The global paints and coatings market is anticipated to
exceed USD 227.70 billion by 2025, according to a new report by Grand View
Research, Inc. The global market is anticipated to achieve moderate growth over
the forecast period. The demand of these products globally is expected to
increase owing to growth of applications from end-use industries, architecture
segment, regional demand, changing consumer preference for bio based products
and technological advancements.
Increasing applications from
end-use industries such as aerospace, automotive, general industries, marine
and wood have augmented the growth of the market. Architectural sector is the
other parameter that has majorly driven the global industry. The growth of
architectural coats is attributed to growing construction spending in emerging
regions.
The industry is a highly
regulated industry due to presence of volatile organic compounds in these
products which are harmful for the environment. However, the industry has
witnessed a huge shift towards green and bio-based products in the form of
powder based and waterborne formulations.
Waterborne coatings were the
largest product segment in 2016 with demand of over 17.0 kilo tons in 2016 and
is expected grow substantially over the forecast period owing to increasing
demand from several application segments including construction, furniture and
automobile industries. Product demand is anticipated to increase owing to
increased construction spending and consumer preference especially in developed
nations of Asia Pacific region for eco-friendly formulations.
U.S. paints & coatings
market by product, 2014 - 2025 (USD Million)
Browse full research report on
Paints
And Coatings Market
Further key findings from the report suggest:
- Global paints
and coatings demand was 45.40 million tons in 2016 and is expected to grow
with a CAGR of around 4.2% to reach a total volume of 65.81 million tons
by 2025
- Polyurethane
is projected to be the fastest growing material segment in the industry
- Architectural
segment was the largest end-use segment however it is expected to grow
moderately over he forecast period
- General
industrial sector is expected to emerge as the largest non-architectural
end-use segment by 2025
- The market in
Central and South America is anticipated to grow at a CAGR of over 5% from
2017 to 2025
- Technological
advancements attributing to the growth of coats & vanishes include
products manufactured by Nano technology and Fluro-additives. These
innovative products provide enhanced application outcomes due to their
excellent properties and enhanced tolerance levels towards weather-ability
as compared to other conventional counterparts.
- Major global
players operating in the industry include BASF SE, PPG Industries,
Sherwin-Williams Company, AkzoNobel, Axalta Coating System, Valspar
Corporation, Kansai Paint, RPM International Inc., Nippon Paint Holdings,
and Jotun Group
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