Global paints & coatings market has witnessed a healthy growth and it is likely to continue growing over the forecast period to reach USD 190167.6 million by the end of 2023. The market growth is attributed to the continuously increasing growth of the application segment such as residential and non-residential in architectural sector along with automotive and general in industrial sector. Architectural sector is estimated to be the major segment and is accounted for 55.1% share of the market in 2017. Industrial sector accounted for 44.9% share in 2017. General segment which includes, appliances, aluminium extrusions, metal furniture, vehicle components and HVAC among others accounted for largest market share of 55.4% in the industrial sector. The segment anticipated to retain its dominance over the forecast period with a share of 56.0% by the end of forecast period due to growing demand for paints & coatings in appliances, metal furniture and HVAC. Automotive segment accounted for second largest markets share of 24.5% in 2017 in industrial sector, with market value of USD 15574.5 million. The segment is anticipated to grow at CAGR of 5.09% during the forecast period to reach USD 20978.4 million by 2023 end.
Threat of New Entrants in Global Market
Taking all the past and present global market trends, forces, and scenarios under consideration, the global paints & coatings market is estimated to have medium threat of new entrants. This is primarily attributed to the capital intensive nature of the industry and dominance of leading market players in almost all the major regions across the globe. In addition to this, the supply of a wide range of product to suffice the market demand. However, over the forecast period, the demand for paints & coatings is projected to expand exponentially in architectural sector on account of huge demand from building & construction industry. Moreover, the automotive industry is also a major consumer of paints & coatings which is witnessing considerable growth during the forecast period. Thus in future, the growing demand may pave the way for new participants to enter the market.
Global Paints & Coatings Market Share, by Application 2016, (%)
The global paints & coatings market is divided into five key regions like the Middle East & Africa, Asia Pacific, Latin America, North America and Europe. Among these regions, Asia Pacific market acquired more than 50% value and volume share of the market. The region offers a significant growth potential in the paints & coatings market and is slated to register the CAGR of 5.41% during the forecast period owing to the rising disposable income, rising demand for appliances, growing population in the region, and growing construction activities in the region. China is the largest market for paints & coatings in the region and is expected to dominate during the forecast period due to increasing consumption of paints & coatings across architectural and industrial sectors. Additionally, the fragmentation of paints & coatings market among small Chinese players is attributed to the substantial value addition in the paints & coatings market in the country.
On the basis of type, paints & coatings market is segmented into acrylic, alkyd, epoxy, polyurethane, alkyd, polyester, fluropolymer polyether etherketone (PEEK), polyaryl etherketone (PAEK), polyether Ketone (PEK) among others. Based on the performance range, the market is divided in to commodity, engineering and high performance segments. Based on application, market is segmented as architectural and industrial segment.
Some of the key players operating in the global paints & coatings market are 3M, Jotun Group, The Sherwin-Williams Company, TIGER Coatings GmbH & Co. KG, Vitracoat America, Dai Nippon Toryo Co., Ltd, Kansai Nerolac Paints Limited, Diamond Vogel, Hentzen Coatings, Inc., Berger Paints India Limited, National Paints Factories, Axalta Coating Systems Ltd, Guangzhou Kinte Paints & coatings, and AkzoNobel N.V., among others.
The geographic regions covered in the report are stated as below:
• North America
o The U.S.
o Rest of Europe
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o Rest of Middle East & Africa
Market Research Future predict a healthy growth in the global paints & coatings market and growth is expected to continue in the near future due to rising demand for coating in appliances, automotive, agriculture & construction and architectural sector. Looking at the global scenario, the paints & coatings market is projected to reach 190167.6 million at CAGR of 5.06% by 2023 end. Acrylic is the major segment based on resin type and accounted for 40.3% share in the year 2017. The factor that makes the acrylic segment to be major consumer among other resin segments is the low cost of it in comparison to other resin based paints.
• Paints & coatings manufacturers
• Paints & coatings distributor
• Appliances Manufacturers
• Automotive Manufacturers
• Potential investors
• Paints & coatings suppliers
• Nationalized laboratory
• Paints & coatings
• Solid Coating
• Polyester Paints & coatings
• Epoxy-Polyester Hybrid Coating
• Acrylic Coating
• Spray drying process
• Thermostat Paints & coatings
• Thermoplastic Paints & coatings
• Automotive Coating
• Appliance Coating
• Dry Solid Coating
• Solventborne Paints