NEW YORK, Nov. 30, 2020 /PRNewswire/ -- The increasing population of the U.S., Sweden, India, China, Australia, Canada, and the U.K. is driving their construction sector. As a result, the global paints and coatings market, which valued $156,086.2 million in 2019, will witness a 4.2% CAGR during 2020-2030, to reach $227,834.0 million in 2030. For instance, the construction sector of India is expected to witness a Y-o-Y growth of 7.1% till 2025, according to the market research report published by P&S Intelligence.
Similarly, in China, this growth is set to be at a Y-o-Y rate of 4.5% till 2021. In many of these countries, the paints and coatings market is being driven by government initiatives related to infrastructure development. For instance, the Indian government has allocated $24.27 billion (INR 1,69,637 crore) for transport infrastructure development in the 2020-21 budget.
The COVID-19 pandemic has significantly harmed the paints and coatings market by bringing about a slowdown in the end-use sectors. Construction and automobile production have almost stopped due to cash crunch, laborer shortage, movement restrictions, and hesitation of people in spending on non-essential products. Moreover, the price of titanium dioxide, a key raw material of paints and coatings, also shot up during the pandemic.
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The ultraviolet (UV) category, on the basis of technology, is expected to witness the highest value CAGR in the paints and coatings market, of 7.1%, in the years to come. UV coatings are widely used in the aerospace industry, which is rapidly growing on account of the increasing long-distance travel activities, rising affordability of air travel, and surging military expenditure.
Throughout the next decade, the paints and coatings market would be dominated by the acrylic division, based on formulation. Acrylic paints and coatings are quick-drying, multi-purpose coatings, ideal for any wax- and oil-free surface, and they are available at reasonable prices.
Browse report overview with COVID-19 impact analysis on Paints and Coatings Market Research Report: By Technology (Water-Borne, Solvent-Borne, High-Solids, Powder Coatings, Ultraviolet), Formulation (Acrylic, Polyester, Polyurethane, Epoxy), Application (Architectural Coatings, Industrial Coatings, Special Coatings) - Global Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/paints-and-coatings-market
In the past, the architectural coatings classification, under segmentation by application, generated the highest paints and coatings market revenue. The booming population around the world has been consistently driving the demand for houses, commercial units, and factories, where paints and coatings are applied in massive volumes.
Asia-Pacific (APAC) is the largest paints and coatings market, and it is also projected to witness the fastest growth in the years to come. The rapid industrialization in Japan, China, India, and South Korea has led to a high demand for such aesthetic and protective products. Further, with regional inhabitants enjoying a higher purchasing power than before, sales of houses and automobiles are increasing sharply.
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The major companies in the global paints and coatings market are PPG Industries Inc., Akzo Nobel N.V., Kansai Paint Co. Ltd., The Sherwin-Williams Company, Asian Paints Limited, Nippon Paint Holdings Co. Ltd., Jotun A/S, RPM International Inc., Masco Corporation, Axalta Coating Systems Ltd., and BASF SE.
Key Findings of Global Paints and Coatings Market Report
- Smart coatings are becoming rapidly popular
- Paint and coating usage continues to burgeon in the automotive and construction industries
- Nanotechnology could offer lucrative opportunities to market players
- Popularity of solvent-borne coatings is on a downward spiral
- APAC to remain the key region for industry investors
- Mergers and acquisitions characterize the fragmented market
Asia-Pacific Paints and Coatings Market
The APAC paints and coatings market is presently witnessing merger and acquisition activities by the major manufacturing companies operating in the region.
Automotive OEM Coatings Market
The global automotive OEM coatings market generated a revenue of $10,997.4 million in 2018 and is predicted to attain more than $13,661.4 million valuation by 2024.
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SOURCE P&S Intelligence