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The paint & coating industry hit a significant high in the year 2019. The market was marked by a staggering figure of $153.9 billion and is expected to reach a global mark of $199.9 billion by the year 2024. The compound annual growth rate of the paint & coating industry for the same is pegged at 5.4%. The industry has great growth prospects and hence, has attracted significant investors all across the globe.
When it comes to the paint & coating industry, the industry is marked by some of the major factors. The architectural structures emerge as one of the leading coatings. On the other hand, residential and government properties also drive growth opportunities. These buildings need paint and coating not from the exterior only and hence represent a massive opportunity. On the other hand, real estate properties need to save themselves from all sorts of harsh weather conditions, and therefore the paint & coating industry plays a crucial role in the development of the sector.
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On the other hand, the job of paint & coating is not limited to the protection of buildings only. Paints improve the aesthetic value of the property too. Furthermore, the recent advancements in the industry have helped the sector proliferate all across the globe. However, the lead content in paints has been harming the growth prospects. Certain unwanted elements can lead to severe challenges and hence hamper the growth of the paint & coating industry. However, the analyst remains positive about the growth prospects, and industry may see some significant rise in the next couple of years.
A glimpse of the competition prevailing in the global paint & coating market can be arrived at through the report. This part of the study has used SWOT analysis tools to narrow down the strengths, weaknesses, opportunities, and threats of each market player.
The paint & coating industry can be segmented under several factors, with each factor playing a critical role in the growth of the sector. Some of the leading causes based in which the industry can be segmented into are by resin, by technology and on the basis of end-user industry. Based on resin, the industry is segmented into architectural resins and other resins.
On the other hand, based on technology, the paint & coating industry can be segmented into waterborne, solvent-borne, UV curved Coating, and powder coating. On the other hand, automotive, transportation, wood, architectural, packaging, and several other factors can be segmented into the end-user industry.
The paint & coating industry is led by the global giant, the United States. The massive construction in the region has helped the industry grow by leap and bound in the part. On the other hand, Europe comes next on the list due to the ongoing housing crisis in the area. The Asia Pacific region also shows some promising signs of growth with China leading in the area. However, the looming global economic crisis coupled might affect the growth prospects of the industry.
In a piece of recent news, global paint & coating giant PPG acquired Hemmelrath Lackfabrik GmBH, in a strategic move to enhance its portfolio of products. The acquired company was a leading manufacturer of automotive coatings, and the move comes in the wake of the growing demand for automobiles.
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