DUBLIN — Research and Markets has released a study that forecasts the value of the global paint and coatings market will reach $204.83 billion in 2023, growing at a compound annual growth rate (CAGR) of 4.92% for the period of 2018 to 2023. Factors such as escalating construction spending, a growing automotive industry, an increasing urban population, rising household consumption, and improving economic conditions are expected to drive the market growth. Increasing raw material prices and stringent regulations will challenge growth of the industry. A few notable trends include rising consolidation of market players, increasing preference for professional contractors, growing adoption of natural ingredients by chemical companies, high demand for personalized paints solutions in developing economies, and technological advancement.
The paint and coatings industry consists of manufacturers of paints, varnishes, polishes, shellacs and stains. It comprises of three sectors: architectural, industrial and special purpose. The architectural coatings sector depends heavily on the construction and manufacturing sector, whereas industrial coatings are closely connected to the automotive, major appliances and industrial equipment sectors. The special-purpose sector includes a wide collection of divergent coatings.
According to the study, the fastest growing regional market is Asia-Pacific, owing to the rising demand for innovative and economical water-based paints, the increasing preference for personalized colors by an urban population, and the increased use of automotive refinishing for second-hand vehicles.
The report provides a comprehensive analysis of the global paints and coatings market, segmented on the basis of product types (architectural, industrial and special purpose). The major regional markets (Asia-Pacific, North America and Europe) have been analyzed along with country coverage of India and the United States. The market dynamics such as growth drivers, market trends and challenges are also analyzed. The competitive landscape of the market, along with the company profiles of leading players are also presented in detail.
For more information about the report, Global Paints and Coatings Market Report: Insights, Trends and Forecast (2019-2023), click here.