The global paints and coatings market size is expected to reach around USD 210.38 Billion by 2027, at a CAGR of 5.9% during the forecast period 2020 to 2027.
The paints and coatings market is expected to grow significantly over the forecast period owing to its growing utilization in various end-use industries such as automotive, marine, construction and industrial to be the major ones.
The global market in the past few years has grown moderately despite of various uncertainties such as the economic slowdown of major economies, negative & positive influence of the low crude oil price, fluctuations in value of U.S. dollars, the high growth rate of the U.S. automotive and construction industry, tenuousness of the recovery of various European nations and developments in regulatory norms globally.
Despite the fact that many of these factors are beyond the control of coats & glaze formulators, manufacturers, raw material and end product distributors and marketers, the industry has rapidly responded exceptionally to these crucial changes in market conditions. This has been possible owing to the introduction of various innovative manufacturing processes and technologies that helped the industry players to instantly mitigate to numerous potential negative impacts and maximized their opportunities for carrying growth to the decorates & glaze products.
From the past decade, innovative formulation technologies have significantly facilitated to cater to numerous new and diverse consumer demands. Anticorrosive protection, low-VOC content coats and nano coatings are few of the newly developed concepts available in the present market.
The introduction of nanotechnology has played a significant role in the industry. Apart from developing zero or low VOC content formulations, industry players have taken numerous advantages of this technology to develop nano paints and coatings, with characteristics of extremely high in nature. This includes the introduction of ceramic or metals in various types of formulations. The integration carried out can be in the form of granules, free powder or particles which are then inserted in the finished product matrix.
Some of the recent innovations that nanotechnology has enabled the formulators to develop include products that can conduct electricity, or exhibit UV protective or self-healing properties. Apart from these, they are also highly resistant to scratch, mar wear, and corrosion. Hence, these advancements in technology and introduction of new products are expected to augment future growth across the paints and coatings industry over the forecast period.
The influence of the green movement is yet another recent trend in the present scenario. The industry players have been seen investing substantially in research and development initiatives to offer customers with highly substantial products and also to save energy with the introduction of new processes. Another new latest trend in product catalogs within the industry participants is the multifunctional coats such as the temperature sensitive or thermal coatings capable of reducing the transfer of heat in industrial processes. Hence, these factors are anticipated to create lucrative prospects for industry expansion across every end-use sector.
Waterborne formulations were the largest product segment which generated revenue worth of over USD 49.70 billion in 2016. Water-based coats segment is expected to witness substantial growth over the forecast period owing to increasing demand from several application sectors including construction, furniture and automobile industries.
The water-based polyurethane formulations are estimated to emerge as the fastest growing type of water-based resins. Owing to increased construction spending and consumer preference especially in emerging economies of Asia Pacific towards eco-friendly products. The high usage of these formulations is due to the solvent-like properties of water with no harmful effects as that of synthetic counterparts.
Solvent-based formulations are the most conventional ones for manufacturing the finished compositions. Aliphatic hydrocarbons, lacquer thinner, toluene and xylene are some of the most commonly used solvents in the industry. The global solvent-based product market has undergone a paradigm shift due to adverse effects on the environment because of volatile organic compounds in petrochemical solvents.
The demand for solvent-based coats has changed majorly in the mature economies particularly in Europe and North America due to stringent environmental norms and acts for hazardous chemicals. China is the leading consumer of solvent borne paints due to increased usage in industrial/commercial construction and automotive sectors. Companies are now shifting their consumption from traditional paints to green composition at a relatively higher cost.
Material Type Insights
Acrylic segment was the largest material segment, which was valued over USD 60.50 billion in 2016 and is expected to grow substantially over the forecast period owing to its excellent stabilization and weathering properties. Acrylic resins are widely used in water reducible and emulsion resins for manufacturing of coats and varnishes. Its characteristics include optical clarity, weather/UV resistance, and excellent dimensional stability. The thermoplastic nature of acrylic is an advantage over epoxy and polyester.
Also, acrylic resins are used more in wet coats, which have higher VOC level as compared powder based coatings. Currently, owing to development of advanced technologies, the business has witnessed a huge shift from solvent based to water based or powder coats.
Implementation of stringent regulations globally and tremendously growing awareness for VOC content among end-users is expected to be the major factor driving demand for water based products which in turn is anticipated to drive acrylic resins demand.
Polyurethane was the fastest growing raw material segment owing to its excellent properties of long-term resistance to corrosion and retaining gloss.
The architectural and decorative coats segment is the largest application segment in 2016. The global architectural coatings demand is anticipated to grow at a CAGR of over 4.5% over the forecast period.
Increased construction spending in emerging countries is expected to trigger the demand for types of varnishes and coats in buildings and construction, which in turn is expected to drive the growth of this sector. The surge in demand for coats by water-based and powder based glazes due to changing consumer preference is expected to benefit the overall product demand.
The industrial sector is the leading segment for the growth of this industry. These substances are used by several industries such as machinery manufacturing, automotive sector, oil & gas, marine sector, aerospace sector and consumer goods. The growth of these industries is expected to lead to the growing manufacturing of coats.
Asia Pacific was the largest regional market in 2016 while generated a total revenue of over 16.20 million tons in the same year. The region is also projected to be the fastest growing market over the forecast period. Rapidly expanding automobile and construction industries in the region is expected to be the major factors driving demand for these products over the forecast period.
Emerging economies of the region such as India, Vietnam, and Taiwan are expected to witness the entry of a large number of dye manufacturers in the near future thus further adding to the production capacity of the region. Growing electronic industry in China, Thailand, and India has also driven the industry in Asia Pacific region.
Increasing disposable income and purchasing power in the region are some of the other crucial indicators for increasing demand for coats and varnishes. However, existing mature economies such as Australia, Japan, Korea and mainly China is expected to be the major contributors to drive demand for varnishes & coats in the region.
Demand in the North American region was estimated to be around 11.10 million tons in 2016 and is expected to grow with a CAGR of over 3% from 2017 to 2025. Concerns regarding the release of volatile organic materials and presence of perilous chemicals among the consumers in the region has led to implementation of stringent regulatory frameworks in the past few years. Presence of stringent regulatory agenda is anticipated to be a major factor restricting the industry growth in North America.
Paints And Coatings Market Share Insight
Key players for the global paint & coatings include BASF SE, PPG Industries, Sherwin-Williams Company, AkzoNobel, Axalta Coating System, Valspar Corporation, RPM International Inc., Nippon Paint Holdings and Jotun Group.
The acquisition of BASF’s industrial coats by AkzoNobel in December 2016 was one of the major initiatives in the industry. In January 2016, BASF launched an organic pacifying polymer-based varnish that reduces emissions of titanium oxide without compensating the performance of the product.
High solids/radiation curing
Application Type Outlook
Architectural & Decorative
Central & South America (CSA)
Middle East & Africa (MEA)
The Paints And Coatings market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Paints And Coatings market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Paints And Coatings market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Paints And Coatings market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Paints And Coatings market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Paints And Coatings capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Paints And Coatings by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Paints And Coatings market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Paints And Coatings market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Paints And Coatings market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Paints And Coatings industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Paints And Coatings market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Paints And Coatings market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Paints And Coatings market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Paints And Coatings market. These factors have benefited the growth of the global market for Paints And Coatings. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Paints And Coatings. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Microcontroller are as follows:
History Year: 2016-2019
Base Year: 2019
Estimated Year: 2020
Forecast Year 2020 to 2027
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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