Global Paints and Coating industry Overview:
Liquid painting and powder coating are two techniques used in industrial finishing. Both require a heat process, but they differ greatly in their methods of application. Liquid painting is the standard method employed for coating. Industrial paints and coatings are used by several industries, including machinery manufacturing, automotive, and consumer goods. The Paints & Coatings Market is projected to grow from USD 168.68 Billion in 2018 to USD 235 Billion by 2025, at a CAGR of 6.12% during the forecast period. Asia-Pacific accounted for the largest share, accounting of more than 42% of the global market, while North America is estimated to have the second-fastest CAGR through the forecast period.
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Global Paints and Coating industry – Drivers and Restraints:
The major drivers of the market are increasing global population and the growing number of nuclear families, increased demand for new houses every year, which in turn, creates demand for paints and coatings. The augmenting market for consumer goods and automobiles is also propelling the growth of the paints and coatings market. Akzonobel announced to separate its specialty chemicals business from paints and coatings and sell it to an affiliate of the AkzoNobel Group for INR 320 crores, which might affect the market revenue. Axalta introduced waterborne coatings to its growing portfolio of industry which may affect the market of paints & coatings industry. Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia have either set up their automotive manufacturing facilities, or are planning to start new facilities in Asia-Pacific in the near future. This in turn, is expected to increase the usage of coatings in the automotive industry to a major extent in the region
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Global Paints and Coating industry – Geographical Representation:
Asia-Pacific had the largest share in the market, accounting for more than 40% of the global market in 2018. China, India, Philippines, and Vietnam are turning out to be potential markets for the demand and supply of automobiles, with many automotive manufacturers planning their manufacturing and assembly plants in these countries. This can be attributed to the availability of cheap labor, low raw material prices, and rising urban population in the region. Rapidly growing construction industry, primarily in China and India, is a major factor driving the demand for paints and coatings in the region. North America is expected to register a significant growth rate, primarily due to the rise in residential houses sales, coupled with renovation of the existing houses.
List of Key Players in Global Paints and Coating industry:
Some of the key players of the Paints and Coatings Market are PPG Industries Inc., AkzoNobel NV, Sherwin Williams, RPM International, Nippon Paints, Asian Paints, etc.
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