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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.
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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.
List of Key Companies Profiled in this Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion) and Volume (Kilo Tons)
Resin; Technology; Application; and Region