Pune, India, May 23, 2023 (GLOBE NEWSWIRE) -- The global paints and coatings market size was valued at USD 160.03 billion in 2021 and is expected to rise from USD 167.04 billion in 2022 to USD 235.06 billion by 2029 at a CAGR of 5% during the projected period. Fortune Business Insights™ publishes this information in a report titled, "Paints and Coatings Market, 2022-2029". As per the report, the market is projected to rise during the forecast period due to the increasing expansion of the construction industry in developed as well as developing countries.
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List of Key Players Profiled in the Paints and Coatings Market Report:
- PPG Industries, Inc. (U.S.)
- Axalta Coating Systems (U.S.)
- Nippon and Kansai (Kansai Paint Co., Ltd.) (Japan)
- AkzoNobel (Netherlands)
- Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India)
- Kansai Nerolac Paints Limited (India)
- NIPSEA GROUP (Singapore)
- The Sherwin-Williams Company (U.S.)
- Jotun (Norway)
- Nippon Paint Holdings Co., Ltd. (Japan)
- RPM International Inc. (U.S.)
- TIKKURILA OYJ (Finland)
- Asian Paints (India)
- Dunn-Edwards Corporation (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5% |
| 2029 Value Projection | USD 235.06 Billion |
| Market Size in 2021 | USD 160.03 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Paints and Coatings Market Growth Drivers | 0.5 mm to Lead as it Provides Optimum Performance |
| Increasing Demand from Various End-use Industries to Propel the Product Demand |
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https://www.fortunebusinessinsights.com/industry-reports/paints-and-coatings-market-101947
Segments:
Architectural Segment to Dominate the Market Due to Rising Construction Activities
By resin, the market is segregated into epoxy, acrylic, polyester, alkyd, PU, and others.
Based on technology, the market is divided into waterborne, solvent-borne, powder coating, and others.
On the basis of application, the market is segmented into architecture, automotive OEM, marine, coil, general industries, protective coatings, automotive refinish, industrial wood, and others.
Regionally, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COVID-19 Impact:
Disrupted Supply Chain Amid Pandemic to Restrict Market Growth
The outbreak of the COVID-19 pandemic has disrupted supply chains in several industries. The disruption in the supply chain and lack of supplies have affected the market growth and productivity of the companies during the pandemic period. Also, strict restrictions imposed by the government on import/export activities affect the supply of finished goods to consumers. Furthermore, several production and manufacturing units were shut down during the initial period of lockdown. These factors restricted the paints market growth during the pandemic.
Report Coverage:
The report focuses on market developments and advancements in the industry. Also, the impact of the COVID-19 pandemic on market growth and development is highlighted further in this report. Drivers and restraints affecting market expansion and growth are discussed further in the report, along with the lucrative opportunities gained by the key players. The regional insights for segmented regions are elaborated further with recent launches introduced by the key market players.
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Drivers & Restraints:
Increasing Construction Activities to Propel Growth
The market for paints and coatings is expected to rise during the forecast period due to increasing construction activities in developing and developed countries. Also, the increasing demand for sustainable products in the architectural industry is anticipated to drive the market in the coming years. The government's increasing investments and development initiatives are projected to fuel market growth during the forecast period.
However, challenges to obtaining thin films in powder coating may hinder the market during the projected period.
Regional Insights:
Asia Pacific Dominates Global Market Due to Rising Government Initiatives
Asia Pacific stood at USD 81.02 billion in 2021 and is expected to dominate the global paints and coatings market share during the forecast period. Increasing construction activities and rising government initiatives in developing countries are expected to drive regional market growth.
Europe is expected to stand at the second-highest position in the global market due to increasing demand from the automotive industry. Increasing disposable income and an abundance of raw materials may foster market growth.
Competitive Landscape:
Key Players Form Alliances to Strengthen Their Market Position
The key market players implement various strategies to expand their business. These strategies include forming a strategic alliance, acquisition, collaboration, and partnership with different companies. Also, implementing product innovation strategies allow companies to improve their product portfolio and globalize their brand by attracting global customers.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Insights on Regulatory Scenario
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Latest Technological Advancement
- Qualitative Insights – Impact of COVID-19 on Global Paints and Coatings Market
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
TOC Continued...!
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Key Industry Developments:
- January 2022: PPG announced an investment of more than USD 10 million to boost the production of original automobile equipment manufacturer (OEM) coatings at its Weingarten, Germany facility. PPG is building a 10,000-square-foot extension to its current plant to produce more than 5,000 metric tons of waterborne basecoats per year.
- August 2021: Sika sold its European industrial coatings business located in Germany to the Sherwin-Williams Company, a global leader in paints and coatings based in the U.S. With this, Sika will divest its European industrial coatings business.
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