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Paints And Coatings Global Market Report 2022

Paints And Coatings Global Market Report 2022

  • May 2022
  • 400 pages
  • ID: 6281503
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the paints and coatings market include Sherwin Williams Co, PPG Industries Inc, Akzo Nobel N.V, BASF SE, Nippon Paint Holdings Co ltd, Axalta Coating Systems Ltd, Kansai Paint Co. Ltd, Asian Paints Limited, RPM International Inc, and Arkema SA.

The global paints and coatings market is expected to grow from $211.9 billion in 2021 to $230.22 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%. The market is expected to grow to $311.47 billion in 2026 at a CAGR of 7.8%.

The paints and coatings market consists of the sales of paints and coating by entities (organizations, sole traders, or partnerships) that mix pigments, solvents, and binders into paints and other coatings, such as stains, varnishes, lacquers, enamels, shellacs, and water-repellent coatings for concrete and masonry, and/or produce allied paint products, such as putties, paint, and varnish removers, paintbrush cleaners, and frit.

The main types of paints and coatings are water-borne coatings, solvent-based coatings, powder coatings, and other types of paints and coatings.A waterborne coating is an environmentally friendly surface treatment that is using water as a solvent to disperse the resin used to make the coating or paint.

The types of resins are acrylic, polyurethanes, polyesters, epoxy, alkyd, and other types of resins.The performance range is commodity coating range, engineering coating range, and high-performance coating range.

The applications involved are architectural, automotive, wood, packaging, aerospace, and other applications.

Asia Pacific was the largest region in the paints and coatings market in 2021.Western Europe was the second-largest region in the paints and coatings market.

The regions covered in the paints and coatings report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

There is a rapid growth in the consumption of paints and coatings in many industries.Paints and coatings are widely used in the automotive, construction, and manufacturing industries.

For instance, the global buildings construction market is expected to increase from $6.6 trillion in 2019 to $8.4 trillion in 2022. Similarly, the global transportation manufacturing market is expected to increase from $6 trillion in 2019 to $7.8 trillion in 2022. Decorative paints and coatings are widely used in buildings and construction whereas protective paints and coatings are linked closely to the automotive, major appliance, and industrial equipment industries. Therefore, growth in end-user industries is expected to drive the paints and coatings market during the forecast period.

The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the paints and coatings market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.

However, it is expected that the paints and coatings market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Biocides are being used in paints to enhance their longevity and to maintain their quality.Biocide additives have been designed to protect paints from getting damaged during storage or to keep fungi and algae from growing on the applied paints.

The market for biocides in paints will continue to grow due to the switch from solvent-based to water-based paints as they are not hazardous for human health and the environment, and minimize fungally and algae growth.However, the replacement of traditional biocides based on chlorine and formaldehyde with environmentally friendly biocides adds to the costs of paint production.

For instance, some of the major companies using biocide in paint manufacturing include The Dow Chemical Company, Troy Corporation, BASF SE, Thor Group, and AkzoNobel N.V.

The countries covered in the paints and coatings market are Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, and Vietnam.

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