The Global paints and coatings market expected to reach USD XX million by 2028, at a CAGR of XX % from USD XX million in 2019. The increasing use of paints and coatings in various end-use industries such as building & construction, transportation, wood, heavy engineering, aerospace and defense and others is poised to augment the market growth during the forecast period. In addition, in emerging countries, such as India, China, and Southeast Asia, rapid urbanization and industrialization are expected to boost product demand for multiple purposes.
Paints & coatings enhance the aesthetic quality of the surface of the metal part, machinery, walls, or others. They also serve the function of providing resistance to corrosion & abrasions and of improving the surface durability of the material. Pigments, resins, solvents, additives, dispersant, and curing agents are the primary raw materials used in the manufacturing of paints & coatings. The global market for paints & coatings comprises a large number of Tier 1 players primarily involved in the production of several paints & coating products. The industry, along with these prominent manufacturers, is the center for some small but important manufacturers.
Impact of COVID-19 on Paints & Coatings Market
COVID-19 has created several challenges for the paint & coatings industry by disrupting its end-use sector directly. Because of the pandemic, major economies in each region are affected, which have contributed to a slowdown in activities throughout many industries that use paints & coatings. Industries such as packaging will benefit, while in 2020 and 2021, others are projected to be adversely affected. From 2021 onwards, Paints & coatings industry is expected to rebound with manufacturing and transportation activities getting back on track and running at full capacity.
Market Dynamics
Drivers: Introduction of new technologies has increased the performance of coatings
Innovative formulation methods have made it substantially easier to satisfy many new and varied market demands over the past decade. Some of the latest advancements available in the current market are anticorrosive safety, nano-coating, and slow-VOC coatings. In the market, the advent of nanotechnology has played a major role. Industry players have used this technology to produce nano paints & coatings, along with developing zero or low-VOC material formulations. This requires the introduction of different types of formulations of ceramics or metals. In addition, manufacturers are increasingly introducing new goods in the market that are environmental-friendly in order to boost performance. The advent of new technology has enhanced the efficiency of coatings.
Restraint: Stringent Government Regulation
The market growth of solvent-based goods is limited by stringent government and environmental regulations, such as the Occupational Safety and Health Administration (OSHA), the Clean Air Act, and the EU legislation.
Opportunity: Attractive prospects for powder coatings
In terms of shipbuilding and heavy industry, China is considered one of the largest countries. In terms of powder coatings, the nation has been continuously contributing to the heavy industry and pipeline industries. For the pipeline industry, powder coatings technology is constantly improving. The use of plastic tube has been growing in many industries including chemical, electronics, textile, pharmaceutical, petrochemical, healthcare, and urban construction industries, In addition to the shipbuilding industry. It is a valuable opportunity for the powder coatings industry to invest in these markets, particularly in APAC and South American developing countries.
Challenge: Environmental challenges with respect to wastewater discharge
With the growing emphasis on compliance with state and local legislation for wastewater disposal, the paint & coatings industry has faced many environmental challenges. Industrial wastewater generated by powder coating operations contains considerable amounts of heavy metals, oil & grease, and suspended solids produced during sanitation and pretreatment phases. Because of its waste water sources, it is challenging for powder coating suppliers to comply with certain state and local environmental legislations. The question of adhering to regulations due to heavy metal pollution has been faced by metal finishing companies that use different electroplating processes.
The paints and coatings market has been segmented on the basis of technology, resin, and end-use industry. From that, based on the technology the market is divided into waterborne coatings, solvent-borne coatings, powder coatings, high solids/radiation curing, others (specialty coatings). Among these, the waterborne segment accounted for the largest share in 2019. The growth in the segment is expected over the forecast period due to rising spending in the construction sector and customer preference for eco-friendly goods.
In small and poorly ventilated spaces, water-based paints & coatings are commonly used. Owing to quick evaporation of water from the coating layer, these coatings dry faster in comparison to solvent-based products. However, strict regulations regarding products with high VOC content affect the solvent-borne product segment’s growth rate as compared to others. Moreover, the increasing use of solvent-based products for industrial and architectural uses is anticipated to propel the growth of the segment during the forecast period.
In addition, radiation curing provides high reactivity, low temperature processing, long shelf life, virtually no VOC emission, very quick curing, high hardness, and abrasion resistance. It is expected to be the fastest-growing technology segments of the paints & coatings industry.
