Pune, May 26, 2020 (GLOBE NEWSWIRE) -- The global paints and coatings market size is predicted to reach USD 236.11 billion by 2026, exhibiting a CAGR of 6.2% during the forecast period. The emergence of advanced coatings such as cationic electrocoating materials for prevention against wear and corrosion will encourage the healthy growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Paints and Coatings Market Size, Share & Industry Analysis, By Resin (Epoxy, Acrylic, Polyester, Alkyd, PU, and Others), By Technology (Waterborne, Solvent Borne, Powder Coating, and Others) By Application (Architectural, Automotive OEM, Marine, Coil, General Industries, Protective Coatings, Automotive Refinish, Industrial Wood, and Others), and Regional Forecast, 2019 – 2026” the market size stood at USD 146.54 billion in 2018. The increasing application of paints & coatings in the building and construction industry will have a positive impact on the market.
COVID-19 Impact on Paints and Coatings Industry:
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Market Driver:
Rising Construction Activities to Spur Sales Opportunities
The rising utilization of coating in the protection of buildings & infrastructures from corrosion will bolster the healthy growth of the market. The growing adoption of architectural coatings in interior and exterior house paints, sealers, primers, varnishes, and stains will enable speedy expansion of the market. The growing cognizance about the advantages of coatings such as less-VOC and odorless, high-scrub resistance, semi-gloss sheens will contribute positively to the growth of the market.
Furthermore, the rise in construction activities will uplift the market potential during the forecast period. The increasing government investments in infrastructure development will spur the demand of the market. The adoption of trailblazing technologies such as building information modeling (BIM) and cloud computing in the construction industry will consequently boost the market. The enormous investment in residential and commercial building spaces will have a tremendous impact on the market. In addition, the increasing application of paints & coatings in automotive & transportation, wood, coils, and industrial metals support the growth of the market.
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Regional Analysis:
Heavy Demand from Residential Sector to Augment Growth in Asia Pacific
The market in Asia Pacific is predicted to grow rapidly during the forecast period. The growth in the region is attributed to the booming construction and automotive industry in China, Japan, and India. The growing demand for paints & coatings in the residential and non-residential infrastructures will have a positive impact on the market. The increasing inclination towards walls, windows, and furniture will spur opportunities for the market during the forecast period. The booming automotive industry is likely to aid the expansion of the market in Asia Pacific.
Europe is predicted to rise exponentially in the forthcoming years owing to the increasing demand from the automotive industry. The well-established automotive industry will enable growth in the region. North America is predicted to rise tremendously during the forecast period owing to the remodeling and refurbishing of existing infrastructures in the region. The increasing technological advancement and growing disposable income are factors predicted to further boost the market in North America.
List of the Key Companies in the Paints and Coatings Market Research Report are:
- PPG Industries, Inc.
- Axalta Coating Systems
- Nippon and Kansai (Kansai Paint Co.,Ltd. )
- AkzoNobel
- Kwality Paints and coatings Pvt. Ltd. (KPCPL)
- Kansai Nerolac Paints Limited
- NIPSEA GROUP
- The Sherwin-Williams Company
- Jotun
- Nippon Paint Holdings Co., Ltd.
- RPM International Inc.
- TIKKURILA OYJ
- S K Kaken Co., Ltd
- Dunn-Edwards Corporation
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends in Global Market
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Key developments: Mergers, Acquisition, Collaboration, Partnership, and Joint Venture
- Paints & Coatings Market Analysis, Insights and Forecast – By Resin
- Key Findings
- Market Analysis, Insights and Forecast – By Resin
- Epoxy
- Acrylic
- Polyester
- Alkyd
- Polyurethane (PU)
- Others
Continued..!!!
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Key Development:
- April 2019: PPG announced the acquisition of Hemmelrath Lackfabrik GmbH, manufacturer of automotive coating. The new development will support PPG’s automotive coatings offering and manufacturing solutions.
- October 2019: Berger paints announced that it has signed a deal with STP Ltd, a major manufacturer of construction materials.
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