How the Expanding Construction Sector is Accelerating the Growth of Paints and Coatings Market For Players including: BASF, RPM International Inc., Jotun, Axalta & Masco Corporation, AkzoNobel, PPG Industries & Sherwin-Williams

The global paints and coatings market value in 2017 was calculated as $186.7 billion, and it is expected to reach $262.5 billion by 2023, witnessing a revenue CAGR of 6.0% during the forecast period (2018–2023). The key factors driving the growth of the market are increasing construction activities, expanding automotive industry, and rising demand from the oil and gas industry.

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Paints and coatings play an important role in decorating any house, office, restaurant, hotel, or automobile. These also provide texture in addition to corrosion and abrasion resistance to the substrate. Further, these enhance the durability and adhesive properties of the material on which they are applied. The paints and coatings market is huge, and thus, for the proper understanding of its growth, it is segmented by resin type, formulation, application, and region.

Talking about the resin type, the paints, and coatings market is divided into epoxy, acrylic, polyester, polyurethane, and others (nitrocellulose lacquer, nylon, and polycarbonates). Out of these, the sales volume of polyurethane are projected to have the fastest CAGR (5.9%) in the market during the forecast period.

The reason for this is that it offers beauty and strength to buildings and other structures; therefore, it is a preferred choice for a majority of commercial and residential interior projects. With a rise in construction activities (commercial and residential), the demand for polyurethane is also expected to increase.

Asia-Pacific (APAC) is anticipated to be the fastest growing market or coatings and paints during the forecast period with a sales volume and value CAGR of 7.2% and 8.3%, respectively. In this region, stringent air pollution regulations are expected to drive the adoption of eco-friendly coating resins and formulations. In addition, the growing construction industry due to increasing government and private spending is projected to accelerate the paints and coatings market growth.

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For instance, in 2017 in China, construction activities grew by 10.0% compared to 2016, while in Europe, the growth rate was 3.5% during the same period. Such growth in the construction industry in both Europe and APAC is boosting the paints and coatings market. The oil and gas industry is also playing an important role in the domain advance.

PAINTS AND COATINGS MARKET SEGMENTATION

By Resin Type

• Acrylic
• Polyester
• Polyurethane
• Epoxy
• Others

By Formulation

• Water-Based
• Solvent-Based
• Powder Coatings
• UV Coatings

By Application

• Architectural and Decorative
o Residential
o Non-Residential
• Industrial
o Automotive OEM
o Automotive Refinish
o Wood
o Coil
o Can
o Manufacturing
o Others
• Marine

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This release was published on openPR.