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"The Paints & Coatings Market Size Are Projected To Grow From USD XX Bn In 2019 To USD 210.6 Bn by 2028 at a CAGR Of 5.4%."
The growth of Paints & Coating market is attributed to an increasing the consumption of paints & coatings in applications such as architecture and infrastructure facilities. The rising construction & infrastructure industry in the developing countries is boosting the demand for paints & coatings. Paints & coatings are employed for both interior and exterior surfaces of constructions for protective & decorative purpose. The demand for paints & coatings is rising in emerging economies due to increased construction & infrastructure activities backed by increased public and private investments. Furthermore, the provision of subsidies by local governments for residential constructions is positively impacting the demand for paints & coatings in the emerging economies such as China, India and Brazil.
Paints & coatings are also employed in industrial applications such as metal sheets and metals parts surfaces mainly to provide corrosion resistance. The increasing concerns regarding product failure due to corrosion and rise in use of steel and other ferrous materials is anticipated to boost the consumption of paints & coatings. Furthermore, the manufacturing companies are focusing on reduction of maintenance costs by optimum use of paints & coatings. This, in turn is projected to fuel the demand for paints & coatings during the forecast period.
The paints & Coating offers enhanced material properties in terms of as adhesive, corrosion resistance etc. that results into improved life of surfaces in all end-use industry. The increasing demand for automotive and other industrial coatings is driving the demand for paints & coatings across the globe. However, the fluctuations in the raw materials of paints & coatings are projected to hinder the growth of the market during the forecast period.
Acrylic segment of paints & Coating market to witness a rapid CAGR:
Acrylic segment is categorized as emulsifiers, powders and lacquers. Acrylic paints & coatings are highly consumed among the alternatives. The main component of acrylic paints is methacrylic acid. It has enhanced properties in terms of higher UV absorption and improved corrosion resistance. Thus acrylic paints and coatings are preferred over its alternatives. Furthermore, acrylic paints & coatings offer better surface finish in terms of color stimulation and surface gloss. The acrylic paints & coatings are employed in industrial applications owing to its cost effectiveness and ease of handling coupled with its enhanced performance in numerous applications. Acrylic paints & coatings can be cured with water evaporation that results into substantial cohesion strength. Therefore, the acrylic paints & coatings held significant share of around 40% in global paints & coatings market in 2019. The demand for acrylic paints & coatings is projected to expand rapidly during the forecast period.
Asia-pacific region to hold prominent share in Global Paints & Coating market:
Asia Pacific paints & coatings market is anticipated to expand at rapid pace during the forecast period owing to rise in construction & infrastructure activities in the countries such as China, India, Indonesia & Singapore. The demand for high quality paints & coatings is rising owing to improvement of lifestyle of middle class population in the developing countries. Moreover, the ever-growing population and significant increase in disposable income in the developing countries of Asia Pacific has boosted the demand for residential infrastructure. This, in turn is driving the demand for paints & coatings in Asia Pacific region. Furthermore, the establishing automotive manufacturing industry mainly in countries such as China, India and Thailand is projected to fuel the demand for paints & coatings during the forecast period.
Therefore, Asia Pacific region held a prominent share of around 44% share in global paints & coatings market 2019. The market is expected to experience the fastest CAGR during the forecast period.
The global paints & coatings market is fragmented among the number of local & global players. The global players of paints & coatings industry are adopting strategies such as mergers & acquisitions of local prominent player to gain the competitive advantage. Key players are focusing on investments in product development to cater the demand from wide range of applications from various industries.
Key rivalry forces present in the paints & coatings market are listed as follows; AkzoNobel N.V., PPG Industries, The Sherwin-Williams Company, Nippon Paint Holding Co. Ltd., Axalta Coatings System LLC, Tikkurila Oyj, Jotun A/S, and RPM International Inc. Competing in the global market.
Key segments of Paints & Coatings market:
- Others (Including Silicone, Amino, etc.)
- Others (UV & EB)
By End User:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa