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Paints and Coatings Market Grows

Tuesday, September 29, 2015

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Among the various paints and coatings segments, the industrial paints and coatings market is predicted to grow the fastest in terms of value, according to Global Paints and Coatings Market Size, Share, Development, Growth and Demand Forecast to 2020, just released from P&S Market Research.

The global paints and coatings market is expected to grow from $128,228.5 million in 2014 to $173,048.2 million by 2020, reflecting a Compound Annual Growth Rate (CAGR) of 5.2 percent.

In terms of volume, it is predicted to increase from 37,273.7 million tons in 2014 to 46,697 million tons by 2020.

The industrial paints and coatings segment is projected to show a 4.3 percent CAGR in terms of volume and 5.6 percent in terms of value during the report period.

Drivers and Customers

It is the end user industries of paints and coatings that drive advancements in this market, the report says.

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© iStock.com / huddiemm

The industrial paints and coatings market is expected to show the fastest rate of growth in terms of value over the next five years, according to a recent report from P&S Market Research.

The automotive industry is a significant driver, according to the report. The high rate of car ownership in developed countries, as well as advancements in road infrastructure and improving economies, are credited with driving the use of paints and coatings in that segment.

Eastern Europe and Arab countries are showing a growth in personal car ownership. Germany boasts the highest number of commercial vehicles.

Protective and anticorrosion coatings applied to metals in automotive manufacturing, as well as the paints used with plastics in car interiors are also market contributors.

“Green” is another market driver, the forecast says. Green coatings is becoming an essential category as consumer awareness about environmentally friendly coatings grows. The increasing demand for low-VOC paints offers growth opportunities for the paints and coatings market.

Market Domination

Asia-Pacific is predicted to remain the top market during the study period. This region led the global paints and coatings market in 2014, in terms of value and volume, and is expected to grow at the fastest with a CAGR of 6.4 percent in terms of value and 5.2 percent in terms of volume.

It is the infrastructural development in the area that gives the Asia-Pacific market an advantage, the report says.

Japan, China and South Korea account for a high demand of marine coatings in this area as well. The demand in this market segment is expected to grow throughout the forecast period due to predicted increases in commercial and trade opportunities.

Architectural and decorative coatings account for a significant portion of the market in North America and Europe.

Key players in the market include PPG Industries Inc., The Sherwin-Williams Company, RPM International Inc., The Valspar Corporation, Akzo Nobel N.V., Kainsai Paint Co. Ltd., Axalta Coating Systems Ltd., Henkel AG & Co. KGaA, BASF SE and Asian Paints Limited, the forecast said.

   

Tagged categories: Asia Pacific; Automotive coatings; EMEA (Europe, Middle East and Africa); Latin America; Marine Coatings; Market; Market forecasts; Market share; North America; Program/Project Management; Research and Markets

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