Paints and Coatings Market Analysis – Forecasts to 2025

Market Insights:
The Paints and Coatings market is anticipated to reach USD 214 billion by 2025 growing at a CAGR of more than 6% from 2017 to 2025. The growth of the paints & coatings industry generally depends on the economic growth of different regions which itself is subject to the global political situation.
The growth of the industry is mostly due to increased investments by the key companies to launch efficient and reasonable products. There is a rising demand for functional paints & coatings that gives protection to buildings against harsh climate and other negative impact.
In addition, the increase in demand from pre-engineered buildings has also raised the application of silicon modified polyester and regular modified polyester coatings in both internal & external environments. The industry is expected to be driven by increased need for corrosion layers from industries such as construction, automotive, marine and others.
With the developing interest for repainting and new construction projects all over the world, the construction application segment is expected to witness significant growth in the coming years.
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Resin Insights:
The demand for epoxy type is high as they provide a fast-drying, strong, and protective coating. These coatings are quick and easy to apply which make them suitable for a number of applications. The UV curable coatings type is expected to witness an exceptional growth over the coming years.
Technology Insights:
The water-based segment occupied the largest share in 2016. Low volatile organic compound content of these products has contributed to their increased acceptance in developed regions.
Much of the segment’s development can be ascribed to the increasing demand from Asia Pacific. Water-soluble paints are segregated into polyester-based and polyacrylate-based. Cost-viability and high-quality performance are some of the major factors that are projected to drive the growth of this segment over the forecast period.
Application Insights:
Construction paints & coatings have broad utilization in infrastructure development. The recovery of the worldwide housing market, rising interest for home improvement, and better standard of living are expected to generate market in the infrastructure sector.
Several individuals are taking DIY projects for renovating & revamping their houses, thereby increasing the demand for architectural coatings. The demand for products to protect buildings from harsh climatic conditions has increased across the world. These factors contribute to the positive growth of the overall market.
Regional Insights:
Asia Pacific paints and coatings’ recorded the largest market share in terms of volume during 2016. The demand from construction in Asia Pacific is very high due to increasing household activities and suitable political conditions.
Asia Pacific is the fastest-growing market with majority of manufacturers setting up their businesses in this region. The rising demand from construction and automotive industry from countries such as China, India, and South Korea play a crucial role in driving the demand in the Asia Pacific region.
End Use Landscape:
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase paint & coating products. The major consumers of the product are Toyota, Volkswagen Group, and General Motors.
Competitor Analysis:
The worldwide market is very competitive and fragmented due to the presence of many players including international as well as regional. Competition in the market is anticipated to increase in the coming years due to absence of product differentiation.
Few of the major players of the market are AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), Axalta Coatings Systems (U.S.), BASF Coatings GmbH (Germany), The Sherwin-Williams Company (U.S.), Asian Paints (India), Kansai Paints (Japan), Jotun A/S (Norway), RPM International (U.S.), Hempel A/S (Denmark), and Nippon Paint Holdings Co., Ltd. (Japan)
AVANSE, acrylic-binder technology presented by Dow is a coatings breakthrough that has low-VOC content for an extensive range of industrial applications, including, metal finishing and masonry.
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