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Paints and Coatings Market to Rise at 6.3% CAGR till 2027; Widespread Utilization of Solvent-borne Coatings to Ensure Steady Growth Trajectory of the Market

August 28, 2020 | Chemicals & Materials

The global paints and coatings market size is projected to reach USD 249.70 billion by 2027 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, 2020-2027”. The report further states that the value of the global market was at USD 154.64 billion in 2019 and is expected to grow at a CAGR of 6.3% from 2020 to 2027.


The COVID-19 pandemic is poised to negatively affect the paints and coatings 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 Market Expansion


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 number 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 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 the 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 6.93% in 2019, 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 North America, whose size in 2019 was at USD 24.89 billion, is expected to display promising growth in the coming years owing to rapid adoption of advanced paints and coatings in the region.

  • 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



2015-2026



Base Year



2018



Forecast Period



2019-2026



Historical Period



2015-2017



Unit



Value (USD Million) and Volume (Million KT)



Segmentation



By Resin



  • Epoxy

  • Acrylic

  • Polyester

  • Alkyd

  • PU

  • Others



By Technology



  • Waterborne

  • Solvent Borne

  • Powder Coating

  • Others



By Application



  • Architecture

  • Automotive OEM

  • Marine

  • Coil

  • General Industrial

  • Protective Coatings

  • Automotive Refinish

  • Industrial Wood

  • Others



By Geography



  • North America (U.S., and Canada)

  • Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea, Indonesia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa)



 

Paints and Coatings Market
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  • 2016-2018
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