Europe Paints and Coatings Market is estimated to value at USD 30,400.20 milllion in 2018, and is expected to reach USD 36,051.00 million by 2023, registering a CAGR of 3.47% during the forecast period, 2018-2023.
Rising demand from the automobile industry and increasing adoption of new technologies are driving the Europe paints and coatings market. However, the market faces certain drawbacks, such as stringent environmental regulations regarding VOC emissions and slow growth in machinery and appliances sector. These factors may act as a roadblock to the growth of the market.
By application, architectural segment is estimated to hold the largest share in the Europe Paints and Coatings market, while by technology, water-borne dominated the Europe market in 2017. Packaging segment is expected to register the highest CAGR through the forecast period, 2018-2023. Europe accounts for more than 35% of the global aerosol can production. The contimous rise in demand from perosonal care and other end-use industries in the region is boosting the aerosol can coatings market, which is turn is boosting the packaging coatings in the Europe region.
Germany has the highest market share in 2017, primarily due to superior advancement in the field of paints and coatings. The residential sector in Germany is expected to grow by 7% in 2017. The presence of large number of refugees and assylum seekers in the country and the presence of low interest rates are expected to drive the demand for residential construction in the next five years. Aditionally, Germany is the second largest furniture producer in the world. In the entire period of 2016 turnover of the German furniture industry increased by 3.2% to EUR 17.957 billion. Such factor is enourmously driving the paints and coatings market in Germany, thus making the country register the highest CAGR during the forecast period in the Europe paints and coatings market.
The following sample chart shows the market share of different technologies in Europe Paints & Coatings Market for 2017.
Opportunities and Major Players
Recovering construction industry in Europe and shifting focus towards the development of eco-friendly alternatives are expected to offer numerous opportunities for the growth of the Europe Paints and Coatings market.
Some of the major companies dominating this market for its products, services, and continuous product development, include:
Key Deliverables in the Study