The global paints & coatings market was valued at around USD 147 billion in 2020 and is anticipated to reach USD 179 billion by 2027, expanding at a CAGR of around 4.3% during the forecast period. Paints & coatings are striking finishes that enhance the surface of metal components, devices, and walls. Paint is for aesthetics and coating is for performance. Paint can be applied to a variety of surfaces using many different application techniques. The use of organic solvents in paint technology is linked to the development of modern rapid-drying binders. Liquid components previously used in coatings were vegetable oils, water and possibly ethanol. It is necessary to use solvent mixtures to accelerate drying and optimize paint-application properties. Coating is a thin outer layer that protects and adds color to an object or surface to which it has been applied. Paints & coatings are used to protect substrates against mechanical, chemical, and atmospheric influences.
The report on the global paints & coatings market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Global Paints & Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Materials (Acrylic, Alkyd, Epoxy, Polyurethane, and Polyester), |
Regional Scope | Europe, North America, Asia Pacific, Latin America, and Middle East & Africa |
E Report Coverage | Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
Key Players Covered | AkzoNobel N.V., PPG Industries, Inc., Sherwin-Williams Company, RPM International, Inc., Valspar Corporation, Kansai Paint Company Limited, Axalta Coating Systems, Henkel AG & Co., KGaA, BASF SE (Badische Anilin- und Soda-Fabrik), and Asian Paints Limited |
On the basis of materials, the global paints & coatings market can be segmented into acrylic, alkyd, epoxy, polyurethane, and polyester. The acrylic segment is further categorized into various forms such as latex or emulsions, lacquers, enamels, and powders. The latex segment is estimated to account for a significant share of the market, due to its large range of colors, gloss retention for exterior durability, ease of handling, cohesive strength for coatings roofs and walls, superior finish, less costs, and weather resistance, as it absorbs less UV rays.
The epoxy segment is estimated to account for a large share of the market, owing to its properties such as chemical, corrosion, scratch resistance, drying rate, low porosity, high bond strength, and thermal resistance.
Based on technologies, the market can be divided into waterborne coatings, solvent-borne coatings, and powder coatings. The features of water-based coatings such high drying rate, no volatile organic compounds (VOC) emissions, and ease of use are estimated to boost its usage, thus fueling the growth of the segment.
In terms of applications, the global paints & coatings market can be bifurcated into architectural & decorative and non-architectural. Rising safety standards increases the demand for fireproof and waterproof coatings on buildings. Increase in construction and income levels of population consequently drives the demand for wall paintings, wood flooring, and furniture. This, in turn, drives the architectural segment at a substantial pace, in terms of revenue and volume.
Based on regions, the global paints & coatings market can be fragmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Asia. Rise in spending by people and increase in investments in infrastructure in emerging countries such as India, China, and Thailand are anticipated to boost the paints & coatings market in the region. Europe is estimated to hold a key market share after Asia Pacific, owing to advancements in technology.
The global paints & coatings market can be divided on the basis of materials, technologies, applications and regions.
Key players in the global paints & coatings market include AkzoNobel N.V., PPG Industries, Inc., Sherwin-Williams Company, RPM International, Inc., Valspar Corporation, Kansai Paint Company Limited, Axalta Coating Systems, Henkel AG & Co., KGaA, BASF SE (Badische Anilin- und Soda-Fabrik), and Asian Paints Limited. The players adopt strategies such as merger and acquisitions to gain market share. For example, PPG acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings. The acquisition was made to help facilitate PPG's strategic growth plans by adding new products to its existing portfolio.
Furthermore, companies bring in new and advanced technology to increase customer base. For example, Sherwin-Williams introduced a new quick-drying coating, Moisture Vapor Barrier Interior Latex Primer/Sealer, to help reduce the moisture through ceilings and walls. The new coating provided a cost-effective solution to the problems faced during the manufacture of housing facilities.
The global paints & coatings market can be divided on the basis of materials, technologies, applications and regions.
Key players in the global paints & coatings market include AkzoNobel N.V., PPG Industries, Inc., Sherwin-Williams Company, RPM International, Inc., Valspar Corporation, Kansai Paint Company Limited, Axalta Coating Systems, Henkel AG & Co., KGaA, BASF SE (Badische Anilin- und Soda-Fabrik), and Asian Paints Limited. The players adopt strategies such as merger and acquisitions to gain market share. For example, PPG acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings. The acquisition was made to help facilitate PPG's strategic growth plans by adding new products to its existing portfolio.
Furthermore, companies bring in new and advanced technology to increase customer base. For example, Sherwin-Williams introduced a new quick-drying coating, Moisture Vapor Barrier Interior Latex Primer/Sealer, to help reduce the moisture through ceilings and walls. The new coating provided a cost-effective solution to the problems faced during the manufacture of housing facilities.
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