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Paints and Coatings Market to Rise at 5.4% CAGR till 2028; Widespread Utilization of Solvent-borne Coatings to Ensure Steady Growth Trajectory of the Market

June 15, 2021 | Chemicals & Materials

The global paints and coatings market size is projected to reach USD 217.66 billion by 2028 on account of rising adoption of epoxy coatings for flooring applications, states Fortune Business Insights™ in its report, titled “Paints and Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Epoxy, Acrylic, Polyester, Alkyd, PU, and Others), By Technology (Waterborne, Solvent Borne, Powder Coating, and Others) By Application (Architectural, Automotive OEM, Marine, Coil, General Industries, Protective Coatings, Automotive Refinish, Industrial Wood, and Others), and Regional Forecast, 2021-2028”. The report further states that the value of the global market was at USD 145.15 billion in 2020 and is expected to grow at a CAGR of 5.4% from 2021 to 2028.


The COVID-19 pandemic is poised to negatively affect the market growth throughout 2020 as trade restrictions, travel bans, and staggered lockdowns have disrupted global supply chains, causing delays in projects and hampering production activities.


BASF Extends Partnership with GACNE to Capture Automotive Coatings Domain in China


BASF announced in June 2020 that it will be extending and expanding its collaboration with Guangzhou Automobile Group New Energy Co. Ltd. (GACNE), a major automaker in China, through a cooperation agreement. The partnership will allow both companies to explore the scope of digital automotive coating solutions in China and make strategic decisions based on the demand trends. BASF’s proprietary platform will enable paint shops across the country to improve quality and elevate efficiency and productivity of their businesses.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/paints-and-coatings-market-101947


Prolific Growth in Urban Areas to Accelerate Demand for Paints and Coatings


Lucrative economic opportunities offered by large cities are leading to exponential growth of urban areas worldwide. A report released by the UN in 2018 predicts that as much as 70% of the global population will be residing in urban agglomerations by 2050. Rising numbers of urban dwellers will inevitably surge the demand for housing and commercial infrastructures, fueling growth in the construction industry and by extension, boosting demand for construction materials. Paints and coatings play a key role in providing not just aesthetic appeal to buildings, but also their sustaining the structural strength. For instance, polyurethane resins are scratch resistant and provide excellent thermal stability, making them ideal candidates for coating interiors of buildings. Urban development in cities worldwide will, therefore, create multiple opportunities for the growth of this market in the next few decades.


Increasing Focus on Operational Expansion Activities to Intensify Competition


The wide scope for the expansion of production operations offered by this market is giving impetus to key players to broaden their presence, both regionally and globally. Several players are entering into collaborations and ventures with local companies to establish their presence and introduce novel paints & coatings products, especially in emerging economies, where the construction and automotive industries are booming. Some companies are also focusing on developing, diversifying, and strengthening their distribution networks to ensure uninterrupted availability of their flagship products and solutions.


Industry Development:



  • July 2019: Axalta Coating Systems announced the construction of a second production plant in Landshut, Germany, expanding its presence in the country. The new facility will dedicatedly produce bonded metallic powder coatings to meet the high demand for these materials in Western Europe.


List of Key Companies Profiled in this Market Report:



  • S K Kaken Co., Ltd (Japan)

  • RPM International Inc. (U.S.)

  • Jotun (Norway)

  • NIPSEA GROUP (Singapore)

  • Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India)

  • PPG Industries, Inc., (U.S.)

  •  Dunn-Edwards Corporation (U.S.)

  •  TIKKURILA OYJ (Finland)

  • Nippon Paint Holdings Co., Ltd. (Japan)

  • The Sherwin-Williams Company (U.S.)

  • Kansai Nerolac Paints Limited (India)

  • AkzoNobel (Netherlands)

  • Axalta Coating Systems (U.S.)


Further Report Findings:



  • Holding a market share of 7.12% in 2020, the automotive OEM segment is anticipated to grow steadily during the forecast period as ceramic coatings are being increasingly demanded for protecting vehicle exteriors from UV rays and corrosion.

  •  The market in Asia Pacific, whose size in 2020 was at 71.71 billion, is expected to display promising growth in the coming years owing to increasing construction activities and booming automotive industry in China, Japan, and India.

  • Europe is also expected to strengthen its hold on the paints and coatings market share on account of high demand for coatings from the region’s robust automotive industry.


Table of Segmentation:


















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion) and Volume (Kilo Tons)



Segmentation



  Resin; Technology; Application; and Region



By Resin




  • Epoxy

  • Acrylic

  • Polyester

  • Alkyd

  • PU

  • Others



By Technology




  • Waterborne

  • Solvent Borne

  • Powder Coating

  • Others



By Application




  • Architecture

  • Automotive OEM

  • Marine

  • Coil

  • General Industries

  • Protective Coatings

  • Automotive Refinish

  • Industrial Wood

  • Others



By Region 




  • North America


    • By Resin

    • By Technology

    • By Application

    • By Country


      • The U.S. (By Technology)

      • Canada (By Technology)

      • Mexico (By Technology)



  • Europe


    • By Resin

    • By Technology

    • By Application

    • By Country


      • Germany (By Technology)

      • UK (By Technology)

      • France (By Technology)

      • Italy (By Technology)

      • Spain (By Technology)

      • Russia (By Technology)

      • Rest of Europe (By Technology)



  • Asia Pacific


    • By Resin

    • By Technology

    • By Application

    • By Country


      • China (By Technology)

      • Japan (By Technology)

      • India (By Technology)

      • South Korea (By Technology)

      • Indonesia (By Technology)

      • Rest of Asia Pacific (By Technology)



  • Latin America


    • By Resin

    • By Technology

    • By Application

    • By Country


      • Brazil (By Technology)

      • Rest of Latin America (By Technology)



  • Middle East & Africa


    • By Resin

    • By Technology

    • By Application

    • By Country


      • Saudi Arabia (By Technology)

      • South Africa (By Technology)

      • UAE (By Technology)

      • Rest of the Middle East & Africa (By Technology)




Paints and Coatings Market
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  • 2017-2019
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