March 3, 2021 08:19 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 3, 2021 (GLOBE NEWSWIRE) - By 2027, the global paint and coatings market is expected to reach USD 249.7 billion, with a compound annual growth rate of 6.3% during the forecast period. Fortune Business Insights™ in its title "Coatings and coatings market size, share and COVID-19 impact analysis, by resin (epoxy, acrylic, polyester, alkyd, PU and others), by technology (water-based, solvent-based) , Powder coatings, and others) by application (construction, automotive OEM, marine, coil, general industrial, protective coatings, automotive refinish, industrial wood, and others), and regional forecasts for 2020-2027".
When they dry, paints and coatings release toxic substances called volatile organic compounds (VOC). In addition, volatile organic compounds cause significant damage to the environment, leading to smog formation and depletion of the ozone layer. In order to solve these problems, many leading companies in the coatings and paint industry are developing and launching environmentally friendly products. For example, in July 2020, Stepan company launched STEPANPOL® PC-6000 series, which is its next generation polyester polyol, designed to reduce the VOC content in polyurethane coatings. Similarly, Allnex China released a new acrylic dispersion in July 2020, which can produce coatings with zero VOC content. These innovations are leading the trend of the market and driving its growth.
List of top players covered in the paint and coatings market report:
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The report shows that the global market value in 2019 is 154.64 billion U.S. dollars. The report also provides the following:
Increasing adoption of ceramic coatings in automobiles to promote growth
The growth of the paint and coatings market is increasingly being influenced by the automotive industry’s preference for ceramic coating solutions over traditional waxes or paints. This ever-changing preference is attributed to the wide range of advantages provided by ceramic coatings. For example, the ceramic coating is hydrophobic, which ensures that guano or snow will not stick to the exterior of the vehicle. Harder coatings (such as those made of quartz) can even protect the vehicle from scratches and debris, maintaining its fresh appearance even after years of use. In addition, ceramic coatings are highly cost-effective compared to waxes because the wax lasts no more than three months and needs to be reapplied regularly. The ceramic car protector is more durable, and if properly maintained, it can be used for several years before it needs to be reapplied. Therefore, the emergence of automotive ceramic coating solutions has driven the demand for advanced paints and coatings.
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The gratifying progress of the construction industry in the Asia-Pacific region injects vitality into the market spirit
Due to the rapid growth of construction activities in the Asia-Pacific region, the Asia-Pacific region is expected to lead the paint and coatings market share during the forecast period. Driven by rapid urbanization and industrialization in India and China, the demand for paints and coatings in the Asia-Pacific region is rising, creating profitable business opportunities for market participants.
Due to the increasing application of coatings and paints in the renovation and transformation of outdated infrastructure in the region, North America has a prominent position in the global market. In 2019, the market size of the region was USD 24.89 billion. As Peru, Colombia and Brazil plan to carry out large-scale infrastructure development projects, the Latin American market is also expected to grow substantially in the next few years.
Engineered sustainable coatings will become a key area of focus for market participants
Taking advantage of the sustainability trends currently dominating the paint and coatings industry, many players in this market are investing in research and development to build their sustainable coating portfolio. In addition, some companies are strategically acquiring regional players to expand their influence in emerging markets.
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Take a look at the relevant research insights:
Paint and coating additives market size, share and COVID-19 impact analysis, by type (dispersant, rheological agent, leveling agent, defoamer, adhesion promoter, etc.), by application (automotive, construction, wood, industrial , And others), and regional forecasts, 2020-2027
Automotive refinish market size, share and industry analysis, by resin (polyurethane, alkyd, acrylic, other), by technology (water-based, solvent-based, other), and by coating type (clear coat, primer, primer, activation Agent and filler)), forecast by application (passenger car, commercial vehicle, other) and region, 2021-2028
Polyurethane market size, share and industry analysis, by product type (rigid foam, flexible foam, molded foam, elastomer, adhesives and sealants, coatings, etc.), by application (furniture, construction, electronics, automotive and Transportation, packaging, footwear), and others), and regional forecast 2019-2026
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