Press release
Paints & Coatings Market Emerging Trends, Highlights and Challenges Forecast 2023
Paints and Coatings Market
AkzoNobel N.V. (Netherlands), PPG Industries (U.S.), Axalta Coatings Systems (U.S.), BASF Coatings GmbH (Germany), The Sherwin-Williams Company (U.S.), Asian Paints (India), Kansai Paints (Japan), Jotun A/S (Norway), RPM International (U.S.), Hempel A/S (Denmark), and Nippon Paint Holdings Co., Ltd. (Japan) and among others are some of the prominent players at the forefront of competition in the Global Paints & Coatings Market and are profiled in MRFR Analysis.
Paints & Coatings Market – Market Overview
Paints & Coatings offer excellent adhesion with high corrosion and abrasion resistance and are used to provide glossy and decorative finish to the final product. They are composed of organic or non-organic resins and are applied to increase the durability as well as performance of products. Due to the aesthetic properties associated with paints & coatings they have found their diverse applications in construction, architectural, automotive, wood, industrial, and others.
Despite of economic slowdown and various uncertainties, Paints & Coatings Market has shown steady growth over the years. In addition to this, consistent production innovations led by different production technologies expected to retain the growth trend of this this market over the coming years as well. Innovative formulation technologies has been successful to fulfil the consumer demand and is considered as key growth driver in this market over the years. Moreover, emergence of nanotechnology has fuelled demand for paints and coatings products across the globe.
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Increasing investment by key industry participants to introduce cost-effective, efficient, products linked with incising expansion and acquisition market strategies complementing global market growth. Paints & Coatings are largely applicable in automotive, construction, industrial applications. Automotive industry set to uplift consumption of paints, s they are used as dual purpose of protection as well as decoration. Increasing adoption of enamel paints to reduce environmental impact is increasing year by year and it is expected to drive global demand. As per WPCIA, Asia Pacific is the most promising Paints & Coatings Market, and it is expected to surpass 23.1 million KT in terms of volume by leading global market. Emerging economies such Taiwan, India, South Korea, Indonesia are likely to witness penetration of several dye manufacturers by complementing Paints & Coatings demand. In addition to this, incising investment in construction industry by government of India & China expected to continue prominence of Asia Pacific over the review period of 2017-2023.
Paints & Coatings Market- Competitive Landscape
BASF Coatings GmbH, AkzoNobel N.V., PPG Industries, Nippon Paint Holdings Co., Ltd arte the major stakeholders of global paints & coatings market. This market is undergoing acquisition of major players to position as market leader and the trend is likely to continue over the forecast period due to significant growth provided by the market. Acquisition of BASF’s coating bigness by AkzoNobel is undertaken in exchange of USD 558.1 million and it is considered as one of the major industrial initiatives and has set to increase industry rivalry.
Industry/ Innovation/ Related News:
May 9, 2017- Akzonobel acquired French paints & coating producer Disa Technology (Disatech). This acquisition has undertaken by projecting their market leadership in supplying innovative industrial coatings and aerospace and automotive coatings. The acquisition of Disatech expected to bring new technological changes and services specifically in transport sectors.
Jun 7, 2017- AkzoNobel completes expansion of coating research facility in Houston, U.S. The research activity has undertaken by investing USD 3.5 million, with employing 40 expertise manpower which will support company’s protective coatings, marine coatings, and specialty coaming business.
June 20, 2017– BASF has announces USD 40 million investment at its Greenville, Ohio, and Tultitlan, Mexico based automotive coatings plant. The investment is undertaken by eyeing increasing demand for commercial & consumer automotive vehicles. Moreover this development will have help BASF while bridging the gap between demand and supply in automotive industry.
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December 15, 2016- To position as a global leader in coil coatings Akzonoebel complete acquisition of BASF’s industrial coatings business. This acquisition is considered as one of the major initiatives in the paints & coatings industry. The acquisition transaction includes relevant technologies, patents and trademarks, as well as two manufacturing plants in the United Kingdom and South Africa. In addition to this, this transaction is based on a deal value of USD 558 million, with BASF’s Industrial Coatings business generating revenue close to USD 352.1 million in 2015.
June 15, 2016- BASFinvested USD 165 million and strengthen its automotive coatings operation in Shanghai, China by opening new production plant. The investment has made to cater one of the promising automotive market of Asia Pacific. The new investment in China is another example of BASF’s ongoing growth strategy in this region and in our automotive coatings business.
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