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The paints and coatings market is projected to register a CAGR of 5.4%, in terms of value, between 2019 and 2024.
The paints and coatings market is projected to grow from USD 153.9 billion in 2019 to USD 199.9 billion by 2024, at a CAGR of 5.4%, between 2019 and 2024. The increasing urban population is a significant factor for the rising demand for building and construction, automotive, packaging. However, stringent government regulations in the paints and coatings industry are hampering the growth of the solvent borne coatings market.
The waterborne technology segment is expected to hold the largest share of the overall paints and coatings market during the forecast period.
The waterborne technology segment accounted for the largest share of the overall paints and coatings market in 2018. Waterborne paints and coatings are used majorly in architectural applications and are also used in automotive, general industrial, protective, wood, marine, packaging, coil, and other industries, due to their low toxicity and flammability. The waterborne segment is expected to grow on the backbone of the building and construction industry, which is anticipated to witness good growth, mainly in the developing countries.
The paints and coatings market in the architectural end-use industry is expected to witness the highest CAGR during 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. Architectural coatings also find application in decorative interiors such as 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.
APAC paints and coatings market is estimated to register the highest CAGR during the forecast period.
The APAC paints and coatings market is segmented into China, Japan, India, Indonesia, Thailand, and Rest of APAC. The APAC region is a lucrative market for paints and coatings owing to the increasing demand from industrial applications and improving economic conditions. Product innovations, new research and development projects, and increasing demand from various end-use industries have also fueled the demand for paints and coatings in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in paints and coatings market, and information was gathered from secondary research to determine and verify the market size of several segments and sub segments.
- By Company Type: Tier 1 – 42%, Tier 2 – 25%, and Tier 3 – 33%
- By Designation: C Level – 36%, D Level – 19%, and Others – 45%
- By Region: Europe – 42%, North America – 25%, APAC – 17%, South America- 8%,and the Middle East & Africa– 8%
The key companies profiled in this report are the Akzo Nobel N.V. (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Nippon Paint Holding Co LTD (Japan), Axalta Coatings System LLC (US).
This report provides detailed segmentation of the paints and coatings market based on technology, resin type, application, and region. Technology is divided into waterborne, solvent borne, powder, and others. With respect to resin type, the paints and coatings market has been segmented into Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, and others. Based on application, the market has been segmented into Architectural (Residential - New construction,
Remodel and repaint; Non-residential) and Industrial (General Industrial, Protective, Automotive Refinish, Automotive OEM, Industrial Wood, Marine, Coil, Packaging, Aerospace, and Rail). Based on the region, the market has been segmented into the Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses—industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the market; high growth regions; and market drivers, restraints, opportunities, and challenges.