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Global Paints and Coatings Market Estimated to Reach USD 234.8 billion by 2024 at a CAGR of 6.0% from 2019 to 2024- Axiom MRC
Global Paints and Coatings Market was Worth USD 160.5 billion in 2017
The global paints and coatings market was worth USD 160.5 billion in 2017 and it is estimated to reach USD 234.8 billion by 2024 at a CAGR of 6.0% from 2019 to 2024. Application of paints and coatings in architectural application is estimated to dominate the global market till 2024. Water-based technology is anticipated to be the most preferred technology type of paints and coatings market. Waterborne paints and coatings were the prime product segment in 2016 with a demand of over 18.0 kilo tons in 2016 and it is further expected to grow substantially over the forecast period because of rising demand from numerous application segments including furniture, construction and automobile industries.
The global paints and coatings market is segmented based on resin type, technology, application & geography. The market for paints and coatings, on the basis of resin type, is segmented into acrylic, epoxy resin, alkyd, polyurethane, polyester and others. On the basis of technology, the market is segmented into water-based technology, solvent-based technology, high solids, powder coating and others. Application of paints and coatings is segmented into architectural application and industrial application. Architectural application is further segmented into residential, non-residential and infrastructure. Industrial application is sub-segmented into general industrial, automotive OEM, automotive refinish, wood coating, marine coating, coil coating, packaging coating, aerospace coatings and others. Based on geography, the global paints and coatings market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The paints and coatings marketspace comprises of major players such as AkzoNobel N.V., Asian Paints, Kansai Paints, PPG Industries, Axalta Coatings Systems, BASF Coatings GmbH, The Sherwin-Williams Company, Jotun A/S, RPM International, Hempel A/S, and Nippon Paint Holdings Co., Ltd. among others
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