Paints & Coatings Market Competitive Dashboard:
The key profiles holding prominent positions in the market have been profiled by MRFR which includes AkzoNobel N.V, Sherwin-Williams Company, Valspar Corporation, Axalta Coating Systems Ltd, BASF SE, PPG Industries Inc., RPM International Inc., Kansai Paint Co. Ltd, Henkel AG & Co., and, Asian Paints Limited. The top-notch players strategize proceedings such as innovative product development, tie-ups with end-user industries, mergers & acquisitions, construction of manufacturing plants for increased production, etc. for gaining traction.
BASF has launched a new product line in Europe for its R-M®, and, Glasurit® refinish paint brands that makes refinishing of automotive more sustainable. The product line contributes towards a reduction in carbon dioxide emissions as it is the world’s first refinish product to be manufactured according to the certified biomass balance approach.
BASF inaugurated its first automotive coatings manufacturing facility at its Bangpoo manufacturing site, Samutprakarn province, Thailand. The plant will deal with the production of solventborne and waterborne automotive coatings for catering to the growing demand in the region.
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Paints & Coatings Market Overview:
The Global 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.
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 in 2017. The segment is estimated to grow at CAGR of 4.72% during the forecast period to reach USD 83662.7 million by 2023 end due to growing demand for coatings from the automotive and general industrial segment.
Paints and Coatings Market Segmental Analysis:
The Global Paints & Coatings Market is segmented into resin type, technology and application. On the basis of resin type, the market is further categorized into acrylic, alkyd, epoxy, polyurethane, polyester, and others. Among these, the acrylic resin segment holds a majority of the market share due to its extraordinary features offered by the product such as biocompatible, antioxidant, and corrosion resistance. The epoxy resin segment is projected to witness a rapid growth due to its growing consumption in heavy end industries. The market by technology is further categorized into water, solvent and powder segments.
Among these, the powder segment is accounted for major share in the market due to its growing use as a biocompatible and feasible product. The strict government regulations implemented by the regional governments has prompted manufacturers and investors to shift their focus from solvent coatings to powder based products.
Paints and Coatings Market Regional Analysis:
Paints and Coatings Market is dominated by Asia-Pacific region; however, North America is one of the strategically important markets for the large players in the industry due to it significant potential. The North American paints and coatings market is growing primarily, due to the increasing number of industries in the region. With CAGR over 3% the region is generating demand for new houses and increased supply of consumer durable goods. This has created high demand for the paints and coatings market in the region.
Paints & Coatings Market Table of Content:
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
Paints & 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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