Paints and Coatings Market Size to Hit $249.70 Billion by 2027 | Fortune Business Insights™

Fortune Business Insights
·7 min read

Key companies covered are Dunn-Edwards Corporation (U.S.), TIKKURILA OYJ (Finland), Nippon Paint Holdings Co., Ltd. (Japan), The Sherwin-Williams Company (U.S.), Kansai Nerolac Paints Limited (India), AkzoNobel (Netherlands), Axalta Coating Systems (U.S.), S K Kaken Co., Ltd (Japan), RPM International Inc. (U.S.), Jotun (Norway), NIPSEA GROUP (Singapore), Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India), PPG Industries, Inc., (U.S.) and more companies profiled in paints and coatings market research report

Pune, India, March 03, 2021 (GLOBE NEWSWIRE) -- The global paints and coatings market size is projected to reach USD 249.70 billion by 2027, exhibiting a CAGR of 6.3% during the forecast period. Development of environment-friendly coatings by companies is expected to bring new dimensions of growth in the market, observes Fortune Business Insights™ in its report, titled Paints and Coatings Market Size, Share & COVID-19 Impact Analysis, By Resin (Epoxy, Acrylic, Polyester, Alkyd, PU, and Others), By Technology (Waterborne, Solvent Borne, Powder Coating, and Others) By Application (Architectural, Automotive OEM, Marine, Coil, General Industries, Protective Coatings, Automotive Refinish, Industrial Wood, and Others), and Regional Forecast, 2020-2027.

As they dry up, paints & coatings release toxic substances known as Volatile Organic Compounds (VOCs). Moreover, VOCs cause significant harm to the environment, contributing to smog formation and Ozone Layer depletion. To address these issues, many leading companies in the coatings and paints industry are developing and launching eco-friendly products. For example, in July 2020, Stepan Company launched the STEPANPOL® PC-6000 series, its next-gen polyester polyols designed to reduce VOC content in polyurethane coatings. Similarly allnex China released its new acrylic dispersions in July 2020, which can create coatings with zero VOC content. These innovations are leading the trends in this market and fueling its growth.

List of Top Players Covered in the Paints and Coatings Market Report:

  • Dunn-Edwards Corporation (U.S.)

  • TIKKURILA OYJ (Finland)

  • Nippon Paint Holdings Co., Ltd. (Japan)

  • The Sherwin-Williams Company (U.S.)

  • Kansai Nerolac Paints Limited (India)

  • AkzoNobel (Netherlands)

  • Axalta Coating Systems (U.S.)

  • S K Kaken Co., Ltd (Japan)

  • RPM International Inc. (U.S.)

  • Jotun (Norway)

  • NIPSEA GROUP (Singapore)

  • Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India)

  • PPG Industries, Inc., (U.S.)

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According to the report, the global market value in 2019 stood at USD 154.64 billion. The report also offers the following:

  • Quantitative and qualitative insights into the market size, share, and revenue;

  • Actionable research into the major drivers and restraints of the market;

  • In-depth analysis of all market segments; and

  • Careful evaluation of the regional and competitive dynamics shaping the market.

Key Market Driver

Increasing Adoption of Ceramic Coating for Vehicles to Aid Growth

The paints and coatings market growth is getting increasingly influenced by the rising preference for ceramic coating solutions over conventional wax or paint in the automotive industry. This changing preference is attributable to the wide array of benefits offered by ceramic coatings. For example, ceramic coatings have hydrophobic properties, which ensure that substances such as bird droppings or snow do not stick to the exterior of the vehicle. Harder coatings such as those made from quartz even protect the vehicle from scratches and debris, preserving its fresh appearance even after years of use. Furthermore, ceramic coatings are highly cost-effective compared to wax, as the latter does not last more than three months and needs to be reapplied regularly. Ceramic car protection is more long-lasting and durable, and with proper maintenance, it can serve for years before needing reapplication. Thus, the emergence of ceramic coating solutions for automobiles is propelling the demand for advanced paints and coatings.

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Regional Insights

Promising Progress in the Construction Industry in Asia Pacific to Animate Market Spirits

Asia Pacific is expected to lead the paints and coatings market share in the forecast period on account of surging growth in construction activities in Asia Pacific. Driven by rapid urbanization and industrialization in India and China, the demand for paint & coatings is escalating in the Asia Pacific region, creating lucrative business opportunities for market players.

North America holds a prominent position in the global market owing to the increasing application of coatings and paints in the refurbishment and remodeling of outdated infrastructures in the region. In 2019, the region’s market size stood at USD 24.89 billion. The market in Latin America is also expected to make substantial gains in the coming years owing to massive infrastructure development projects planned in Peru, Colombia, and Brazil.

Key Industry Developments:

Engineering Sustainable Coatings to be the Key Focus Area for Market Players

Capitalizing on the sustainability trend currently dominating the paints and coatings industry, many players in this market are investing in R&D to build their portfolio of sustainable coatings. Additionally, some companies are strategically acquiring regional players to expand their presence in burgeoning markets.

Key Industry Developments:

  • August 2020: PPG Industries and Sibi, a supply chain platform, entered into a 4-year-long agreement with Tricon American Homes (TAH) to deliver PPG’s paint solutions. The deal entails TAH utilizing PPG’s low VOC-emitting paint products for its 21,000 single-family and 7,000 multi-family rental properties across the US.

  • October 2019: Berger Paints India announced the acquisition of STP Ltd, a construction materials maker based in Kolkata, for an estimated value of INR 167.5crore. The takeover will allow Berger to strengthen its distribution, procurement, and manufacturing of paints and coatings in the flourishing Indian construction industry.

Browse Detailed Summary of Research Report with TOC:

Detailed Table of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

    • Key Trends

  • Key Insights

    • Global Production Overview

    • PORTER’s Five Forces Analysis

    • Regulatory Scenario

    • Latest technological advancements

    • Merger and acquisition scenario

  • COVID-19 Impact Analysis

    • Supply Chain Challenges

    • Steps taken by Companies to overcome combat this impact

    • Potential opportunities due to COVID-19 outbreak

TOC Continued…!

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Paints and Coatings Additives Market Size, Share & COVID-19 Impact Analysis, By Type (Dispersing Agent, Rheology Agent, Leveling Agent, Anti-foaming Agent, Adhesion Promoting Agent, and Others), By Application (Automotive, Architectural, Wood, Industrial, and Others), and Regional Forecast, 2020-2027

Automotive Refinish Coatings Market Size, Share & Industry Analysis, By Resin (Polyurethane, Alkyd, Acrylic, Others), By Technology (Water-borne, Solvent-borne, Others), By Coat Type (Clearcoat, Basecoat, Primer, Activator & Fillers), By Application (Passenger Vehicles, Commercial Vehicles, Others) and Regional Forecast, 2021-2028

Polyurethane Market Size, Share & Industry Analysis, By Product Type (Rigid Foam, Flexible Foam, Molded Foam, Elastomers, Adhesives & Sealants, Coatings, and Others), By Application (Furniture, Construction, Electronics, Automotive & Transportation, Packaging, Footwear, and Others), and Regional Forecast 2019-2026

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