According to the report, the global paints and coating market were 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.
Some major players in the market such as 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.
Zion Market 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.”
Paints and coatings are mainly used for decoration and protection of buildings, automotive, etc. The decorative paints and coatings subsector depends heavily on the performance of the building & construction sector, whereas protective paints and coatings are linked closely to the automotive, major appliance and industrial equipment sectors. Architectural coatings include interior and exterior house paints, primers, sealers, varnishes, and stains. They are sold to contractors and the general public through retail and wholesale outlets as well as direct to large commercial accounts. Industrial coatings include automotive paints, can coatings, coil coatings, furniture finishing and road-marking paints. Most of these products are sold directly to the end user.
Key product segments of the paints and coatings industry include solvent-borne, water-borne, radiation cured and powder coatings. Paints and coating market was dominated by waterborne segment and it accounted for around 40% share of the total volume consumed in 2014. 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. Powder coatings are expected to witness fastest growth rate 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 the large share of the total paints and coatings volume consumed in 2014. Building & construction segment is dominated by a residential application. Residential and commercial applications collectively accounted over 55% share of the market in 2014. Strong growth in the 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.
Global paints and coatings market is dominated by Asia Pacific. It accounted for around 40% share of the total volume consumed in 2014. Asia Pacific was followed by Europe and North America. Rapidly growing construction and automotive industry in Asia Pacific is expected to drive demand for paints and coating in the years to come.
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