Paints and Coatings Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2022 - 2032
Global Paints and Coatings Market: Snapshot
The paints and coatings market has been anticipated to reach the valuation of 212 Bn and grow at a CAGR of 2.9% in the foreseeable years in the foreseeable years from 2020 to 2030. The growth opportunities in the paints and coatings market are attributed to the growing demand for these products from end-use industries, for instance, architectural and industrial.
Among other segments, the residential sector on the basis of the end-use industry is likely to grow at a noteworthy pace in the APAC region in the paints and coatings market.
Novel rules and regulations, for instance, ECS (Eco-product Certification Scheme) have been set by different Federal government agencies around the world. These regulations ensure a sustainable and green environment with zero or minimum harmful VOC emissions. Furthermore, the NRCLPI (National Referral Centre for Lead Projects in India), Pollution Control Board Authorities, and the QCI (Quality Council of India) strongly recommend implementing regulations on lead control in paints and coatings market. These regulations are likely to encourage the manufacturers serving in the market to invest in bio-based raw materials within the paints and coatings while making these solutions more eco-friendly. Along with this, regulations related to air pollution control are also estimated to increase expansion opportunities in the paints and coatings market.
Buoyed by a booming construction sector worldwide, which in turn has received a fillip from the bettering economic conditions across countries, the global paints and coatings market has seen stellar growth in the past couple of years. Going forward too, the market will clock good growth.
Some of the main players operating in the global market for paints and coatings are Sherwin-Williams Company, AkzoNobel N.V., the Valspar Corporation, Masco Corporation, Helios Group, Bergers Paints India Ltd., Dow Corning, PPG Industries, Asian Paints Ltd., RPG International Inc., Axalta Coatings System, Diamond Vogel, and KCC Corporation. More aspiring companies are predicted to enter the fray in the near future thus making the competitive landscape even more cutthroat.
The big guns operating in the paints and coatings industry are expending a lot of energy and money on enhancing their product portfolio in order to draw greater number of consumers. This coupled with the progress in technology and rise and popularity of environmental-friendly products is expected create more avenues for growth in the market in the next couple of years.
From a geographical perspective, Asia Pacific is slated to emerge as the most attractive market in the years to come due to an explosive growth in the construction industry, particularly in the densely populated emerging economies of China and India. Europe too is expected to offer good opportunities for growth in the foreseeable future on the back of aviation and automation industries driving up demand in the region.
Global Paints and Coatings Market: Overview
The global market for paints and coatings is anticipated to witness a significant growth throughout the forecast period. The high rate of urbanization is predicted to contribute towards the development of the overall market in the coming years. The introduction of nano-coatings and green coatings is predicted to create promising growth opportunities for key players operating in the global paints and coatings market throughout the forecast period. As a result, the global paints and coatings market is likely to exhibit a progressive growth rate in the near future.
Global Paints and Coatings Market: Key Trends
The development of the building and construction sector and the increasing number of manufacturing activities in developing economies are anticipated to encourage the growth of the global paints and coatings market in the coming years. In addition, the growing popularity for waterborne paints and coatings is estimated to offer potential growth opportunities in the forecast period. On the flip side, the environmental rules and regulations concerning to paints and coatings and the changing costs of raw materials are projected to restrict the growth of the overall market in the next few years.
Global Paints and Coatings Market: Market Potential
Paints and coatings are beings used extensively across the globe in order to enhance the look and offer a high level of protection. With technological advancements, the market is predicted to witness a high level of growth in the coming few years. Furthermore, with the rising number of applications across the diverse industries is likely to encourage the participation of new players in the near future, resulting in an intense competition across the globe. The market is projected to face several challenges owing to the discharge of several harmful volatile organic compounds increasing the environmental concerns, which is predicted to curtail the growth of the overall market in the coming years.
Global Paints and Coatings Market: Regional Outlook
From a geographical point of view, the global market for paints and coatings has been categorized into Europe, North America, Asia Pacific, and the Rest of the World. In the last few years, Asia Pacific led the global market and accounted for a key share throughout the forecast period. A tremendous rise in the construction activities and the growing demand from diverse industries are projected to fuel the growth of the Asia Pacific paints and coatings market in the near future.
Furthermore, the Europe paints and coatings market is expected to offer lucrative opportunities for key players operating in this region. A significant contribution from the aviation and automation industries is anticipated to supplement the growth of the market in the forecast period. On the other hand, the Rest of the World segment is anticipated to register a high growth rate, thanks to the remarkably rising construction activities and the rising rate of industrialization.
Global Paints and Coatings Market: Competitive Analysis
Some of the prominent players operating in the paints and coatings market across the globe are AkzoNobel N.V., Helios Group, Bergers Paints India Ltd., The Valspar Corporation, Masco Corporation, PPG Industries, Asian Paints Ltd., RPG International Inc., Sherwin-Williams Company, Dow Corning, Axalta Coatings System, Diamond Vogel, KCC Corporation, and BASF SE. With the rising number of players expected to enter the market is anticipated to strengthen the competitive landscape of the market.
The key players in the global paints and coatings market are making remarkable efforts in order to expand their product portfolio and attract a large number of consumers across the globe. In addition, advancements in technology and emergence of environmental-friendly products are anticipated to offer several growth opportunities for players operating in the global paints and coatings market in the next few years.
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