Paints & coatings are applied to the surface of any object for two major reasons; protection or decoration. Paints & coatings are generally referred to as substrate which can be used as function or decorative material. These coatings are primarily used as a protective substrate for various applications in a number of end-user industries. Coatings offer benefits such as corrosion and wear resistance, adhesion and wetability among others. In case of decide fabrication, the coating offers benefits such as electrical conductivity and magnetic response.
Rising population in the emerging economies such as Asia Pacific, especially China and India has led to high demand for residential projects in the region. This has led to the growth of paints & coatings industry in the region. High demand from the construction industry is the major factor driving the growth of global paints & coatings market. Increasing demand for automobiles worldwide has increased demand for coatings. Paints & coatings are widely used in the automotive industry to protect the automobiles from corrosion. Hence, high demand is reported for paints & coatings from the automotive industries in Asia Pacific. Therefore, Asia Pacific is the largest and fastest growing market for paints & coatings. Europe followed Asia Pacific in terms of demand and is expected to boost market growth for paints & coatings due to high expenditure on commercial and residential projects in the region. North America and other regions are also expected to boost market growth for paints & coatings in the near future.
Paints & coatings market is expected to reach over US$ 196.5 Bn by 2023, growing at a CAGR of more than 5.0% during the forecast period 2015-2023.
Purpose of the Report
The purpose of this strategic research study titled “Global Paints & Coatings Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2023” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global paints & coatings market.
Target Audience
USP and Key Offerings
The report titled “Global Paints & Coatings Market - Growth, Share, Opportunities, and Competitive Analysis, 2015 – 2023” offers strategic insights into the global paints & coatings market along with the market size and estimates for the duration 2015 to 2023. The said research study covers in-depth analysis of multiple market segments based on end-user applications, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading paints & coatings vendors, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global paints & coatings market, of growth, offering market size and estimates for the period from 2015 to 2023, keeping in mind the above mentioned factors.
Based on end-use, the global paints & coatings market is segmented into architectural coatings, industrial coatings, special purpose coatings and others. Among these, architectural coatings accounted for the larger share of global paints & coatings market. Escalating demand for architectural coatings from the building & construction industry is driving the growth of global paints & coatings market. These coatings help in prevention from corrosion and rusting, thereby generating high demand for paints & coatings market. These products are also tagged as do it yourself for consumers and are easily used and are least costly among other decorative coatings. Hence, architectural coatings are expected to boost high demand in the market. Industrial coatings are used for end-use applications such as machinery manufacture, oil and gas industry and marine among others. These end-user industries are expected to boost market demand for industrial paints and therefore are expected to fuel demand for paints & coatings in the market. Special purpose coatings include various coatings for wide range of applications which include industrial maintenance and marine among others. These coatings account for the smallest share of global paints & coatings market but are expected to boost market demand for paints & coatings during the forecast period from 2015 to 2023.
Quality and Price Segmentation Analysis
The paints & coatings market is divided into various segments based upon the end-use, quality and price. Based on quality and price, the global paints & coatings market is segmented into premium, medium and economy paints & coatings. The premium paints & coatings are the one with metallic finish and tend to have more demand in the market. Premium paints and coatings offer wide range of benefits which include stain guard, long lasting film, extra deep colors, fungus and mildew resistance among others. Hence, premium paints are known for its excellent quality and price compared to other paints & coatings. Medium paints & coatings accounted as the second largest segment of global paints & coatings market. These paints & coatings are used on a large scale in the construction industry. Medium paints & coatings have low quality as compared to the premium paints & coatings and are available at a cheaper price than premium paints. Hence, these paints and coatings are used for applications where high amount of coatings are been used such as residential and commercial projects. Economy paints & coatings are the ones which are of low quality and price and are used for applications which are of low importance. These paints are used for stationary use and are the available at a cheaper price in the market. Quality and price of the paints & coatings play a major role in the market and hence these factors are expected to boost market demand in the near future.
Asia Pacific accounted for larger share of global paints & coatings market in 2016. Increasing constructional activities in the region is the major factor driving the growth of global paints & coatings market. The rising population in the region, especially China and India has contributed to high demand for residential projects. These projects have led to the growth of construction industry thereby promoting growth of paints & coatings market. The region is fastest growing market for paints & coatings and is anticipated to boost market demand in the near future. Europe accounted as the second largest market for paints & coatings due to increase high expenditure on constructional projects in the region. Advancements in the technology is one among the factors to fuel demand for paints & coatings in the region. North America followed Europe in terms of growth and is expected to show steady growth due to the VOC content present in various paints & coatings. Other regions such as Middle East & Africa and Rest of the World are also projected to boost market demand for paints & coatings during the forecast period from 2015 to 2023.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Paints & Coatings market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Quality and Price
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End-Users
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
