The worldwide market of paints and coatings is anticipated to reach $173,048.2 million by 2020, from $128,228.5 million in 2014 with a CAGR of 5.2% during 2015-2020. As per P&S Market Research, the global paints and coatings market is expected to reach 46,697.4 million tons, by 2020 from 37,273.7 million tons in 2014, in terms of volume.
The global paints and coatings market is mainly driven by advancements in the end user industries of paints and coatings. Car ownership ratio is high in developed countries, as most of the consumers use personal transportation for travelling. It has been observed that in Eastern Europe and Arab countries, there is a considerable growth in the passenger car ownership.
In Europe, Germany has the highest number of commercial vehicles, and is also a logistics hub of Europe. The increasing inclination of individuals towards personal conveyance, advancements in the road infrastructure, and improving economy are some of the major factors, driving the growth of the automotive industry. Metal is used as a major material in manufacturing of cars, while it is painted to protect from degradation and rust. Specially formulated paints are used as coating, for certain plastics used in the interiors of cars and for offering soft feel touch.
Asia-Pacific led the global paints and coatings market in 2014, in terms of value and volume, and is expected to maintain its dominance during the forecast period. The Asia-Pacific paints and coatings market is expected to grow with the fastest CAGR, 6.4% in terms of value and 5.2% in terms of volume, within the forecast period. The Asia-Pacific paints and coatings market dominance is due to increasing infrastructural development in the region. The infrastructure development in the Asia-Pacific region is due to the availability of debt, and Asia’s increasing trade relations with other regions and private sector involvement, such as Build Own and Operate (BOO), Build Operate-Transfer (BOT), Build Operate and Lease (BOL), and Public Private Partnership (PPP). This will support the growth of the paints and coatings market in the region.
The industrial paints and coatings market is expected to grow fastest, with a CAGR of 4.3% in terms of volume and 5.6% in terms of value, among the products of paints and coatings. The green coatings category in the paints and coatings industry is becoming essential within the consumers, due to increasing concerns about global warming and growing awareness about environment friendly coatings. The low volatile organic compounds are present in green coatings, to preserve low vapor pressure inside the room. Also, the companies use “Green” as a marketing scheme, to appeal the consumers with a green certification label. The increasing demand for low volatile organic compounds paints is providing ample growth opportunities for the paints and coatings market.
The major companies operating in the global paints and coatings market include PPG Industries Inc., The Sherwin-Williams Company, RPM International Inc., The Valspar Corporation, Akzo Nobel N.V., Kansai Paint Co. Ltd., Axalta Coating Systems Ltd., Henkel AG & Co. KGaA, BASF SE, and Asian Paints Limited.
News Courtesy: P&S Market Research