Paints and Coatings Market Overview:
Paints and Coatings Market is projected to reach USD 190167.5 Million by 2023 end at a CAGR of 5.06% during the review period 2018-2023.
Paints & Coatings Market was USD 135542.6 Million in 2017 and is forecasted to grow at a healthy CAGR of 5.06% during the assessment period. Among various application industries, architectural segment accounted for the largest market share of 55.1% in 2017 with a market value of USD 78001.9 Million Dollar. Increasing use of paints & coatings in the residential construction activities is driving the growth of the architectural segment, which is expected to dominate the market during the forecast period.
The industrial segment accounted for 44.9% of the global market share with a market value of USD 63450.5 Million Dollar in 2017. The segment is estimated to grow at CAGR of 4.72% during the forecast period to reach USD 83662.7 Million Dollar by 2023 end due to growing demand for coatings from the automotive and general industrial segment.
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Paints and Coatings Market Dominant Players:
Paints & Coatings Market are 3M, Jotun Group, The Sherwin-Williams Company, TIGER Coatings GmbH & Co. KG, Vitracoat America, Dai Nippon Toryo Co., Ltd, Kansai Nerolac Paints Limited, Diamond Vogel, Hentzen Coatings, Inc., Berger Paints India Limited, National Paints Factories, Axalta Coating Systems Ltd, Guangzhou Kinte Paints & coatings, and AkzoNobel N.V among others.
Paints and Coatings Market Segmentation:
By product type, the market for paints and coatings has been segmented into water based and solvent based, powdered and UV. The stringent regulations governing the paints and coatings market will push the demand for water based and solvent based products.
By applications type, the market is segmented into architectural, industrial and marine. The architectural segment is set to witness amplified demand due to the growth of the residential sector. The growth demonstrated by the industrial segment can be ascribed to the rapid developments in industrialization.
Increasing investment by key industry participants to introduce cost-effective, efficient, products linked with incising expansion and acquisition market strategies complementing global market growth. Paints & coatings are largely applicable in automotive, construction, industrial applications. Automotive industry set to uplift consumption of paints, s they are used as dual purpose of protection as well as decoration. Increasing adoption of enamel paints to reduce environmental impact is increasing year by year and it is expected to drive global demand. As per WPCIA, Asia Pacific is the most promising paints & coatings market, and it is expected to surpass 23.1 Million KT in terms of volume by leading global market.
Paints and Coatings Market Regional Analysis:
By region, the market has been segmented into North America, Europe, Asia Pacific, and, Rest of the World (RoW). The Asia Pacific market will captivate notable share in market control and will retain its dominance over the projection period. The key factor contributing towards the expansion of the market in this region is a boom in the residential sector. The expenditure in the residential sector rose at a steep rate of 10.5% in India, outshining China which demonstrated a rise in the price at a rate of 9.6% from 2017 to 2018. The major contributions will be accounted by countries such as India, China, Vietnam, Indonesia, etc. that would generate most of its profits from the automobile industry. The prominent players of the automobile industry are shifting their manufacturing bases to the Asia Pacific due to cheap labor, lower cost of raw materials, etc. which will open avenues for accelerated demand for paints and coatings.
The market in North America is expected to grow in spite of strict regulatory laws implemented by the government. The demand for paints and coatings in North America market will come as a response to the growing demand for residential houses and its renovation. The concentration of established corporate houses dealing in paints and coatings in the region can also be credited for the growth of the market. The growth rate of 3% will be registered in the North America region.
Paints & Coatings Market Table of Content:
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
Paints and Coatings Market Table of Content to be Continue…….,
Complete table of content is available at @ https://www.marketresearchfuture.com/reports/paints-coatings-market-854
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Paints and Coatings Market Overview: