The paints and coatings market size has the potential to grow by USD 33.64 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by technology (water-based, solvent-based, and others), resin type (acrylic resins, epoxy resins, alkyd resins, polyurethane resins, and others), application (industrial and architectural), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including 3M Co., Akzo Nobel NV, BASF SE, Henkel AG & Co. KGaA, Jotun AS, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG, and The Sherwin-Williams Co.
Market Overview
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Market Competitive Analysis
The paints and coatings market is fragmented and is characterized by the presence of numerous global and established vendors. Furthermore, exit barriers are high for vendors owing to the high setup costs involved in the manufacturing of paints and coatings. These factors increase the rivalry among vendors. However, the cost of switching products among customers is moderate, and product differentiation among vendors is high, which stabilizes the rivalry in the market. 3M Co., Akzo Nobel NV, and BASF SE are some of the major market participants. Although the growth of the global automotive industry will offer immense growth opportunities, the increasing use of glass in buildings will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this paints and coatings market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this paints and coatings market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- 3M Co.
- Akzo Nobel NV
- BASF SE
- Henkel AG & Co. KGaA
- Jotun AS
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- RPM International Inc.
- Sika AG
- The Sherwin-Williams Co.
Paints and Coatings Market: Segmentation by Geography
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APAC was the largest paints and coatings market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Increased focus on development, rapid industrialization, and the flourishing housing and construction sector, especially in China and India, will significantly drive paints and coatings market growth in this region over the forecast period.
54% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for paints and coatings in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Paints and Coatings Market: Segmentation by Technology
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Water-based paints and coatings comprise water-soluble resins such as polyesters, polyacrylates, alkyds, epoxy, and epoxy esters. These resins are produced by the process of polycondensation and polymerization in an organic solvent medium. As a result, water-based paints contain alcohols, glycol ethers, and other oxygen-containing solvents that are miscible with water. Therefore, these water-paints are meant to protect against corrosion and aesthetics to the surfaces on which they are applied. Moreover, these paints have a low content of volatile organic compounds.
The market growth by the water-based segment will be faster than the growth of the market in the solvent-based and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the paints and coatings market size.
Paints and Coatings Market: Key Drivers and Trends
The growth of the global automotive industry is one of the key factors driving the global paints and coatings market growth. Economic growth in emerging countries and rising foreign investments have increased per capita income. As a result, consumers’ capacity to purchase cars has increased. Also, the public transportation infrastructure is transforming along with fleet addition. These factors are increasing paints and coatings activities in the automotive industry.
Moreover, in developed regions, such as North America, the adoption of lightweight and fuel-efficient automobiles has increased. This factor is significantly contributing to the paints and coatings market growth. Furthermore, vendors are constantly developing paints and coatings that have easy applicability.
- Vendors are carrying out R&D for developing UV-curable coatings, which exhibit high performance and offer quick assembly-line benefits.
- Most of the UV-curable coatings offer scratch and mar resistance.
- BASF offers various multi-functional polyol intermediates for UV-curable acrylic monomers and oligomers manufacturing, which are subsequently used in UV-curable coatings.
- Vendors are further developing eco-friendly coating products to adhere to stringent government regulations.
- The durability, versatility, appearance, and superior weather-resistance of eco-friendly UV-curable coatings will encourage the growing number of automotive OEMs to adopt them, which is one of the key paints and coatings market trends.
- During 2020-2024, the market will grow at a CAGR of about 4%.
Paints and Coatings Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive paints and coatings market growth during the next five years
- Precise estimation of the paints and coatings market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the paints and coatings industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of paints and coatings market vendors
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