Paints & Coatings Market 2019
The worldwide market for Paints & Coatings has witnessed a decent growth across the world. The new market analysis report forecasts that by the end of 2023, the global market value will cross USD 190167.6 million. The rapid growth of the application segment is expected to be a significant factor behind the growth of this market. Talking about these products, these are the decorative and glossy finishes, which dramatically enhances the beauty of walls, equipment, metal component, and more. They can be used for different purposes.
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Some of the key players operating in the global paints & coatings market are 3M, Jotun Group, The Sherwin-Williams Company, TIGER Coatings GmbH & Co. KG, Vitracoat America, Dai Nippon Toryo Co., Ltd, Kansai Nerolac Paints Limited, Diamond Vogel, Hentzen Coatings, Inc., Berger Paints India Limited, National Paints Factories, Axalta Coating Systems Ltd, Guangzhou Kinte Paints & coatings, and AkzoNobel N.V., among others.
The coatings are also serving the purpose of offering abrasion and corrosion resistant and boost the durability of the surface of the products. The primary raw materials used in these are resin, solvent, curing agent, dispersant and pigments. The global market consists of many tier-1 players, who are now engaged in producing different types of coating and paints products. As per the report, more than 50 percent of the major manufacturers in the global market contributes more than 60 percent of all coatings and paints.
The global market for Paints & Coatings is substantially propelled by a lot of driven factors. Some of the prominent factors, which are set to trigger the market growth include a massive increase in construction, rapid urbanization across the world, especially in developing countries, rising disposable income levels, and more. Furthermore, increasing production in the automotive industry and increasing the general industry sector throughout the globe is forecasted to rigger the growth of the global market during the forecast period. On the other side, growing architectural industry also positively influencing the market.
Global Market Segmentation Analysis
The worldwide market for Paints &Coating is segmented on the basis of product type, performance range, application, and geography. Talking about product-based market segmentation, it includes epoxy, alkyd, acrylic, polyurethane, polyester, PEEK- Fluoropolymer Polyether Etherketone, PEK- Polyether Ketone and PAEK- Polyral Etherketone and others. Now, based on performance range, it is split into a commodity, high-performance segment, and engineering. Considering the applications, it is divided into architectural and industrial segments. In 2018, the architectural segment dominated the market and is expected to grow at the highest CAGR in the coming years. The reason behind this is expected to be the increasing number of residential as well as non-residential construction activities.
Geographical Market Segmentation Analysis
Based on geography, the global Paints & Coating market is segmented five major regions. These are Middle East & Africa, Asia Pacific, North America, Europe, and South America. The report also includes key countries’ coating and paints market reports. The major countries are the United States, the United Kingdom, Russia, Japan, China, Canada, Mexico, South Africa, India, New Zealand, France, Germany, Italy, GCC Countries, and more. Among them, the Asia Pacific market dominated the global market in the year 2018 with more than 45 percent of total market share. The rise in disposable income level, growing demand for appliances, increasing construction activities, etc is expected to drive the regional market.
Recently, AkzoNobel N.V. expanded its sixth production facility in the Indian market. For this, the company has invested more than USD 650 million. AkzoNobel has quite a strong market presence in the Indian market. To expand the market and create a stronghold, it has started its sixth coating and paints production facility in India’s Mumbai city.
Table of Contents – Major Key Points
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Paints and Coatings Market By Resin Type
7 Global Paints and Coatings Market By Performance Range
8 Global Paints and Coatings Market By Application
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