The global paints and coatings market is anticipated to exceed USD 227.70 billion by 2025, according to a new report by Grand View Research, Inc. The global market is anticipated to achieve moderate growth over the forecast period. The demand of these products globally is expected to increase owing to growth of applications from end-use industries, architecture segment, regional demand, changing consumer preference for bio based products and technological advancements.
Increasing applications from end-use industries such as aerospace, automotive, general industries, marine and wood have augmented the growth of the market. Architectural sector is the other parameter that has majorly driven the global industry. The growth of architectural coats is attributed to growing construction spending in emerging regions.
The industry is a highly regulated industry due to presence of volatile organic compounds in these products which are harmful for the environment. However, the industry has witnessed a huge shift towards green and bio-based products in the form of powder based and waterborne formulations.
Waterborne coatings were the largest product segment in 2016 with demand of over 17.0 kilo tons in 2016 and is expected grow substantially over the forecast period owing to increasing demand from several application segments including construction, furniture and automobile industries. Product demand is anticipated to increase owing to increased construction spending and consumer preference especially in developed nations of Asia Pacific region for eco-friendly formulations.
U.S. paints & coatings market by product, 2014 – 2025 (USD Million)
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Further key findings from the report suggest:
- Global paints and coatings demand was 45.40 million tons in 2016 and is expected to grow with a CAGR of around 4.2% to reach a total volume of 65.81 million tons by 2025
- Polyurethane is projected to be the fastest growing material segment in the industry
- Architectural segment was the largest end-use segment however it is expected to grow moderately over he forecast period
- General industrial sector is expected to emerge as the largest non-architectural end-use segment by 2025
- The market in Central and South America is anticipated to grow at a CAGR of over 5% from 2017 to 2025
- Technological advancements attributing to the growth of coats & vanishes include products manufactured by Nano technology and Fluro-additives. These innovative products provide enhanced application outcomes due to their excellent properties and enhanced tolerance levels towards weather-ability as compared to other conventional counterparts.
- Major global players operating in the industry include BASF SE, PPG Industries, Sherwin-Williams Company, AkzoNobel, Axalta Coating System, Valspar Corporation, Kansai Paint, RPM International Inc., Nippon Paint Holdings, and Jotun Group
For more information: http://www.grandviewresearch.com