Paints and Coatings Market Trend, Covid-19 Outbreak, Types, Performance Range, Key Players and Forecast to 2025

A thick layer which are applied to add attractive appearance to the product is called paints & coatings. It has various significant properties such as excellent UV resistance, anti-oxidative property, and reduced thermal fatigue. It is used to provide flexibility, comfort, and aesthetic value to the product.

The Global Paints & Coatings Market has been driven by its growing consumption in various sectors such as architectural, automotive, wood, and others. Moreover, it is estimated that the automotive segment is set to witness the highest growth in the market due to rising substitution of heavy metals by lightweight materials.

Segmental Analysis:

Global Paints & Coatings Market Trend is spanned across five key regions of the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance due to rising demand for paints & coatings in various applications. Countries such as China, Japan and India are the major players in this region. The North America region is estimated to witness a higher growth in the U.S., Canada and Mexico owing to increasing demand for protection coverings in aerospace, automotive, and energy sectors. A recognized growth is observed in the European region owing to the growing consumption of coatings in automotive, aerospace, construction and buildings. Moreover, it is projected that the advancing research & development of product in the market has propelled this region to witness a significant growth in Germany, the U.K and Italy.

The Middle East & Africa is estimated to observe a significant growth due to increasing adoption of water and powder technologies in oil & gas, petrochemical and automobile industries. Additionally, the growing demand of alkyd, polyurethanes and acrylic resins in architectural, paints and coating industries is projected to boost the market in the Latin American region.

Market Segmentation:

The Global Paints & Coatings Market is segregated into resin type, technology and application. On the basis of resin type, the market is further categorized into acrylic, alkyd, epoxy, polyurethane, polyester, and others. The most widely used resin type in the market is acrylic, due to its growing consumption in construction and buildings, petrochemical and electronics industries. It is predicted that the epoxy and polyurethanes segment are set to grow at a higher CAGR due to its increasing use as an anti-oxidant agent in medical, wood, food & beverages industry and the benefits offered by the product such as ageing resistance and heat stability.

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Competitive Analysis:

Some of the major players functioning in the Global Paints & Coatings Market are AkzoNobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), Axalta Coating Systems (U.S.), PPG Industries Inc. (U.S.), RPM International Inc.(U.S.), Nippon Paint Holdings Co., Ltd (Japan), The Valspar Corporation(U.S.), KANSAI PAINT CO.,LTD( Japan), BASF Coatings ( Germany), Asian Paints (India), among others.

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