Based on Resin, the market has been divided into acrylic, alkyd, epoxy, polyester, polyurethane, fluoropolymer, vinyl, and others. Among these, in 2019, the acrylic segment led the industry and accounted for the largest revenue share. This growth is due to the inherent advantages of acrylic products for stabilization and weathering. Acrylic resins are commonly used during water reducible and emulsion resins for the production of coats and varnishes. Thermoplastic characteristics, optical consistency, weather/UV resistance, and good dimensional stability are some of its important characteristics.
Acrylic resins are often used in wet coats that have higher levels of VOC than powder-based coatings. Currently, manufacturers have undergone a massive change from solvent-based to water-based and powdered coats because of technological advancements. The introduction of strict rules globally and growing awareness of VOC material are the key factors in driving the market for water-based products, which in turn, is anticipated to propel the demand for acrylic resins.
Based on the end use industry, the market has been divided into building & construction, transportation, wood, heavy engineering, aerospace and defense, and others. Among these, the Building & Construction is expected to hold a large share of the paints and coatings market in the forecast period. Increasing construction activities and substantial growth of rail and road infrastructure in different developing and developed countries, such as the India, United States, China, the United Kingdom, Germany and European countries, are expected to drive product demand in the segment. The emerging regions, such as the Asia Pacific and MEA, have witnessed strong growth in non-residential sector.
Regional Outlook:
Based on geography, the worldwide paints and coatings market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is predicted to hold a significant market position during in the forecast period.
The Asia Pacific region, including China and Southeast Asia, held the largest market in 2019. Growing construction work and increasing demand in the automotive sector are anticipated to propel the market over the forecast period in emerging countries, such as India, China, Japan, and Southeast Asia. In addition, the easy supply of raw materials, combined with less strict VOC pollution laws compared to laws in North America and Europe, has provided the industry with tremendous growth opportunities.
Low labor costs in the developing nations of Asia Pacific have encouraged many foreign investors to set up production facilities in the region. The rising number of industrial facilities is, therefore, boosting the region's infrastructure projects, which, in turn, is expected to boost demand for paints and coatings in the near future.
However, in Europe, the growth of the construction sector in different countries, including the United Kingdom, the Netherlands, Germany, Hungary, Poland, Sweden, and Ireland, is expected to fuel product demand in the coming years. Increased EU funding, combined with supporting initiatives such as subsidies, tax cuts, and incentives from different governments, is expected to increase the growth of the region's construction sector.
Competitive Landscape
The competitive scenario highlights the performance of major companies operating in the global paints and coating market. This includes the detailed profiling of major companies and their competitive benchmarking. Technology profiling provides key information including Technology’s/solutions offered, key developments, company performances, and strategies adopted in recent years. Major companies profiled in the market include Akzonobel N.V., PPG Industries, Sherwin-Williams Company, Axalta Coating System LLc, Jotun A/S, Nippon Paint Holdings Co., Ltd., Asian Paints Limited, Kansai Paints Co., Ltd., Rpm International Inc., Hempel A/S, Berger Paints India Limited, Shalimar Paints, Masco Corporation, BASF Coatings Gmbh, S K Kaken Co., Ltd among others. Additionally, these competitive landscapes provide a detailed description of each company including future capacities, financial overview, key mergers & acquisitions, partnerships, collaborations, new Technology developments, new Technology launch, and other latest industrial developments.
What Does This Report Provide?
This report provides a detailed understanding of the global paints and coatings market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
Market Segmentation:
By Technology
- Waterborne coatings
- Solvent-borne coatings
- Powder coatings
- High solids/Radiation curing
- Others (Specialty Coatings)
By Resin
- Acrylic
- Alkyd
- Epoxy
- Polyester
- Polyurethane
- Fluoropolymer
- Vinyl
- Others
By End Use Industry
- Building & Construction
- Transportation
- Wood
- Heavy Engineering
- Aerospace and Defense
- Others
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Technology
- By Resin
- By End Use Industry
- Europe
- By Country (Russia, Germany, UK, France, Italy, Spain, Rest of Europe)
- By Technology
- By Resin
- By End Use Industry
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Technology
- By Resin
- By End Use Industry
- Middle East and Africa
- By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East and Africa)
- By Technology
- By Resin
- By End Use Industry
- South America
- By Country (Argentina, Brazil, Rest of South America)
- By Technology
- By Resin
- By End Use Industry
Reasons to Buy This Report:
- Market size estimation of the paints and coatings market on a regional and global basis
- Unique research usage for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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