Paints & Coatings Market report is segmented on the basis of resin type, technology, application and region & country level. Based upon resin type, global paints & coatings market is segmented into polyurethanes, acrylic, polyesters, epoxy, alkyd and others. Based upon technology, global paints & coatings market is segmented into water-based, solvent-based, high solids, powder and others. Based upon feature, global paints & coatings market is segmented into architectural and industrial.
Paints & Coatings Market is valued at USD 125.50 Billion in 2018 and expected to reach USD 179.67 Billion by 2025 with CAGR of 5.6% over the forecast period.
Surface coating refers to the any material that may be applied as a thin continuous layer to a surface. It has been used widely to distinguish painting from other forms of surface treatments such as; electroplating, anodizing and the lamination of polymer film onto a surface. Paint was traditionally used to describe pigmented materials as distinct from clear films which are more properly called lacquers or varnishes. Paints & coatings are used in the building, construction and industrial application. Industrial coatings will extend the overall lifetime of materials, which in turn curbs replacement costs. In various industrial applications, silicon-based coatings are used. A silicone-based coating is to assure quality through reliable release performance in the molding process and it is also used in tire manufacturing. In the shipping industry, paints with silicone additives increase the efficiency of vessels.
The regions covered in this Global Paints & Coatings Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of global paints & coatings market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Increasing Growth of Construction Industry is the Major Driving Factor of Global Paints & Coatings Market
The global paints and coating market is witnessing a significant growth owing to the continuously growing construction industry due to the increasing urbanization. For example 1.2 Million new housing units planned annually in the U.S. In addition, growing population and improving economic conditions have also increased the expenditure on housing and infrastructure development across the globe which is further supplementing the market growth. Furthermore, automobile industry is also foster the demand for paints and coatings. However, harmful environment and high cost of ceramic coatings may hamper the global paints and coatings market growth. For example; use of solvent-based paints & coatings leads to deterioration of air quality. It can cause long-term harmful on human health. Moreover, smart coatings can provide an opportunity for then further growth of this market.
Asia-Pacific is Expected to Dominate the Global Paints & Coatings Market.
The economy in Asia Pacific has grown in the past few years. Fastest growth in Asia Pacific is due to the increasing repair and renovation activities in the houses, commercial buildings, schools, and malls in this region. Additionally, rapidly expanding automobile and construction industries in this region are also expected to be the major factors driving demand for these products over the forecast period. In addition, growing middle class population and improving standard of living in developing countries is also supplementing the market growth in this region. Furthermore, increasing disposable income and purchasing power of consumers are some of the other factors augmenting the market growth in this region. Asia pacific is followed by North America and Europe. In North America, a marked turnaround in building construction activity is expected to fuel the healthy growth in coatings demand.
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