The Global Paints and Coatings Market is anticipated to grow at a CAGR of 6.0% between 2018 and 2026. Developments are expected to be driven by strong improvements in global building constructions, that is anticipated to rebound in Western Europe and North America. Significantly increasing worldwide manufacturing base is also a significant driver from increasing demand of coatings used for production of automobiles and durable goods, along with industrial maintenance applications. These products are not much useful by themselves; however paints & coatings make the other products look better, more attractive, more durable, safer, and more saleable. Hence, these products are considered as the enabling materials that add immense value to the manufactured products. The construction activities in the residential sector is rebounding globally which is pushing the growth of the paints & coatings market. The automotive segment on the other hand is considered to be vital for the market growth over the forecast period, with most of the innovations taking place in this segment in the present scenario.
Product demand from the general industrial segment is expected to be a mixed though. The shale gas boom has increased industrial operations especially in the North American market and mainly in the chemical industry rising demand for protective coatings. Raw material prices in the past three years have been stable and the paint manufacturers expect the trend to remain the same for the next few years.
The global paints & coatings market has been segmented based on resin, technology and end-use. The resin segment is further bifurcated into epoxy resin, acrylic, alkyd, polyester, polyurethane and others. The technology segment is further segmented into solvent-based, water-based, high solids, powder coating and others. The end-use segment of the paints & coatings market are further bifurcated into Architectural and Non-architectural. Acrylic product segment was comparatively the largest in regard to consumption and price. Solvent-born segment is expected to grow moderately in the developing as well as developed economies worldwide. This is owing to rising stringent regulations regarding VOC content that has initiated the increase of alternative formulations.
Architectural segment is bifurcated into infrastructure, residential and non-residential. The non-residential segment is further broken down into automotive, industrial, wood, marine, aerospace, packaging and others. Architectural segment is expected to dominate the market over the forecast period in terms of volume. Significant growth of the residential segment globally specially in Asia Pacific, North America, Middle East and Western Europe is expected to be the major factor driving product demand. Within the non architectural segment, the growth of the global automobile industry has played a significant role with an annual increase in vehicle production
Asia Pacific accounted for the largest share in 2017 in terms of consumption in the paints & coatings market. India and China will be the primary support for the region’s increasing demand. These are also the fastest growing coatings market worldwide. Moreover, an improved outlook for product demand in Japan is yet another potential factor for the growth.
North American region, which rebounded significantly from its declining from 2005-10 periods, is yet another potential market for production of paints & coatings. Regional product demand is expected to benefit from a highly improved outlook for building & construction and manufacturing activity in the region.
Some of leading industry participants in the paints & coatings market include Akzonobel N.V., BASF Coatings GmbH, Kelly-Moore Paints, Indigo Paints Pvt Ltd, Vista Paints Corporation, Diamond Vogel Paints, Sacal Inetrnational Group Ltd., Tiger Coatings GmbH & Co. Kg, Dunn-Edwards Corporation, Beckers Group, Masco Corporation, S K Kaken Co., Ltd, Shalimar Paints, Berger Paints India Limited, Hempel A/S, Tikkurila OYJ, Valspar Corporation, RPM International Inc, Kansai Paints Co., Ltd., Asian Paints Limited, Nippon Paint Holdings Co., Ltd., Jotun A/S, Axalta Coating System LLC, Sherwin-Williams Company and PPG Industries.