Global Paints and Coatings Market Report, published by Variant Market Research, forecast that the global market is expected to reach $248.5 billion by 2024 from $153.5 billion in 2016; growing at a CAGR of 6.2% from 2016 to 2024. In terms of volume, the market is expected to reach 60.6 billion tons by 2024, at a CAGR of 5.4% from 2016 – 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 6.7% and 6.4%, respectively, during the forecast period.
Paints and Coatings Market (By Application:Architectural and Decorative, Industrial, and Marine; By Geography: North America, Europe, Asia-Pacific and RoW)Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024
Paints and coatings are widely used for protection and decoration of indoor & outdoor areas, when applied on a surface, the solvent vanishes, letting resin and pigment to make a film of paint & dry rapidly. The new coating technologies comprise waterborne coatings, & radiation-curable coatings.
Increasing demand from end-use industries to drive the growth ofthe paints and coatingsmarket
The factors supporting growth of the global paints and coatings market are green environmental rules, high adoption of elastomeric coating in the tilt-up concrete in building and construction, facility of tough coatings with better performance, and increasing demand from end-use industries. However, additional drying time essential for water-based coatings and efforts in procurement of thin films in the powder coating may act as a restraint for the growth of the market. Moreover, increasing applications of fluoropolymer in the building and construction industry would provide several growth opportunities for the market in the future years.
Application, and geography are the major segments considered in the global paints and coatings market. By, application, the market is bifurcated into architectural and decorative, industrial, and marine. Architectural and decorative includes water-based, and solvent-based. By industrial, the market is further categorized into water-based, solvent-based, powder, and UV based. By geography, the global paints and coatings market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Industrialaccounted for the largest market share in the application segment
Global Paints and Coatings Market, by Application
Industrial accounted for the largest market share in 2016, in the application segment, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to increasing demand of industrial paints and coatings from several end use industries such as consumer goods, machinery manufacturing, marine sector, automotive, oil & gas, aerospace sector and consumer goods.
Asia-Pacific dominated the global market with highest market share over the forecast period
GLOBAL PAINTS AND COATINGS MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacificdominated the global paints and coatings market with largest market share of 42.7% in 2016, and expected to continue its dominance during the forecasted period, owing to an increased demand from construction in Asia-Pacific which is mainly due to growth of the region’s rising household activities.
The major players operating in the market are PPG Industries, Inc., Sherwin-Williams Company, Axalta Coating Systems, Asian Paints Limited, The Jotun Group, Nippon Paint Holdings Co., Ltd., RPM International Inc., Kansai Paints Co., Ltd., Valspar Corporation, and Hempel Holding A/S, among others.