Global Paints and Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester and others); By Technology (Waterborne, Solvent borne, Powder and others); By Application (Architectural [Residential, Non-residential], Industrial) and Region - Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Paint and coating refer to glossy material which is used to color, decorate, and provides texture to the objects. They protect the object from sunlight, oxidation, and improve the durability of the object. Paints basically enhance the beauty of the object whereas coatings offer both decoration and protection. Paint consists of pigments, additives, solvent, and binder. They can be in solid, liquid, and gaseous forms. They are applied on walls, metal surfaces, equipment, and others by various application techniques including brushes, scrapers, paint rollers, blades, other instruments, or body parts such as fingers and thumbs. Paints and coatings are primarily used in automotive, construction, architectural, and wood industries.
Global Paints and Coatings Market to surpass USD 264.05 billion by 2030 from USD 158.47 billion in 2020 at a CAGR of 5.22% throughout the forecast period, i.e., 2021-30. The demand for paints and coatings is expected to accelerate due to its properties such as wettability, adhesion, and corrosion resistance. Additionally, the advancements in automobiles and chemical industries have aided the growth of the global market. Paint and coatings are extensively used in the aerospace industry.
In April 2020, Akzo Nobel N.V purchased a Mauritius-based paint and coating manufacturer, Mauvilac Industries Limited to strengthen its position and increase its market share.
In December 2018, PPG Industries Inc. announced to acquire the global coatings manufacturer Whitford Worldwide Corporation to expand its product portfolio.
Global Paints and Coatings Market is segmented by Resin into Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, and others. Acrylic segment held the largest market share in the year 2020 and will continue to dominate the market throughout the forecast period. This growth is attributed owing to its growing application in architectural paints and industrial coating. For the manufacturing of coats and varnishes, acrylic resins are widely used. They possess excellent stabilization and weathering properties which is making them suitable for usage in paints and coatings
Global Paints and Coatings market is bifurcated by Technology into Waterborne, Solvent-borne, Powder, and others. The waterborne segment held the largest market share in the year 2020 and will continue to dominate the market throughout the forecast period. Due to their low toxicity and flammability waterborne paints and coatings are primarily used in the architectural sector
Global Paints and Coatings market is also segmented by application into Architectural and industrial segment. The architectural segment held the largest market share in the year 2020 and will continue to dominate the market throughout the forecast period. Paints and coatings are mostly used for the decoration of residential or non-residential buildings to protect against harmful UV rays and corrosion. Architectural paints and coatings are also used to enhance the interiors including wood flooring, wall paintings, sculptures, and furniture.
With the growing population, the investment in construction projects is increasing which has fueled the demand for Paints and coatings. Rapid urbanization and industrialization are rising the demand for building and infrastructure. Paints and coatings offer aesthetic and protective benefits to these structures.
Mounting demand for automobiles on account of the rapid urbanization coupled with rising disposable income, changing lifestyle is expected to flourish the paints and coatings market. The component of automobiles is coated or painted with resins to protect them from rusting and corrosion. Technological advancements in the sector boosting the market as well. Various manufactures are introducing paints that are eco-friendly and follow the environmental regulations which are anticipated to drive the market.
The fluctuating price of raw materials is projected to hamper the market growth of paints & coatings. major key raw materials used in the manufacturing of paints & coatings are Oil derivatives and titanium dioxide. The prices fluctuate because of the gap in supply and demand of titanium dioxide.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis
Global Paints and Coatings market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Paints and Coatings markets market in Asia Pacific held the largest market share in the year 2018. Asia Pacific will continue to dominate the global tinplate market due to its and rising demand from industrial applications and improving economic growth. Mounting construction activities and automotive in this region is fueling the demand for paints and coatings. Additionally, the easy accessibility of raw materials and less harsh laws regarding VOC emission accelerated the market in this region.
Paints and Coatings Market Segments:
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