At 5.0% CAGR, Global Paints and Coatings Market to Surpass US$ 214 Bn By 2023, Forecast Report By Zion Market Research

Paints and Coatings Market

The global Paints and Coatings market which was estimated at 155 (USD Billion) in 2017 and is predicted to accrue earnings worth 214 (USD Billion) by 2023, is set to record a CAGR of nearly 4.1% over 2018-2023. The report offers valuation and analysis of Paints and Coatings market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2015 to 2017 along with a forecast from 2018 to 2023 based on value (USD Billion).

Paints and Coatings Market: Introduction

Paints & coatings are decorative finishes that help in improving the aesthetic appeal of the metal component surface, equipment, and walls. It helps in imparting abrasion resistance & corrosion resistance to the surface of the product along with increasing its longevity. The major raw materials utilized in the manufacture of paints & coatings include pigments, curing agents, solvents, dispersants, resins, and additives. These products are massively utilized in the construction, wood, automotive, aviation, and transport sectors, thereby driving market trends.

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Paints and Coatings Market: Growth Dynamics

Massive use of paints & coatings for decorating industrial equipment, vehicles, and residential & commercial structures will boost the business trends. Apart from this, humungous product penetration across shipping & marine industries as well as industrial wood sector will further prompt the market expansion over the ensuing years. Furthermore, the rise in the digitization of the chemical sector will create lucrative growth avenues for the paints & coating industry over the assessment timespan along with creating value for the customers.

Moreover, anti-friction, hardness, reflection-absorption, protection against rising temperatures, and rust-resisting features of the product have contributed remarkably towards the market size in the recent years. Apart from this, two dynamics have been shaping the paints & coatings industry growth over the last few years. First, giant manufacturers have made transition from their coatings business to other diversified business. Citing an instance, DuPont sold its industrial coatings business to Carlyle investment management firm for nearly USD 5 billion in 2013. Reportedly, Carlyle firm established Axalta Coatings in November 2014 and the latter turned into profit making business for Carlyle in the domain of refinishing & industrial coatings sector. Secondly, reputed firms have been acquiring small business rivals for consolidating their market position for the past few years. All these aforementioned factors are likely to favorably impact the growth of the paints & coatings industry over the ensuing years.

Apparently, data input on raw materials and lab experiments for testing innovative products is likely to streamline various paints & coatings outsourced processes. This, in turn, will result in reducing expenditure on repetitive tasks and saving throughput time for the firms in the paints & coatings business along with minimizing the non-value added work. In addition to this, virtual experimentation, as well as simulation methods, will help the firms in introducing new products, thereby further adding to the market revenue.

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Asia Pacific Market Size To Witness Immense Expansion Over 2017-2023

The growth of the regional market over the estimated timespan is credited to thriving automotive & construction sectors. Apart from this, elevation in the product demand across the architectural sector will prompt the regional market size over the years ahead. In addition to this, infrastructural development and smart city projects as well as the surge in the residential constructions in the countries like India and China will contribute remarkably towards the growth of the business in the Asia Pacific zone over the forthcoming years.

Key players profiled in the report include Jotun A/S, Kansai Paints, Nippon Paint Holdings Company Limited, Hempel A/S, RPM International, and Asian Paints.