Paints & Coatings Market Size to Reach US$ 301.1 Bn by 2026

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Acumen Research and Consulting

Feb 18, 2020, 09:30 ET

LOS ANGELES, Feb. 18, 2020 /PRNewswire/ -- The Paints & Coatings Market size is expected to reach around US$ 301.1 Bn by 2026: Acumen Research and Consulting.

Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Paints & Coatings Market (By Resin: Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Others; By Technology: Waterborne, Powder, Solventborne, Others; By Application: Architectural, Industrial, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026".

The Global Paints & Coatings Market is growing at a noteworthy CAGR of around 5.2% during the forecast period 2019 to 2026.

The global paints & coatings market growth is driven by escalating construction expenditure, growing automotive industry, increasing urban population, rising household consumption expenditure and improving economic conditions.

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By Resin, Acrylic resin dominated the paint & coatings market in 2018.

Based on technology, the waterborne is expected to dominate during the forecast period 2019 to 2026.

Asia Pacific dominated the global paints & coatings market in the year 2018. Different huge purposes behind the predominance of Asia Pacific are due to the rising launch of innovative & economical water-solvent paints, increasing the preference of personalized colours by urban population and increasing second-hand automobile repaint activities. The growth of paints & coatings market in the Asia Pacific is mainly driven by the developing countries like China, India, and Japan. Europe is the second largest market of paint and coatings. Large manufacturers establishing their facilities in this region and rising demand from construction and automotive industries.

North America will boom by Increasing disposable income and purchasing power in the region.The rising launch of innovative & economical water-solvent paints, increasing the preference of personalized colours by urban population and increasing second-hand automobile repaint activities. The growth of the construction sector, increasing demand for automobiles worldwide, and growing demand from the oil and gas industry. Rapid urbanization, increasing of the living standards, rising middle class, increasing purchasing power and gross domestic product, growing the industry and housing sector, will foster the global paints and coatings Market in the forecast period. Moreover, the main factor driving the market growth is the introduction of various innovative manufacturing processes and technologies like Anticorrosive protection, low-VOC content coats and Nanocoatings significantly facilitated to cater to numerous new and diverse consumer demands. Furthermore, the growing application of paints and coatings to protect machines and equipment from rusting and corrosion in industries. As for consumer goods, they serve the purpose of keeping corrosion at bay and make products look better will accelerate the growth of the paints and coatings market.

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North America is expected to register the highest CAGR during the forecast period. Theescalating construction expenditure, growing automotive industry, increasing urban population, rising household consumption expenditure and rising economic conditions are expected to drive the market growth. A few notable trends include rising consolidation of market players, increasing preference for skilled contractors, growing adoption of natural ingredients by chemical firms, high demand for personalized paints solutions in developing economies and technological advancement.

Architecturalhas dominated the end use segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied on the interior and exterior walls of all kinds of residential, commercial, industrial, and institutional buildings. Apart from their decorative features, architectural paints & coatings also possess some protective features. For instance, exterior architectural paints & coatings protect the building from extremes of rain, sunlight, and wind. Architectural paints & coatings are applied either by building contractors or directly by customers as homemade (DIY). Architectural coatings also find application in decorative interiors like wall paintings, wood flooring, sculptures, and furniture. Increase in environmental awareness has led to innovations in the coating industry to provide affordable quality products, of high quality, possess value-added features, and meet global trends. Similarly, growing safety standards will raise the demand for fireproof and waterproof coatings on buildings. This is shifting the global focus towards architectural coatings.

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Acrylic segment dominated the market in 2018 and is predicted to witness a gradual growth over the forecast amount. Acrylics are available in various forms like emulsions (latex), lacquers, enamels, and powders. The most common kind of acrylic paint is latex. The chief elements of acrylic polymers, acrylic, and methacrylic acid, provide a polymer structure that has little tendency to absorb uv light, which increases its resistance to weathering and oxidation than oil-based paints, alkyds, or epoxies. Acrylics possess good colors and gloss retention.

Some of the key manufacturing companies include in the global paints & coatings market are PPG Industries Inc., AkzoNobel NV, Sherwin Williams, RPM International, Nippon Paints , Sherwin-Williams Company, Valspar Corporation, Kansai Paint Company, Hempel A/S, Jotun A/S, Kansai Paints, Asian Paints, BASF Coatings GmbH, Axalta Coatings Systems, Berger Paints India Limited, Shalimar Paints Limited, Jotun A/S, Axalta Coating Systems Ltd., Masco Corporation, Jotun, Boero Yachtcoatings, Chugoku Marine Paints Ltd., Hempel A/S, Kop-Coat Marine Group.

Some of the key observations regarding global paints & coatings industry include:

  • In June 2019, Sherwin-Williams introduced a new quick-drying coating, Moisture Vapor Barrier Interior Latex Primer/Sealer, to help reduce the moisture through ceilings and walls. The new coating provided a cost-effective solution to the problems faced in manufactured housing facilities.
  • In April 2019, PPG acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings. The acquisition was made to help facilitate PPG's strategic growth plans by adding new products to its existing portfolio.

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