The new report by Expert Market Research titled, ‘Global Paints and Coatings Market Size Report and Forecast 2021-2026’, gives in-depth analysis of the global paints and coatings market, assessing the market based on its segments like resin type, technology, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026):
- Historical Market Size (2020): USD 160 Billion
- Forecast CAGR (2021-2026): 4%
- Forecast Market Size (2026): USD 202 Billion
Global paints and coatings market is expected to see increased demand from the architectural industry, which will help the industry grow during the forecast period. On the other hand, fluctuating raw material prices due to volatility in crude costs is a limiting factor that could stymie the growth of the paints and coatings industry during the forecast era.
Anti-corrosive safety and nano-coatings are examples of emerging developments that have resulted in products that can help the industry develop and better meet market demand. The products produced are becoming more environmentally friendly and perform better. The industry’s potential growth is expected to be aided by increasingly better goods.
Industry Definition and Major Segments
Paints and coatings are chemicals that are applied to a good’s surface material to protect it from corrosion and rusting, thus improving the goods’ longevity. They may also improve the appearance of the products thus extending their lifespan.
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Based on the resin type, the market can be classified into:
- Acrylic
- Alkyd
- Epoxy
- Polyester
- Polyurethane
- Vinyl
- Others
Based on the technology, the market can be segmented into:
- Powder-Based
- Water-Borne
- Solvent-Borne
- Others
Based on application, industry can be segmented into:
- Architectural
- Industrial
Industrial paints and coatings can be further divided into the following:
- General Industrial
- Automotive and Transportation
- Wood
- Aerospace and Marine
- Protective
- Others
Based on region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
One of the major factors driving the global paints and coatings market is the rising demand for high-performance coatings. Because of their resistance to severe conditions, the coating is likely to be used in industrial piping, tank exteriors, offshore platforms, and containers for inoculation of more important instruments for safety.
High-performance coatings are also commonly used in the marine and aerospace industries, in addition to general industrial applications. The expansion of these coatings’ application scope is expected to drive rapid growth in the coming years. In the coming years, the expansion of the transportation industry is expected to provide crucial growth opportunities for coatings products.
Furthermore, during the assessment era, the increasing demand for paints and coatings in the shipbuilding and pipeline industries is expected to provide lucrative market opportunities. Due to the region’s rapid architectural and industrial development, the Asia Pacific market is expected to expand significantly. Global paints and coatings market growth is expected to be fuelled by the rapid development of automotive production in Asia-Pacific and the expansion of the general industrial sector around the world.
Key Market Players
The major players in the market are PPG Industries Inc., Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., BASF SE, The Sherwin-Williams Company, RPM International Inc., Beckers Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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