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Global Paints & Coatings Market Growth Report Analysis and Forecast 2022-2030

09-14-2022 01:09 PM CET | Arts & Culture

Press release from: Inkwood Research

PAINTS & COATINGS MARKET

PAINTS & COATINGS MARKET

Inkwood Research estimates that the Global Paints & Coatings Market Forecast is set to evolve at a CAGR of 6.22% in terms of revenue during the forecasting years of 2021-2028.
"Browse 69 Market Data Tables and 57 Figures spread over 193 Pages, along with an in-depth TOC on the Global Paints & Coatings Market Forecast 2021-2028."

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Paint is a liquefiable mastic composition that converts to a solid film. It is available in different types and colors. It is applied as a liquid, and most types dry into a solid. Coating, on the other hand, is a covering applied to the surface, for functional and decorative purposes. It also aids metals and other substrates to withstand exposure to every day wear & tear.

Rising Demand from Automobile OEM fuels Market Growth
Automotive production has been on the rise in regions like the Asia Pacific, with growing consumer expenditure and increasing population. Countries like Vietnam, the Philippines, India, and China, are considered the potential markets for automobiles, due to the large presence of manufacturers with their manufacturing plants. Also, the availability of low-cost labor, rising urban population, and favorable raw material prices, contribute to the increasing demands. China encompasses a growing middle-class population, and with the urbanization of Western China, the demand for vehicles has increased. The government initiatives are also raising the demand for automobiles.
In the Philippines, there is a growing demand for construction, transportation, and infrastructure, along with rising sales in the automotive industry. Moreover, in Europe, the automotive industry is integral to economic growth. It is essential for upstream industries, like textiles, downstream industries, chemicals, steel, etc. The initiatives from the European Commission, entailing global technical harmonization, strengthen the automotive industry. Such factors are set to boost the demand and usage of paintings & coatings.
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Industrial is the Dominant Application as of 2020
Industrial paints & coatings are used by original equipment manufacturers. They are also called product coatings. They are available in several forms, films, laminates, liquids, pastes, solids, powders, and aerosols. The major consumers include manufacturers of metal containers, metal furniture, metal coil, appliances, wood furniture & fixture, and automobiles. These coatings have more protective features than aesthetic properties. They are commonly used for corrosion control of steel or concrete. At the same time, their other functions include intumescent coatings for fire resistance. They offer protection against elements, along with providing a decorative finish, enhancing the appeal of products.

Asia Pacific to Gain Prominence in Market Share and CAGR
The increasing housing construction activities in emerging economies and the rising demand from the automotive industry are set to influence the market growth in the Asia Pacific. Eminent car manufacturers like Daimler, Jeep, Volvo, Kia, and Chevrolet, are setting up their manufacturing facilities in the region.
Countries like Vietnam has one of the fastest-growing paint & coatings industries in the ASEAN region. It has enabled many regional and multinational manufacturers to set up their facilities in the country. With the presence of major producers, Vietnam is expected to register steady growth during the forecast period.
The competitive rivalry is high in the market, given the high firm concentration ratio. Companies are innovating products and offering value-added services to enhance the customer experience. PT Propan Raya ICC, PPG Industries Inc, RPM International Inc, Asian Paints Limited, Berger Paints India Limited, Akzo Nobel NV, etc., are among the prominent companies in the market.

Related Reports:
GLOBAL WOOD COATINGS MARKET
GLOBAL AUTOMOTIVE PAINTS & COATINGS MARKET
GLOBAL DEFOAMING COATING ADDITIVES MARKET
GLOBAL NANOCOATINGS MARKET

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