Global Paints and Coatings Market will drive by increasing its demand from the automotive, electronic, and construction industries
Published | 25 June 2019
According to BlueWeave Consulting, The Global Paints and Coatings Market is expected to grow with a significant rate during the forecast period 2019-2025, owing to 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 GDP, growing the industry and housing sector, will foster the global Paints and Coatings Market in the forecast period.
Moreover, the major factor driving the market growth is the introduction of various innovative manufacturing processes and technologies such as 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.
Additionally, Increasing adoption of smart coatings in commercial applications as these are increasingly being used for the restoration of historical buildings will contribute to Paints and Coatings market growth during the forecast period. Also, large-scale investment in the construction of projects such as hotels, apartments, offices, retail centers, and civic infrastructures are expected to boost the Paints and Coatings market in the upcoming year.
Acrylic Resins of Paints and Coatings Market is projected to be the leading segment of the overall market during the forecast period
On the basis of Resin, the Paints and Coatings market has been segmented into Acrylic, Polyurethanes, Polyesters, Epoxy and Alkyd. Acrylic, segment dominates the global Paints and Coatings owing to the growing use of acrylic resins in many applications, such as automotive, roof coating, wall coating, and construction. Polyurethanes will drive by its excellent strength-to-weight ratio, insulation properties, durability and versatility, polyurethane is frequently used in building and construction application.
Water-based based on Paints and Coatings Market is anticipated to be the dominating segment of the overall market during the forecast period
On the basis of Technology, the Paints and Coatings market has been categorized into Water-based, Solvent-based, High Solid, Powder, and Others. Water-based will lead the segment due to its applications in automotive, interiors of coal cars, fly ash hoppers, plastic pellet hoppers, and the architectural sector which have less flammability, low VOC emissions, and stable viscosity during printing. Solvent-based will drive by its usage in industrial/commercial construction and automotive sectors
The automobile is projected to lead the industry for utilizing applications of the Paints and Coatings during the forecast period
On the basis of application, the Paints and Coatings market has been segmented into Automotive and Transportation, Aerospace, Building and Construction, Packaging, Health Care and Medical Devices, Marine, Electrical and Electronics. By application, Building and Construction will lead the market owing to the growing population and improving economic conditions have led to a rise in expenditure on housing and infrastructure development across the globe. Automotive and Transportation will propel by rapidly expanding automobile industry.
The Asia Pacific accounts for the lion’s share of the global Paints and Coatings market during the anticipated period.
On the basis of region, the Paints and Coatings market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominates the world Paints and Coatings market over the forecast period owing to 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.
Global Paints and Coatings Market Competitive Landscape
Companies such as The Sherwin-Williams Company, BASF SE, Axalta Coating Systems, PPG Industries, Valspar Corporation, RPM International Inc., Akzo Nobel N.V, Nippon Paint Holdings, KCC Corporation,, Asian Paints , Kansai Paints , Hempel A/S and Jotun A/S are the key players in the global Paints and Coatings market.
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The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global Paints and Coatings Market size & forecast. The report promises to provide state-of-the-art technology of Paints and Coatings production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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