The global market for paints and coatings should grow from $150.5 billion in 2018 to $191.9 billion by 2023 at a compound annual growth rate (CAGR) of 5.0% for the period of 2018-2023.
The scope of the report includes, a general outlook of oil & gas exploration and production sector, with the scope limited to reports published by BCC Research during the year 2017 and 2018. It also examines industry standards, government and industry support, and other key factors related to the success of paints and coatings. This report segments the market into two major sub-segments like paints and coatings technology and paints and coatings end-use.
The technology segment explains the prevalent and upcoming technologies covering the qualitative aspects of the market in brief details. Detailed overview of these technologies coupled with relevant market data in terms of market size measured in dollar terms are provided. The end-use chapter include detailed overview of end-use and their applications like architectural and decorative coating, and industrial coating. The scope is limited to the recent studies published by BCC Research and is thus not exhaustive.
The scope of the report covers the overview of the global market for paints and coatings and analyses of the global market trends, with data from 2016, considering base year of 2017 and estimates for 2018 and 2023 with projection of CAGR in the forecast duration. The sales values are presented in US dollars, while volumes are presented in kilotons units. Estimated values used are based on manufacturers’ total revenues. Projected and forecasted revenue values are in constant US dollars, unadjusted for inflation.
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- 12 data tables and 20 additional tables
- An overview of the global market for paints & coatings and discussion of their application areas
- Brief introduction to concepts, importance and history of paints and coatings industry
- Detailed description of solvent-borne coatings, types and their comparison with alternate coating technologies
- Complete understanding of high-performance ceramic coatings and anti-corrosion coatings and evaluation of their applications
- Information on the recent advancements and innovations (cutting-edge technologies) available in the paints & coatings market
- Insights of government regulations including European Union Regulations and U.S. regulations and broad overview of pollution prevention opportunities in coating operations
- Profiles of the major players and discussion of their products including 3M, Axalta Coating Systems, DowDuPont, Evonik Industries AG, Hentzen Coatings, Inc. and Kelly-Moore Paints
The market for coatings and paints includes liquid-based and powder-based paints, varnishes and related products used in the architectural and decorative, industrial and specialty product segments. Interior and exterior paints, primers, sealers and varnishes used in homes and buildings are part of the architectural and decorative segment. Products that are factory-applied to manufactured goods as part of the production process form part of the industrial products segment. Aerosol paints, marine paints, high-performance maintenance coatings and automotive refinishing paints form the specialty products segment. Market value is calculated according to end-user prices. Any currency conversions used in the creation of this report have been calculated using constant annual average exchange rates.
There is a major shift in the production of global paints and coatings, which is moving away from the developed regions, such as Europe and the U.S., to the developing economies, such as China and India. Continued increasing demand from the developed countries in addition to the demand from the developing countries is contributing to the overall expansion of the worldwide coatings market. Industrial growth in developing economies is a major driver for growth in the coatings industry. In most regions of the world, the coatings industry is mature, and the growth of the coatings industry is dependent on a number of factors, including the level of economic activity and the state of the construction industry, which remains a major consumer of paints and coatings.
The market for paints and coatings has been on the increase in various applications and this has boosted the total market in various regions. Additionally, the market for solvent-borne paints and coatings is not going down as it was anticipated and this has added to the increase in the total market value of paints and coatings.
The following summary table and figure illustrate the global market for various technologies involved in the manufacture of paints and coatings. Growth is the highest in the powder coating and emerging technologies segment, as new technologies are being developed by major manufacturers, with an everincreasing pressure from regulatory authorities in regard to pollution control and other environmental factors.
Powder coating technology is being adapted in a big way in all fields of application. The market for coatings manufactured with solvent-borne technologies is slowly diminishing and being taken over by coatings based on waterborne technologies, basically because of their environmentally friendly properties. This transition away from solvent-borne coatings is occurring in the North American and European markets, whereas solvent-borne coatings are still being widely used in developing countries because of cost factors. High-solids and radiation-cured technologies are experiencing reasonably good growth as these technologies are considered to be less polluting than solvent-borne technology.
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