Global Paints and Coatings Market to Reach $183.3 Billion by 2026
SAN FRANCISCO, May 19, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Paints and Coatings - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Engagements: 18491
Companies: 116– Players covered include Akzo Nobel NV; Asian Paints Limited; Axalta Coating Systems; BASF SE; Berger Paints India Limited; Brillux GmbH & Co. KG; Cromology SAS; DAW SE; Dunn-Edwards Corporation; Hempel A/S; JW Ostendorf GmbH & Co. KG; Jotun Group; Kansai Paint Co. Ltd; Nippon Paint Holdings Co., Ltd; NIPSEA Group; PPG Industries Inc.; RPM International Inc.; S K Kaken Co., Ltd; Shalimar Paints Limited; Sherwin-Williams Company; Teknos Group Oy; Tiger Coatings Gmbh & Co. Kg; Tikkurila OYJ and Others.
Coverage: All major geographies and key segments
Segments: Resin (Acrylic, Polyester, Alkyd, Polyurethane, Epoxy, Other Resins); Technology (Water-based, Powder, Solvent-based, Other Technologies); Application (Architectural, Automotive OEM, Protective, Automotive Refinish, Industrial Wood, Packaging, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Paints and Coatings Market to Reach $183.3 Billion by 2026
Paints and coatings are extensively utilized in a wide range of industries, including manufacturing, marine, construction, automotive, consumer goods, and packaging. Water-based paints and coatings represent the largest technology segment in the market, given their growing use in printing inks, wood, plastic, furniture, and automobile industries. Water-based coatings offer benefits, such as easy application, quick drying, and no VOC emissions, which are driving demand for these coatings. Solvent-borne coatings are manufactured using organic compounds, and are primarily used for harsh and humid environments, such as exterior building coatings and industrial equipment and metals. Amid the COVID-19 crisis, the global market for Paints and Coatings estimated at US$134.2 Billion in the year 2020, is projected to reach a revised size of US$183.3 Billion by 2026, growing at a CAGR of 5.4% over the analysis period. Acrylic, one of the segments analyzed in the report, is projected to record a 4.5% CAGR and reach US$80.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Polyester segment is readjusted to a revised 7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $26.8 Billion in 2021, While China is Forecast to Reach $54.7 Billion by 2026
The Paints and Coatings market in the U.S. is estimated at US$26.8 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$54.7 Billion by the year 2026 trailing a CAGR of 7.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.7% CAGR. Strict government policies and regulations encouraging the use of less-polluting coating technologies and reducing VOC emission levels in coating resins have been significantly influencing the growth in the market. Government rules in Western European nations and the U.S., particularly related to air pollution, will drive demand for advanced less-polluting coating technologies. Rising awareness over the adverse effects of VOC emissions is also resulting in demand shifting away from solvent-borne coatings to more environment-friendly coating products, such as UV-curable coatings, high solids, powder coatings, and water-borne coatings.
Alkyd Segment to Reach $21.6 Billion by 2026
Alkyds are a major raw material used in coatings. The use of alkyds reduce cost and impart a range of properties valuable in painting applications. Alkyd resins are used for decorative gloss paints in commercial offices and residential homes. In the global Alkyd segment, USA, Canada, Japan, China and Europe will drive the 4.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$12.4 Billion in the year 2020 will reach a projected size of US$16.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.3 Billion by the year 2026, while Latin America will expand at a 4.1% CAGR through the analysis period. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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Zak Ali
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Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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