Jun 8,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Paints & Coatings Market.
It was estimated prior to this unanticipated outbreak that the Paints & Coatings Market was expected to grow at a CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Paints & Coatings include liquid mixture that is a solid pigment in a liquid vehicle. They are used as a decorative or protective coating in the construction industry.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the resin type, the market is segmented as acrylic, alkyd, epoxy, polyester, polyurethane, and others. The acrylic segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The significant share of acrylic segment is attributed to resistance to weathering & oxidation and availability of a variety of high-gloss colors. Utility of acrylic for outdoor applications coupled with its moderate price will augment the segmental growth over the forecast period.
Based on the end-use industry type, the market is segmented as architectural and industrial. The architectural segment accounted for the larger share by application in 2019, owing to government focus on residential construction especially in China and India.
Based on the technology type, the market is segmented as waterborne, solvent-borne, powder coating, and others. The waterborne segment held the largest share of the market in 2019, and is expected to remain dominant over the forecast period. The dominance of the waterborne segment is due to low flammability, ease of use, eco-friendly properties, and less hazardous disposal associated with the technology type.
In terms of regions, Asia-Pacific is expected to be the largest market. The high share is attributed to the growing economy and expanding construction industry. Rapid urbanization especially in China and India will augment the regional growth. . North America is anticipated to offer significant growth opportunities over the forecast period, with the US being the major country.
Some of the major players in the paints & coatings market are-
The Sherwin-Williams Company
Nippon Paint Holding Co. Ltd.
Axalta Coatings System LLC
RPM International Inc.
Nippon Paint Holdings Co., Ltd.
Asian Paints Limited
BASF Coatings GmbH.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Paints & Coatings Market analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors