Paints and Coatings Market | Akzo Nobel N.V., Asian Paints, Axalta Coating Systems, BASF SE

Paints and coatings are used as decorative as well as protective coatings. Most of the paints are used to increase surface resistance from harsh environmental conditions. They are classified as waterborne coatings, solvent-borne coatings powder coatings, and specialty coatings. Marine, automobiles, packaging, furniture, aerospace, rail and construction are some of the major end-user of paints and coatings.

The global paints and coatings market is projected to surpass US$ 220 billion by the end of 2027, in terms of revenue, growing at CAGR of 5.4% during the forecast period (2020 to 2027).

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Detailed Segmentation:

Global Paints and coatings Market, By Product Type:
High solids/radiation cure
Powder coating
Waterborne coatings
Solvent-borne coatings
Others

Global Paints and coatings Market, By Application:
Automotive & Aviation
Medical & healthcare
Residential
Commercial
Others

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Heavy-duty paints and coatings are gaining traction in the marine and aerospace industry. They provide protection for a longer time to the components and equipment. Aqua coatings are witnessing huge demand from the marine industry due to the growing marine industry around the globe. Growing sea-port trade coupled with the increasing demand for new formulation for the marine industry is also expected to foster the demand for heavy-duty paints, thereby fueling the market growth.

Supply and distribution agreement between manufacturers for expanding market presence is a growing trend. For instance, in December 2019, Dulux Protective Coatings has partnered with Fireshield Coatings to supply intumescent coating systems into Australia and New Zealand for both interior structural steel and timber surfaces.

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