in the construction industry will be rising over the next few years, which is a crucial driver of growth for paints and coatings market. Other industries that will contribute towards the growing demand for Paints and Coatings include aerospace, automobile, wood, marine, coil, etc.

The stringent laws implemented by the governments to control the adverse effects on environment restrict the market growth to some extent, but also paves the way for product innovation. For instance, Volatile organic compounds (VOCs) are harmful to the environment and exposure to VOCs can be associated with the organic solvent syndrome. Therefore, the regulatory laws led to the introduction of low-VOC and zero-VOC paints and finishes.

Global Paints and Coatings Market Segmentation:

By Product Type, the market for paints and coatings has been segmented into water based and solvent based, powdered and UV. The stringent regulations governing the Paints and Coatings Market will push the demand for water based and solvent based products.

By Applications Type, the market is segmented into architectural, industrial and marine. The architectural segment is set to witness amplified demand due to the growth of the residential sector. The growth demonstrated by the industrial segment can be ascribed to the rapid developments in industrialization.

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Regional Analysis:

By Region, the market has been segmented into North America, Europe, Asia Pacific, and, Rest of the World (RoW). The Asia Pacific market will captivate notable share in market control and will retain its dominance over the projection period. The key factor contributing towards the expansion of the market in this region is a boom in the residential sector. The expenditure in the residential sector rose at a steep rate of 10.5% in India, outshining China which demonstrated a rise in the price at a rate of 9.6% from 2016 to 2017. The major contributions will be accounted by countries such as India, China, Vietnam, Indonesia, etc. that would generate most of its profits from the automobile industry. The prominent players of the automobile industry are shifting their manufacturing bases to the Asia Pacific due to cheap labor, lower cost of raw materials, etc. which will open avenues for accelerated demand for paints and coatings.

The market in North America is expected to grow in spite of strict regulatory laws implemented by the government. The demand for paints and coatings in North America market will come as a response to the growing demand for residential houses and its renovation. The concentration of established corporate houses dealing in Paints and Coatings in the region can also be credited for the growth of the market. The growth rate of 3% will be registered in the North America region.

Europe market will expand moderately with Germany playing a significant role owing to its prominence in the automobile industry. The industry experts have asserted that there will be a rise in demand for construction of both residential and commercial structures in the region which will steer growth in the paints and coatings market.

RoW market will grow at an average rate due to soaring construction industry in the Middle East. Also, the rapid industrialization coupled with urbanization will lead to a proliferation of the market.

Competitive Dashboard:

The key profiles holding prominent positions in the market have been profiled by MRFR which includes AkzoNobel N.V, Sherwin-Williams Company, Valspar Corporation, Axalta Coating Systems Ltd, BASF SE, PPG Industries Inc., RPM International Inc., Kansai Paint Co. Ltd, Henkel AG & Co., and, Asian Paints Limited. The top-notch players strategize proceedings such as innovative product development, tie-ups with end-user industries, mergers & acquisitions, construction of manufacturing plants for increased production, etc. for gaining traction.
BASF has launched a new product line in Europe for its R-M®, and, Glasurit® refinish paint brands that makes refinishing of automotive more sustainable. The product line contributes towards a reduction in carbon dioxide emissions as it is the world’s first refinish product to be manufactured according to the certified biomass balance approach.

BASF inaugurated its first automotive coatings manufacturing facility at its Bangpoo manufacturing site, Samutprakarn province, Thailand. The plant will deal with the production of solventborne and waterborne automotive coatings for catering to the growing demand in the region.

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Source: MarketersMedia

Release ID: 376664

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