Paints and Coatings Market Growth Drivers, Size, Industry Revenue, Business Forecast to 2026

The Global Paints And Coatings Market Size expected to reach $236.1 billion by the end of 2026, the market valued USD 146.5 billion in 2018. Driven by the huge demand for the product across diverse industries, the Paints and Coatings Market will exhibit a CAGR of 6.2% during the forecast period, 2019-2026.

Paints and coatings are widely used across diverse industries. The product is used in interior as well as exterior parts of all infrastructures. The demand for these products has risen dramatically in recent years. Advances in paints and coating manufacturing methods have emerged in favor of market growth. The growing construction industry in several countries across the world will aid the growth of the market in the forthcoming years. Increasing use of the product in public infrastructure projects, coupled with the efforts put in by governments will contribute to the growth of the market.

The report encompasses several factors that have contributed to the growth of the global Paints and Coatings Market in recent years. It highlights major industry developments and gauges the impact of these developments on the market. It analyzes key aspects of the market, with a primary focus on leading products, major applications, and leading companies. The competitive landscape has been discussed in detail. Additionally, the report provides forecast values for the market for the period of 2019-2026. Factual figures are obtained through trusted sources. The data provided in this report is gathered through opinions and interviews of world leaders and experienced market research professionals.

List of Top key mergers that are operating in the paints and coatings market are:

• PPG Industries, Inc.
• Axalta Coating Systems
• Nippon and Kansai (Kansai Paint Co., Ltd.)
• AkzoNobel
• Kwality Paints and coatings Pvt. Ltd. (KPCPL)
• Kansai Nerolac Paints Limited
• NIPSEA GROUP
• The Sherwin-Williams Company
• Jotun
• Nippon Paint Holdings Co., Ltd.
• RPM International Inc.
• TIKKURILA OYJ
• S K Kaken Co., Ltd
• Dunn-Edwards Corporation

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Increasing Number of Company Mergers to Aid Paints and Coatings Market Growth

Among all the factors that have contributed to the growth of the market, mergers and acquisitions have had the highest impact. The increasing number of company mergers and collaborations has, in turn, created several opportunities for the companies operating in the market. In October 2019, Berger Paints completed the acquisition of STP Ltd., a company engaged in the manufacturing of construction material. Through this acquisition, the company will enhance its business across several regions. The report highlights major company mergers of recent times and gauges their impact on the global market.

Drivers & Restraints-

Ability to Fulfil Changing Consumer Demand to Aid Growth

Composites are considered to be global entities that help in fulfilling the growing demand of the consumers for a wide range of unique composite structures, design patterns, and highly engineered parts. The market is capable of serving numerous highly vertical industries, such as wind power, consumer goods, marine, aerospace, and automotive. These industries use Composites as per their cost thresholds, consumer demand, regulations, and part performance requirements. In the aerospace industry, for instance, the process technology, cost, and material vary greatly, as compared to the automotive industry. Being diverse materials, Composites can be adopted in a large number of applications. They are very durable, lightweight, stiff, and robust. However, the strict environmental legislation and rules may obstruct the Composites market growth in the near future.

Segment-

Need to Lower Weight of Vehicles to Drive Growth of Automotive Segment

In terms of application, the market is grouped into defence & aviation, maritime, wind power, consumer goods, pipes & tanks manufacturing, electrical & electronics goods, building & construction, automotive, and others. Out of these, the automotive segment held 28.78% Composites market share in 2018. This growth is attributable to the increasing usage of Composites in the industry to lower the weight of the vehicles.

Regional Analysis-

Asia Pacific to Lead Stoked by the Presence of Numerous Industry Giants  

Asia Pacific is expected to dominate the market throughout the forthcoming years backed by the rising demand for Composites from well-developed industries, such as electrical & electronics, automotive & transportation, building & construction, and aerospace. Apart from that, the rapid urbanization in several countries in this region is opening doors to opportunities for industry giants, such as Mitsubishi and Toray. These companies are opening their offices in Asia Pacific. North America, on the other hand, procured USD 27.61 billion revenue in 2018. It is anticipated to remain in the second position owing to the high demand from the aerospace and defense industry.