PAINTS AND COATINGS MARKET TO REACH USD 249.6 BILLION BY 2024 | CAGR 4.4% – FORENCIS RESEARCH

Global Paints and Coatings Market: Key Highlights

• According to the new market research report “Paints and Coatings Market by Source (Ores and Clays, Crude Oil, Seeds and Beans), by Resins (Acrylic, Polyurethane, Epoxy, Polyesters Others), by Technology (Water-Based, Solvent-Based, Powder Coating, UV Cured Coating), by Application (Architectural and Decorative Coatings, Automotive OEM Coatings, Automotive Refinish Coatings, Packaging Coatings, Traffic Marking Paints, Marine Paints, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global Paints and Coatings market is estimated to reach USD 249.6 Billion by 2024 at a CAGR of around 4.4% during the review period.
• Composition obtained from the synthetic or natural source, which aims to impart color and/or protection to the surface applied are paints and coatings
• They are extensively used in the architectural sectors for both exterior and interior applications
• The outbreak of Covid-19 pandemic has exposed to the major challenges to the paints and coating market as major economies are affected which has resulted in slowdown in activities across the industries that uses paints & coatings

Global Paints and Coatings Market: Key Market Dynamics

• Growing population along with the higher consumer spending on infrastructure and residential renovation activities has expected to surge the demand for product market
• Rising awareness and demand for eco-friendly paints & coatings coupled with emergence new material in paints & coatings has provided opportunities to the growth of product market 
• Volatility in oil and other raw material prices may hinder the growth of paints & coatings market growth 

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Global Paints and Coatings Market: Regional Overview

• Asia-Pacific

Asia-Pacific is anticipated to witness largest growth in paints and coatings market during the forecasted period owing to the ongoing constructions and infrastructural activities in emerging countries such as India, China, Malaysia and Indonesia. For instance, National Bureau of Statistics of China, in 2019 the investment in China was increased by 3.8% than previous years. Moreover, growing electronic industries in countries such as India, China, and Thailand has also expected to surge the market growth.     

• North America

Growing concerns regarding release of volatile organic and presence of perilous chemicals among the consumers in the region has led to implementation of stringent regulatory frameworks in the past few years. For instance, regulation imposed by the US government like The Clean Air Act (CAA) to control the air pollutants have anticipated surge the market growth.

Global Paints and Coatings Market: Key Players Overview

• BASF SE:

BASF SE operates through various business segments namely chemicals, materials, industrial solution, surface technologies, nutrition & care, and agriculture solutions. In 2019, the BASF generated sales of USD 66.67 billion. In February 2018, BASF coating division in has launched a new product line in Europe for its Glasurit and R-M refinish paint brands that make automotive refinishing more sustainable.

• Akzo Nobel N.V.:

Akzo Nobel N.V. established in 1792 and is engaged in manufacturing paints and coatings. The company has portfolio of brands including Dulux, International, Sikkens and Interpon in over 150 countries. In September 2017, the company opened the substantial paint plant in Ashington, in the UK with an aim for production of Dulux one of the UK leading decorative paint brand.

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