European Paints & Coatings Market worth $34.3 billion by 2025 | Key Players include AkzoNobel N.V., PPG Industries, Sherwin-Williams Company, BASF Coatings GmbH, Axalta Coating System LLC

According to recent market research "European Paints & Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Waterborne, Solventborne, Powder), Application (Architectural, Industrial), and Country - Global Forecast to 2025", The European paints & coatings market size will grow to USD 34.3 billion by 2025 from USD 30.6 billion in 2020, at a CAGR of 2.3% during the 2020-2025 period. The resurgence in the growth of the housing and construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income are driving the paints & coatings market.

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Polyurethane resin paints possess properties such as high durability, toughness, high gloss, and are easy to clean. Polyurethane paints are also used where high performance is expected, such as oil-rig towers, warehouses, industrial plants, heat-resistant coatings, and bridges. Polyurethane paints are used in wood coatings, aircraft coatings, and construction. Other applications where polyurethane resin paints and coatings can be used are heavy-duty exterior and interior structural coating, clean rooms, paper mills, power plants, offshore structures, oil field machinery, exterior surfaces of steel tanks, handrails, conveyors, and chemical processing equipment.

Industrial is projected to be the fastest-growing end-use industry of European paints & coatings. An industrial coating or paint is typically defined by its protective rather than its aesthetic properties, although it often provides both. They are used for corrosion control of steel or concrete in numerous applications. Industrial application is segmented into general industrial, automotive OEM, automotive refinish, wood, protective, marine, coil, packaging, aerospace, and others.

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The European paints & coatings market size is projected to grow from USD 30.6 billion in 2020 to USD 34.3 billion by 2025, at a CAGR of 2.3% during the forecast period. The resurgence in the growth of the housing and construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income are driving the paints & coatings market. Technological advancements in end-use industries such as automotive, marine, aerospace, wood, and general industrial are also supporting the growth.

The key players operating in the market are AkzoNobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams Company (US), BASF Coatings GmbH (Germany), and Axalta Coating System LLC (US). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and joint venture & agreement to grow in the market. New product launch was the key strategy adopted by the major players between 2016 and 2020. This strategy helped companies enhance their product portfolio.

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AkzoNobel N.V. is a key player in the European paints & coatings market. It is a diversified chemical company. It is active in the fields of decorative paints, performance coatings, and specialty chemicals. AkzoNobel N.V. has a strong customer base and operates in many countries of Europe, North America, APAC, South America, and the Middle East. The company has business activities in more than 80 countries around the world. It has a wide product portfolio, which includes brands such as Dulux, Sikkens, Butanox, Elotex, International, and Interpon. The company has 548 offices and manufacturing sites across the globe in countries such as China, India, the US, Germany, Brazil, and the UAE, among others. In September 2020, AkzoNobel plans to invest USD 24 million to increase its powder coatings capacity at its plant in Como, Italy, to strengthen its market position and sharpen its focus on greener manufacturing. The additional capacity would be installed in a renovated building where powder coatings were originally made, which is sustainable reuse of a historic part of the site.

PPG Industries, Inc. manufactures and distributes coatings, optical & specialty materials, and glass products. The company operates in five segments, namely, performance coatings, industrial coatings, architectural coatings, optical & specialty materials, and glass. In addition, PPG Industries offers architectural coatings that are used by painting and maintenance contractors and by consumers to decorate and maintain residential & commercial building structures. As of December 2018, the company had 150 manufacturing sites across the globe in the countries of North America, APAC, South America, the Middle East & Africa, and Europe. In October 2020, PPG launched a new line of floor coating systems, which include prime coats, base coats, and topcoats. The specific applications served by these coatings are general purpose applications, high traffic, chemical, and outdoor work environments.

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