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Summary
As the world continues to deal with COVID-19, economies are moving into recession, under multiple adverse factors, the GDP of European and American countries in the second quarter suffered a historical contraction. At an annualized rate, the US GDP fell by 32.9% month on month, while the overall GDP of the euro zone fell by 12.1%.
Moreover, the economic prospects of Europe and the United States in the third quarter under the epidemic situation are hardly optimistic. The resumption of work and production not only brought economic data back, but also triggered a rebound in the epidemic situation. At present, the United States is still the 'epicenter' of the global epidemic. The total number of confirmed cases has exceeded 4.8 million, and the epidemic situation in some European countries has also rebounded. Affected by this, more than 20 states in the United States have announced the suspension or withdrawal of part of the economic restart plan. Britain and Italy have also decided to extend the state of emergency. The rebound of the epidemic situation has posed considerable risks to the economic prospects of Europe and the United States.
In the second quarter of this year, US GDP shrank by 9.5% on a month on month basis, or 32.9% at an annual rate, the largest decline since the 1940s. Data show that the sharp decline in personal consumption is the main drag on the U.S. GDP growth in the second quarter.
Compared with the United States, Europe's economic contraction in the second quarter was smaller, but it was also the lowest on record, with Germany and France contracting more than 10%. According to the data released by the Federal Bureau of statistics, Germany's GDP fell by 10.1% in the second quarter after adjusting for prices, seasons and working days, the largest decline since the quarterly economic data were available in 1970.
Thanks to the effective control and policy support of the new epidemic, China's economy rebounded sharply in the second quarter. The growth rate of manufacturing industry, which accounted for about 28% of GDP, rebounded sharply to 4.4% from the negative value in the first quarter. Chinese original equipment manufacturers (OEMs) and suppliers are ramping up production. And there are increased investments in digital footprints in manufacturing. OEMs in other parts of the world are offering incentives to drive sales. XYZResearch published a report for global Paints and Coatings market in this environment.
In terms of revenue, this research report indicated that the global Paints and Coatings market was valued at USD XXX million in 2020, and it is expected to reach a value of USD XXX million by 2027, at a CAGR of XX % over the forecast period 2021-2027. Correspondingly, the forecast analysis of Paints and Coatings industry comprises of China, USA, Japan, India, Korea and South America, with the production and revenue data in each of the sub-segments.
The AkzoNobel N.V. aims at producing XX K Units Paints and Coatings in 2020, with XX % production to take place in global market, PPG Industries accounts for a volume share of XX %.
Regional Segmentation (Value; Revenue, USD Million, 2026-2027) of Paints and Coatings Market by XYZResearch Include
- China
- EU
- USA
- Japan
- India
- Southeast Asia
- South America
Competitive Analysis; Who are the Major Players in Paints and Coatings Market?
- AkzoNobel N.V.
- PPG Industries
- The Sherwin-Williams Company
- RPM International
- Valspar Corporation
- Kansai Paint Company
Major Type of Paints and Coatings Covered in XYZResearch report:
- Water-Based
- Solvent-Based
- Powder Type
- UV-Based
Application Segments Covered in XYZResearch Market
- Machinery Manufacturing
- Automotive
- Consumer Goods
- Others
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