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Global Paints and Coatings Industry

Global Paints and Coatings Industry

  • April 2021
  • 1064 pages
  • ID: 5817783
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

MARKET IMPACT SURVEY - COVID-19 & LOOMING RECESSION

Timely market intelligence is paramount in these uncertain times!

We launched an impact survey to update this project with timely insights during 2020. Update frequency will depend upon evolving market conditions and executive opinions. Our participants are executives driving strategy, marketing, sales and product management at competitive companies worldwide. All updates during the rest of the year are complimentary to clients!

Abstract:
- Except Anti-Viral Surface Coatings, All Other Applications of Paints & Coatings Succumb to COVID-19
- The global market for Paints & Coatings is expected to slump by -17.7% in the year 2020 highlighting a US$28.9billion erosion in market value. Thereafter the market is expected to recover and reach US$193.9 billion by the year 2027 trailing a post-COVID-19 CAGR of 5.4% over the analysis period 2020 to 2027. The on-going COVID-19 pandemic is adversely impacting global markets and construction industry is no exception to this. The COVID-19 spread and its associated effects on commercial activity and market sentiment, is having far-reaching repercussions at multiple levels on the engineering and construction (E&C) industry across the globe. The announcement of a lockdown by several countries brought many incomplete construction projects to a complete standstill. Absence of manpower, supply chain constraints, and inability to access raw materials is impeding growth for construction companies. Due to complete and partial lockdowns in various countries, the global economy has been witnessing its worst crisis in recent times. Construction sector remains at high risk of incurring heavy financial losses due to project delays. Covid-19 is causing disruptions to the infrastructure construction sector, with infrastructure projects witnessing delays owing to low mobility in workers and supply chain disruptions.
- Infrastructure development is likely to be delayed as governments are increasingly assigning more number of resources for essential requirements. Also, project financing, project completion, as well as future projects in pipeline are witnessing uncertainties due to the lockdowns imposed amid covid-19. The global construction industry is divided on its stand on construction and the importance of slowing the spread of the COVID-19 pandemic. While companies are attempting to carry on operations as usual in an environment that is anything but normal, issues such as lack of inspections, shutting down of building departments by some cities, and hesitation on the part of some subcontractors to work, among others, remain. For those mostly working on government projects, many resources are expected to be diverted towards dealing with the virus outbreak, and hence many projects are being either delayed or cancelled. Applications in oil & gas sector are also being significantly impacted. Oil & gas equipment & structures utilize polyurethanes, acrylic, polyesters, epoxy & alkyd based paints & coatings to protect against corrosion. COVID-19 outbreak & the resulting unprecedented disruption to economic activity has punched a 1.9 billion-barrel hole in global oil demand. The shattered oil & gas industry is facing its worst ever crisis, an overstocked supply market and a steep decline in demand. Choking economic activity over the last few months is sending shockwaves of disruption through the industry. From prices dipping to subzero to oil producers in the first time in history having to pay to dispose excess stocks, the industry has seen the worst.
- Additionally, Saudi Arabia, Kuwait and the United Arab Emirates have agreed to reduce production by 1.2 million barrels a day in June & July. Currently for most oil giants worldwide higher prices are needed to breakeven. Breakeven prices for Saudi Arabia, UAE, Iraq, Azerbaijan, Kuwait, Kazakhstan, and Russia include US$85, US$65, US$64, US$51, US$49, US$42, and US$40 respectively. As a culmination of these factors, the world witnessed negative oil prices become a shocking reality. As rising stockpiles overwhelmed storage facilities, the amount of oil stored on massive tankers on sea skyrocketed to over 160 million barrels in April 2020 as compared to the less than 100 million in April 2009 during the Great Recession. The entire O&G value chain is feeling the pain as upstream, midstream and downstream operations collapse under a domino effect. In this crisis of unimagined magnitude, CAPEX spending is worst hit. As business confidence plummets rapidly, major oil companies have already slashed planned CAPEX spending by almost US$89 billion in 1st quarter 2020.The massive revenue losses suffered by oil & gas drilling exploration & refining companies are expected to result in CAPEX reduction by -36% for full-year 2020. The hold-off of investments in most end-use markets will witness the global paints & coatings market slump in the year 2020.Anti-viral and anti-bacterial/microbial coating is the only segment witnessing growth in healthcare applications. In the post COVID-19 period, applications for anti-viral and anti-bacterial/microbial coatings will expand to household surfaces, indoor and outdoor applications. Currently, significant focus is being shed on polymeric N-halaminesclass of widely used water and food disinfectants as a potent antimicrobial additive to offer biocide effects against bacteria, mold and other fungi species, viruses, and spores.

- Select Competitors (Total 371 Featured) -
  • Akzo Nobel NV
  • Asian Paints Limited
  • Axalta Coating Systems
  • BASF SE
  • Berger Paints India Limited
  • Brillux GmbH & Co. KG
  • Cromology SAS
  • DAW SE
  • Dunn-Edwards Corporation
  • Hempel A/S
  • JW Ostendorf GmbH & Co. KG
  • Jotun Group
  • Kansai Paint Co. Ltd
  • Nippon Paint Holdings Co., Ltd
  • NIPSEA Group
  • PPG Industries Inc.
  • RPM International Inc.
  • S K Kaken Co., Ltd
  • Shalimar Paints Limited
  • Sherwin-Williams Company
  • Teknos Group Oy
  • Tiger Coatings Gmbh & Co. Kg
  • Tikkurila OYJ

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