Paints And Coatings Global Market Report 2021: COVID 19 Impact and Recovery to 2030

New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Paints And Coatings Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018803/?utm_source=GNW
87 billion in 2020 to $216.9 billion in 2021 at a compound annual growth rate (CAGR) of 8.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $258.45 billion in 2025 at a CAGR of 4%.

The paints and coatings market consists of the sales of paints and coating by entities (organizations, sole traders or partnerships) that mix pigments, solvents, and binders into paints and other coatings, such as stains, varnishes, lacquers, enamels, shellacs, and water-repellent coatings for concrete and masonry, and/or produce allied paint products, such as putties, paint and varnish removers, paint brush cleaners, and frit. The paints and coatings market is segmented into water borne coatings; solvent based coatings; powder coatings and other paints and coatings.

Asia Pacific was the largest region in the global paints and coatings market, accounting for 55% of the market in 2020. North America was the second largest region accounting for 18% of the global paints and coatings market. Eastern Europe was the smallest region in the global paints and coatings market.

Biocides are being used in paints to enhance their longevity and to maintain their quality. Biocide additives have been designed to protect paints from getting damaged during storage or to keep fungi and algae from growing on the applied paints. The market for biocides in paints will continue to grow due to the switch from solvent based to water based paints as they are not hazardous for human health and environment, and minimize fungal and algae growth. However, replacement of traditional biocides based on chlorine and formaldehyde with environmental friendly biocides add to the costs of paint production. For instance, some of the major companies using biocide in paint manufacturing include The Dow Chemical Company, Troy Corporation, BASF SE, Thor Group and AkzoNobel N.V.

The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the paints and coatings market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the paints and coatings market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

There is a rapid growth in consumption of paints and coatings in many industries. Paints and coatings are widely used in the automotive, construction and manufacturing industries. For instance, global buildings construction market is expected to increase from $6.6 trillion in 2019 to $8.4 trillion in 2022. Similarly, global transportation manufacturing market is expected to increase from $6 trillion in 2019 to $7.8 trillion in 2022 . Decorative paints and coatings are widely used in buildings and construction whereas protective paints and coatings are linked closely to the automotive, major appliance and industrial equipment industries. Therefore, growth in end-user industries is expected to drive the paints and coatings market during the forecast period.

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