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Press Release: Paints and coatings Market To Surpass US$ 220 Billion By 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Paints and coatings are used as decorative as well as protective coatings. Most of the paints are used to increase surface resistance from harsh environmental conditions. They are classified as waterborne coatings, solvent-borne coatings powder coatings, and specialty coatings. Marine, automobiles, packaging, furniture, aerospace, rail and construction are some of the major end-user of paints and coatings.
The global paints and coatings market is projected to surpass US$ 220 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.4% during the forecast period (2020 to 2027).
Drivers
The growing demand for paints and coatings from the automotive industry is projected to fuel the market growth. Increasing production of automobiles around the globe is creating demand for paints and coatings. Also, the various manufacturer is introducing paints to cater to rising demand from the automotive industry. Paint and coatings are applied to the component of the automobiles to create rust and corrosion-resistant component.
Growth in the construction and building industry due to increasing investment by the government is expected to drive the market growth of the paints &coating. Rapid urbanization and industrialization around the globe coupled with the increasing population is also raising demand for building and infrastructure. Paints and coatings are widely used on the building to provide resistant to harsh weather conditions and rust. Thus, growth in the construction and building industry is expected to augment the market growth.
Regionally, Asia-pacific dominated the global paints and coatings market in 2019, reporting 36% market share in terms of revenue, followed by Europe and North America, respectively.
Figure 1. Global Paints and Coatings Market, Revenue Share (%), By Region, 2019
Market Restraints
The fluctuating price of raw materials is expected to hinder the market growth of paints & coatings. Oil derivatives and titanium dioxide are major key raw materials used in the manufacturing of paints & coatings. The gap in supply and demand of the titanium dioxide has resultant in increase in the overall price of paints & coatings. Thus, hindering the market growth.
The difficulty in obtaining a thin layer in the powder coatings and time-consuming drying process for waterborne technology is expected to act as a challenge for the market growth of paints & coatings.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 140 Bn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 5.4% | 2027 Value Projection: | US$ 220 Bn |
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| Companies covered: |
Akzo Nobel N.V., Asian Paints, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Deutsche Amphibolin-Werke Von Robert Murjahn Stiftung & Company, Diamond Vogel Paints, Helios Group, KCC Corporation, Masco Corporation, Nippon Paint, and PPG Industries Inc. |
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Market Opportunities
Growing demand for green coatings from the building & construction industry is expected to offer lucrative opportunities to the market of paints &coatings. For instance, in March 2017, PPG launched a new bio-based wall paint for the professional and consumer market. The new paint is based on DSM’s revolutionary Discovery bio-based technology. The paint enhances the indoor air climate of homes, offices and schools by removing up to 70 percent of the harmful formaldehyde from the indoor air.
Increasing use of polyurethane as a raw material for the manufacturing of paints and coatings as it offers long-term resistance properties to corrosion and scratch is projected to bring new market opportunities. For example, water-based polyurethane formulations are gaining popularity across the construction industry due to their durability. Thus, the growing use of polyurethane as a raw materials is expected to foster market growth.
Figure 2. Global Paints and Coatings Market – Opportunity Analysis
Market Trends
Heavy-duty paints and coatings are gaining traction in the marine and aerospace industry. They provide protection for a longer time to the components and equipment. Aqua coatings are witnessing huge demand from the marine industry due to the growing marine industry around the globe. Growing sea-port trade coupled with the increasing demand for new formulation for the marine industry is also expected to foster the demand for heavy-duty paints, thereby fueling the market growth.
Supply and distribution agreement between manufacturers for expanding market presence is a growing trend. For instance, in December 2019, Dulux Protective Coatings has partnered with Fireshield Coatings to supply intumescent coating systems into Australia and New Zealand for both interior structural steel and timber surfaces.
Figure 3. Global Paints and Coatings Market, Revenue Share (%), By Product Type, in 2019
On the basis of product type, waterborne coating the global paints and coatings market in 2019 with around 40% of market share in terms of revenue, followed by solvent-borne coating and high solids/radiation cure, respectively.
Global Paints and Coatings Market - Impact of Coronavirus (Covid-19) Pandemic
The paints and coatings market is facing a likelihood of a deep recession caused by the effect of lockdowns across the globe to slow the spread of Covid-19. The demand for paints and coatings depend on various end-use industries such as electrical & electronics appliances, furniture, and automotive industries. For instance, according to the European Automobile Manufacturers’ Association (ACEA), in the European Union (EU), the total sales of new vehicles in the first two months of 2020 were 7.4% less than the same period in the previous year. This is expected to hamper the growth of paints and coatings market in next few years till end of the 2021.
Competitive Section
Key players are operating in the global paints and coatings market are Akzo Nobel N.V., Asian Paints, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Deutsche Amphibolin-Werke Von Robert Murjahn Stiftung & Company, Diamond Vogel Paints, Helios Group, KCC Corporation, Masco Corporation, Nippon Paint, and PPG Industries Inc.
Few Recent Developments
Paints and coatings are widely used in industries for protecting machines and equipment from rusting and corrosion whereas decorative paints & coatings are used mainly applied on interior and exterior walls of residential and corporate buildings. Rising population and disposable income has been fuelling the demand for consumer goods and automotive, which in turn is boosting industrialization.
Market Dynamics
The global paints and coatings market has witnessed significant growth in recent past years, owing to the rising emergence and rampant adoption of new coating technologies such as waterborne coatings, high-solids coatings, two-component systems, powder coatings, and radiation-curable coatings. This is expected to foster the demand for paints and coatings in the next few years.
Major players in the global paints and coatings market are increasing their investment on innovative product launchings, research & development and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as transportation, automotive, furniture, packaging, metal manufacturing and others. This scenario is expected to fuel the market during the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
* Browse 45 market data tables* and 30 figures* on "Global Paints and Coatings Market” – global forecast to 2027
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