The Paints and Coatings Market is Expected to Reach $161 Billion by 2023, Growing at a CAGR Of 5%: IndustryARC

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HYDERABAD, India, June 28, 2019 /PRNewswire/ -- The paints and coatings industry is undergoing a period of significant consolidation to promote development, boost efficiencies and obtain greater returns from consumers. Consumers and socio-ecological problems play a major part in shaping the paints and coatings sector. Sustainability is emerging as a critical factor during input selection, leading to inclusion of renewable raw materials, new eco-friendly technologies, and responsible manufacturing practices.

The paints and coatings market is expected to reach $161 billion by 2023, growing at a CAGR of 5%. Consolidation has become a long-term trend for paints and coatings, particularly in Western economies with restricted organic growth. For instance, the sector has been consolidating for centuries in North America. In certain end-use segments, less than ten players occupy more than 90% of market share. On a global scale, however, the general markets are still very fragmented.

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Innovative formulation techniques in the paints and coatings industry have made diverse customer requirements much easier to cater to. Anti-corrosive protection, low-VOC content coats and nano coatings are a few innovative products launched by the coatings market. Introduction of nanotechnology has played a major part in the paints and coatings industry. In addition to creating formulations with zero or low VOC content, industry players are taking advantage of this technology to create nano paints and coating products which are extremely natural. 'Green' and ecofriendly coatings are emerging as a trend in the paints and coatings industry. Key manufacturers in the industry are investing significantly in R&D projects to enhance their product portfolio and also save energy in manufacturing processes through introduction of new technologies. All the above mentioned factors are expected to create profitable projections for the paints and coatings industry, leading to expansion across every end use sector.

Key Insights on Paints and Coatings Market

• Waterborne formulations was the segment which generated major revenue worth over $52 billion in 2018. Enactment of stringent regulations worldwide and tremendously increasing awareness among end users for VOC content is expected to be the main factor driving demand for water-based products.
• Constant emphasis from European construction companies on local markets is expected to enhance demand for paints and coatings in Europe.
• In comparison with powder-based coatings, acrylic resins are used more in moist coats with greater VOC levels. At present, acrylic coatings have experienced a shift from solvent-based to water-based or powder coats due to growth of sophisticated techniques.
• Geographically, the Asia-Pacific (APAC) region dominated the paints and coatings market by holding a share of more than 35%, followed by North America and Europe. Rapid expansion of the region's automotive and construction sectors are expected to be the major drivers of demand for these products over the forecast period. The growing electronic industry in China, Thailand, and India has also encouraged growth of the market in the APAC region

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There is a moderate degree of competition in the global paint and coatings sector. Yet, the sector is moving towards consolidation through a large number of mergers and acquisitions that have taken place in latest years. BASF SE, PPG Industries, Sherwin-Williams Company, AkzoNobel are some of the key players in the market. In 2017, the major deal for the paints and coatings market was the merger between Sherwin-Williams and Valspar. Sherwin-Williams holds a key position in the architectural paint market in North America, South America, China, Australia and the UK. The joint company is slated to be a global market leader in industrial coatings such as packaging coatings, coil coatings, general industrial coatings and industrial wood coatings.

Growth in the paints and Coatings industry is supported by a high rate of construction activity globally. The construction market is anticipated to show slow growth globally in 2019. Construction expenditure in the U.S. increased by 3.5% in Q1 2019 as compared to 4.5% during the same period in 2018.  Similar trends are expected to affect the EU, where the rate of construction activity is slated to slow slightly from a 3.5% growth rate during 2018 to a 2.5% growth rate during 2019. The construction markets in China and other Asian countries are estimated to continue growing at high rates; although not equal to the growth seen in 2018. On a global basis, the construction market will continue to grow in 2019 but it will not be quite as strong as that in 2018.

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SOURCE IndustryARC