Global Paints and Coating Market is Expected To Reach Approximately USD 145 Billion in 2020
Zion Research has published a new report titled “Paints and Coatings (High Solids/Radiation Cure, Powder Coatings, Waterborne Coatings, Solvent Borne Technologies and Others) Market for Automotives & Aviation, Medical & Healthcare, Residential, Commercial and Other End-users: Global Industry Perspective, Comprehensive Analysis and Forecast 2014 – 2020.” According to the report, the global paints and coating market was valued at approximately USD 110 billion in 2014 and expected to reach approximately USD 145 Billion by 2020, growing at a CAGR of around 5.0% between 2015 and 2020. In terms of volume, global paints and coating market stood at approximately 35.5 million tons in 2014.
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Paints and coating are mainly used for protection and decoration of a surface. Paints and coatings are used to enhance appearance of a surface in architectural sector. Paints and coatings provide better surface resistance from rust and weathering and strengthen the structures. Paints and coatings are widely applied in building & construction as well as automotive industry. Paints and coatings helps to increase durability of the surface on which it is applied. Paints and coatings are mainly classified as solvent-borne, waterborne, radiation cured and powder coatings.
The paints and coatings market in mainly driven by strong demand from building and construction and automotive industry. Strong building & construction activities especially in Asia Pacific has contributed to the growth of this industry. With revival in economy, automotive industry in Asia Pacific is also expected to witness rapid growth in the years to come. This also expected to boost the demand for paints and coatings. Paints and coatings manufacturers are expected to face major challenges such as raw materials price volatility and environmental regulation. Large volume of paints and coatings are manufacturers using crude oil as a feedstock. Consistent ups and down in prices of crude oil has been remained major concern for the manufacturers. Additionally, environmental concerns associated with the use of solvent-borne paints and coating is likely to hold the growth of this market.
Solvent-borne, waterborne, radiation cured and powder coatings are the major product segments of paints and coatings industry. Waterborne paints and adhesives is one of the leading product segments of paints and coatings market. It accounted for around 40% share of the total volume consumed in 2014. Waterborne paints and coatings are in great demand owing their low VOC emission potential. With increasing awareness among the end-users regarding environmental concerns, demand for waterborne paints and coatings is expected to go up. Further, it is expected to exhibit moderate growth rate during the forecast period. Solvent-borne is another important segment of the paints and coatings market. However, owing stringent regulations it is expected to witness slight decline in its market share during the forecast period.
Building & construction (residential and commercial), automotive, medical & healthcare, and others are the key end-user industries for paints and coatings market. Building & construction accounted for large share of the total paints and coatings volume consumed in 2014. Building & construction segment is dominated by residential application. Residential and commercial applications collectively accounted over 55% share of the market in 2014. Strong growth in construction industry across the world is likely to surge demand for paints and coatings. Automotive is another important outlet for paints and coating industry followed by medical & healthcare.
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Asia Pacific is emerged as a manufacturing hub of the world. With strong growth prospectus of building & construction and automotive industry in the region is expected to boost consumption of paints and coatings. This growth has been contributed by emerging economies such as India and China. Moreover, developed economies such as Japan and South Korea also have significant contribution in growth of the industrial segments in the region. Asia Pacific accounted over 38% share of the total paints and coating volume consumed in 2014. Asia Pacific is followed by Europe and North America respectively.
Some of the key players operating in this industry include AkzoNobel N.V., PPG Industries, Sherwin-Williams Company, Diamond Vogel Paints, Berger Paints, Asian Paints, Dow Corning, KCC Corporation, Axalta Coatings System, BASF SE, The Valspar Corporation, RPG International Inc and others.
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