The global paints and coatings market was valued at USD XX million in 2016. The market is projected to reach USD XX million by 2021, growing at a CAGR of 5.87% during the forecast period 2016-2021
Paints and coatings industry is divided into two sub-sectors namely, industrial and architectural. Architectural coatings include both interior and exterior paints, varnishes, primers, stains and sealers, and their demand is primarily depended on the growth and performance of the construction sector. Industrial coatings include coil coatings, automotive paints, refinishers, furniture finishing and road marking paints, and their demand is linked to the growth and performance of the industrial equipment sectors, automotive industry and appliance industries.
The market is driven by number of factors, such as the growing demand from the infrastructure industry in the Asia-Pacific region, growing demand from the automotive industry, and increased awareness towards sustainable products. On the flipside, the fluctuating raw material price, and stern government & environment regulations on chromate-based coating is a major factor impeding the growth of the market.
Taking just the application into account, Architecture & Decorative hold the largest share of the Asia-Pacific Paints and Coatings market, with water borne being the largest technology based coatings. In terms of growth, automotive OEM and consumer durables applications would fuel the amount of growth in the demand for Paints and Coatings market in Asia-Pacific region.
The Asia-Pacific region has the highest market share for paints and coatings due to the rapid growth in building & construction and automotive industry. Moreover, the industrial growth in the region is also contributing to the growth of the global paints & coatings market.
Opportunities and Major Players
The increasing applications and usage in electronics due to increasing demand and the recovering construction industry in Europe will give significant opportunity to the global paints and coatings market during the forecast period. Moreover, the development of bio-based products, and introduction of the fluoropolymer coatings in India are expected to offer numerous opportunities for the growth of the global paints and coatings market. Some of the major companies dominating the market are AkzoNobel, Sherwin-William, Valspar, PPG Industries, RPM International, Asian Paints, H.B. Fuller and Nippon Paints among others.
Key Deliverables in the Study