Paints And Coatings Market is expected to cross USD 227.70 billion by 2025. Paints and coatings enable better products that are durable, much attractive, reliable, and highly saleable. Paints and coatings are looked upon as the materials that add value to the finished products. The paints and coatings serve three major objectives; enabling aesthetic appeal or decorative value to surfaces and products, enabling protection from damage from harsh environment, and tagging specific attributes to the product. Besides, paints and coatings constitute a specific material and design with significant texture variables.
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The key driving factors responsible for the growth of Paints And
Coatings market :
Paints and coatings industry is
driven by factors such as rise in use of paint and coating in automotive,
construction, and marine industries. In addition, rise in innovation in
manufacturing processes and derivation of formulation technologies propel the market
growth. The market witnesses remarkable trends such as inception of
nanotechnology in the paints and coating industry. However, increase in use of
substitutes, wallpapers, and significant costs associated with paint related
activities is likely to hamper the market growth in the near future.
Product segment for paint and
coating market includes waterborne formulations, water-based coats and water
based polyurethane. End-use segmentation for paints & coatings industry
comprises general industries, automotive, wood, aerospace, and marine.
Geographical segmentation for
paints and coatings market includes North America, South America, Europe,
Asia-Pacific, Middle East and Africa. Asia-Pacific’s paint and coating industry
is anticipated to rise at a staggering CAGR in the forecast period due to
increase in demand for paint and coating products coupled with vast presence of
paint manufacturers in these regions. In addition, rise in commercial
construction and related activities is likely to trigger the APAC market
growth.
North American and European
markets are expected to gain a significant CAGR in the forecast period due to
stringent environmental norms and precaution against hazardous chemicals.
Middle East and African regions are likely to gain a positive traction in the
forecast period due to rise in imex business. Besides, flexible pricing coupled
with ease of availability is also expected to stimulate the market growth in
the near future. The key players in the paint & coating market include PPG
Industries, AkzoNobel, Sherwin-Williams Company, Axalta Coating System, Valspar
Corporation, Nippon Paint Holdings, Jotun Group and RPM International Inc.
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