“Paints & coating market is projected to grow 4.0% CAGR during the forecast period.”
The global paints & coatings market size is projected to grow from USD 147.2 billion in 2020 to USD 179.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period. Paints & coatings industry was impacted by the disruption and shortage of raw materials and its supply chain, lower demand from professional architecture, automotive, and aerospace industries due to lockdown and halt in production during COVID-19. However, growing demand from construction and general industrial sector is expected to drive demand for paints & coatings post Covid-19 Pandemic.
General industry is one of the fastest-growing segments amidst this pandemic
Demand for residential buildings and the improvement of home remodeling/reconstruction, foreign investment owing to low-cost labor, economical & accessible raw material, and favorable government regulations particularly countries such as China and India are projected to drive the general industry paints & coatings markets.
The acrylic resins based paints & coatings is projected to lead the market during the forecast period.
Based on resins type, acrylic is projected to lead the paints & coatings market during the forecast period. Acrylic-based paints and coatings are the least impacted due to its versatile nature and easy application in DIY projects. Post COVID-19, the construction sector is expected to gain momentum in countries such as China and India, which would lead to increased demand for acrylic paints owing to its moderate cost, easy application, and good performance in a wide variety of applications such as roof coating and wall coating.
APAC is projected to be the largest paints & coatings market during the forecast period.
Asia Pacific is the largest market for paints and coatings in the architecture segment in terms of volume and value due to an increase in numerous construction activities in China, India, which includes the construction of skyscrapers, bridges, and flyovers.
The market sizes estimated in this study were validated through primary interviews conducted with various industry experts globally.
The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 – 45%, Tier 2 – 32%, and Tier 3 – 23%
- By Designation: C-level Executives – 43%, Director Level – 38%, and Others – 23%
- By Region: North America – 35%, Europe – 25%, APAC – 33%, and RoW – 7%
Paints & coatings market was dominated by key players such as Akzonobel (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US), Nippon Paints (Japan), Axalta Coating Systems (US), Kansai Paint (Japan), BASF (Germany), RPM International (US), etc.
Research Coverage:
This research report categorizes paints and coatings market by resin type, by end use industry and by region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the paints & coatings market and forecasts the same till 2025.
Key Benefits of Buying the Report
The report is expected to help companies in the paints & coatings market in the following ways:
- This report segments paints & coatings market comprehensively and provides the closest approximations for the sizes of different segments and sub-segments of the market across different verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, opportunities and challenges for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launches and developments, collaborations and acquisitions.
- This report would help understand the pre and post-COVID-19 scenarios as to how would the penetration of paints & coatings will look like for the forecast period. The region segment includes the country wise impact analysis of COVID-19 and initiatives taken to overcome these impacts.