Paints and coatings are finishes applied on external surfaces to enhance its appeal. It can raise the levels of corrosion resistance, abrasion resistance, and durability of the surface. The global paints and coatings market report by Market Research Future (MRFR) looks at the various developments in formulations and other game changers to affect the market for the period of 2019 to 2024. The outbreak of the COVID-19 virus and its impact has been covered in detail in the market.
Paints and Coatings Market Scope
The global paints and coatings market is estimated to exhibit 5% CAGR over the forecast period. The surge in automotive production and construction activity are likely to drive market growth. Rise in per capita income levels, lax regulations, subsidies and incentives, and rapid industrialization are likely to influence market growth. The outbreak of the COVID-19 did halt the brakes on production but the industry has bounced back after easing of lockdown measures.
But strict policies pertaining to solvent-derived paints and coatings can impede market growth.
Paints and Coatings Market Segmentation
The global paints & coatings market has been classified by the resin type, performance range, and application.
Based on resin type, the global market has been segmented into polyaryl etherketone (PAEK), polyetheretherketone (PEEK), polyether ketone (PEK), polyester, acrylic, epoxy, polyurethane, alkyd, and fluoropolymer. Among them, the acrylic segment accounted for the largest market share of around 40% in 2018 with a value pegged at USD 59.8 billion. The segment growth can be attributed to its low cost and its growing application in architectural paints and industrial coating.
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Based on the performance range, the global market has been segmented into engineering, high-performance range, and commodity. Among these segments, the commodity coating range catered to architectural applications, packaging applications and consumer goods applications. Among these, consumer goods held the largest market share of around 58% in 2018 and is likely to follow similar trend during the forecast period.
Based on application, the global market has been segmented into architectural and industrial. The architectural segment accounted for the larger share of the global paints & coatings market in 2018. The segment is likely to grow at a CAGR of around 5.3% during the forecast period due to the growing residential and non-residential construction globally. The migration to urban areas of migrants and new government schemes to cater to housing and redevelopment can fuel the segment growth in the global paints and coatings market.
Paints and Coatings Market Regional Analysis
The global paints & coatings market has been segmented, by region, into Asia Pacific (APAC), Europe, North America, Latin America, and the Middle East & Africa (MEA).
APAC held the largest market share of around 44% in 2018 due to rapid architectural and industrial growth in the region. China dominated the regional market in 2018 and is expected to register the fastest CAGR during the forecast period. Efforts by coating manufacturers in improving the production capacity by establishing various facilities are likely to bode well for the market.
Europe held the second-largest market share in 2018 and is expected to grow at a CAGR of around 4.7% during the forecast period. Germany dominated the regional market in 2018 and likely to grow at the highest CAGR during the forecast period.
Kelly-Moore Paints, Tiger Coatings GmbH & Co. Kg, Nippon Paint Holdings Co., Ltd, Solvay SA, Indigo Paints Pvt. Ltd, Jotun, Akzonobel N.V., BASF SE, KANSAI PAINT CO., LTD, Asian Paints, Berger Paints India Limited, Axalta Coating Systems Ltd., The Sherwin-Williams Company, Beckers Group, PPG Industries, Diamond Vogel, RPM International INC, Hempel A/S, and Shalimar Paints are key players of the global paints and coatings market.
The market comprises a mix of small and large manufacturers. Among them, 50% of top manufacturers account for 70% production. Investments in resins for production of coatings and emulsions are likely to be the main strategy of these players.
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