Kenneth Research recently added a report on the Global Paints and Coatings Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Paints and Coatings Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Paints & Coatings Market is valued approximately at USD 146.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.3% over the forecast period 2020-2027. Increasing investment by big market players in the form of mergers, research and development and acquisitions, rapid urbanization and industrialization in emerging countries, high rate of growth in U.S. automotive industry, technological advancements and supportive measures and incentives like subsidies, tax breaks are given by various governments are expected to fuel the market growth. For Instance: In November 2019, Akzo Nobel N.V. acquired Mapaero Coatings , a coating manufacturer in France, to strengthen the position in global aerospace coating market. Also, in 2021, Nippon Paint Marine Coatings Co., Ltd. had launched FASTAR, a self- producing and selling antifouling coating that incorporates a hydrophilic and hydrophobic nanodomain structure using a unique nanotechnology. However, high raw material prices and unavailability of adequate substitutes for banned lead chromate impedes the growth of the market over the forecast period of 2020-2027. Also, with the boost in construction sector due to growing number of manufacturing facilities is likely to increase the market growth during the forecast period.
The regional analysis of global Paints & Coatings market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the growing demand of products of paints and coatings due to expansion of construction sector in various countries. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2022-2031. Factors such as rising demand from automotive sector in emerging countries like India, Japan and others and rise of construction sector would create lucrative growth prospects for the Paints & Coatings market across Asia-Pacific region.
Major market player included in this report are:
- The Sherwin Williams Company
- Akzo Nobel N.V.
- Axalta Coating Systems, LLC
- PPG Industries, Inc.
- RPM International, Inc.
- BASF SE
- Henkel AG & Company, KGaA
- Nippon Paint Holdings Co., Ltd.
- The Chemours Company
- Sika AG
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
- Waterborne coatings
- Solvent-borne coatings
- Powder coatings
- High solids/radiation curing
- Others (Specialty Coatings)
- Architectural & Decorative
- Automotive & Transportation
- General Industrial
- North America
- South Korea
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2017, 2018
- Base year – 2019
- Forecast period – 2022 to 2031
Target Audience of the Global Paints & Coatings Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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