Paints and Coatings Market is expected to register a significant CAGR during the forecast period, 2018-2023| Dominant Vendors - PPG INDUSTRIES INC., AKZONOBEL NV, SHERWIN WILLIAMS, RPM INTERNATIONAL, NIPPON PAINTS (NIPSEA GROUP), amongst others

Market Analysis:

Asia-Pacific expected to Dominate the Market Growth
Asia-Pacific had the largest share in the market, while North America is estimated to register the second-fastest CAGR through the forecast period. Rapidly growing construction industry, primarily in China and India, is a major factor driving the demand for paints and coatings in the region.

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The global paints and coatings market is dominated by architectural coatings (both in terms of revenue and volume). The global residential sector is growing consistently, owing to the recovering construction industry in Europe and increasing investments by the Indian and Chinese governments. This in turn, is boosting the demand for architectural coatings. An automotive OEM coating is expected to register the fastest CAGR through the forecast period. Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia have either set up their automotive manufacturing facilities, or are planning to start new facilities in Asia-Pacific in the near future. This in turn, is expected to increase the usage of coatings in the automotive industry to a major extent in the region.

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Market Segments:
Paints and Coatings Market is segmented by:
1. Resin: Vinyl Acrylate, Pure Acrylics, Acetates, Styrene Acrylics, Alkyd, Acrylic Based, Epoxy Based, Vinyl Ester, Polyester, Polyurethane
2. End-User Industry: Architectural, Automotive, Wood, Protective Coatings Market, General Industrial, Transportation, Packaging
3. Technology: Water-Borne, Solvent-Borne, Powder Coatings, UV Cured Coatings
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• November 2017: AkzoNobel announced plans to separate its specialty chemicals business from paints and coatings and sell it to an affiliate of the AkzoNobel Group for INR 320 crore
• October 2017: Axalta introduced waterborne coatings to its growing portfolio of industrial Tufcote offerings
• June 2017: Sherwin Williams completed the acquisition of Valspar, a global leader in paints and coatings industry

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This release was published on openPR.