ALBANY, New York, April 11, 2019 /PRNewswire/ -- The global paints and coatings market depicts a moderately consolidated vendor landscape, reports Transparency Market Research (TMR). A high degree of competition is seen among market players operating in the global paints and coatings market. The market is mostly dominated by a handful of uppermost players, who are scattered globally. A few key players in the paints and coatings market include BASF SE, PPG Industries, Axalta Coating Systems, Nippon Paint Holdings, Valspar, and Akzo Nobel N.V.
The global paints and coatings market is experiencing an intense competition wherein the dominant players are vying to gain utmost market shares. These players are capturing all the bountiful opportunities for expanding their geographical boundaries. The global paints and coatings market is expected to grow steadily due to the presence of topmost companies, who are keeping themselves abreast of eco-friendly paints and coatings. These companies majorly focus on manufacturing, developing, distributing of paints and coatings and related products to industrial, professional, retail, and commercial customers. Furthermore, the leading vendors are aiming at spreading their businesses in developing economies for boosting their shares in the market.
The global paints and coatings market is expected to register a remarkable growth during the assessment period 2018-2026. It is expected to register over 5.2% CAGR during the forecast period. The market was valued US$149.79 bn in 2017. By the end of 2026, the market is expected to gain a valuation of US$236.82 bn, predicts the report.
Among various technologies, the water-based segment dominates the global paints and coatings market in terms of volume. This is mainly due to notable advantages associated with water-based paints and coatings such as low VOC emissions, less flammability, and stable viscosity. On the regional front, Asia Pacific is expected to be a leading consumer in the paints and coatings market, owing to the rising building and construction activities in key nations include China, India, Malaysia, and Singapore.
Mushrooming End-use Industries Globally Stokes Demand in Paints and Coatings Market
Paints and coatings are mainly composed of either inorganic or organic resins. They are highly used to impart a decorative and glossy finish to the product's surface including equipment, metal component, walls, and many more. The intention behind applying the paints and coatings on the surface is to enhance the performance as well as the durability of the products. They exhibit superior properties such as high corrosion and abrasion resistant and excellent adhesion, which makes them suitable and favorable in broad application spectrum. Such USPs are driving the global paints and coatings market. The growth in the global paints and coatings market is vastly attributed to strengthening production of several end-use industries include marine, automotive, aerospace, and building and construction. Growing number of construction projects worldwide is a major factor fueling the consumption of paints and coatings, which in turn is boosting the overall paints and coatings market.
Furthermore, paints and coatings are also widely adopted in automotive and manufacturing industry. In such industries, they are highly being used for painting and coating of automotive parts to extend its sustainability. Thus, rising market for automobiles and consumer goods is also propelling expansion in the global paints and coatings market.
Solvent-borne coatings contain significant amounts of VOCs, which are considered hazardous to the environment as well as human health. Moreover, such solvent-based paints and coatings are responsible for deteriorating air quality. Thus, governments' strict norms and regulations to reduce VOC emissions is appear as a big challenge in the global paints and coatings market. Such factor is restricting growth of the global paints and coatings market. Nonetheless, rapid industrialization and urbanization and soaring demand for paints and coatings from electrical and healthcare industries is believed to help overcome this challenge in the future.
The review is based on a market research report by TMR, titled, "Paints and Coatings Market (Resin - Acrylic, Polyurethanes, Polyesters, Epoxy, Alkyd; Technology - Water based, Solvent based, High Solid, Powder, and Others; Application - Automotive and Transportation, Aerospace, Building and Construction, Packaging, Health Care and Medical Devices, Marine, Electrical and Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026".
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