The global paints and coatings market at a CAGR of almost 6% during the forecast period
NEW YORK, Dec. 26, 2019 /PRNewswire/ --
Global Paints and Coatings Market: About this market
This paints and coatings market analysis considers sales from water-based, solvent-based, and other technologies. Our study also finds the sales of paints and coatings in APAC, Europe, MEA, North America, and South America. In 2019, the water-based segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as protection against corrosion will play a significant role in the water-based segment to maintain its market position. Also, our global paints and coatings market report looks at factors such as growth in real estate and construction industry, automotive industry driving demand for paints and coating, and growth in marine industry. However, volatility in raw material prices, stringent regulations affecting market growth, and increasing use of glass in buildings may hamper the growth of the paints and coatings industry over the forecast period.
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Global Paints and Coatings Market: Overview
Automotive industry driving demand for paints and coatings
Easier applicability, superior durability, and higher cost-effectiveness of paints and coatings have made them a popular choice among automakers. Waterborne coatings, acrylic and epoxy-based enamels are widely preferred by automotive OEMs since they have longer life span. In addition, the demand for lightweight automobiles has increased in Europe and the Americas. Economies including China, Germany, Japan, and others are also focusing on the adoption of strong, safe, light, and fuel-efficient vehicles. Thus, with the growth of automotive industry will lead to the expansion of the global paints and coatings market at a CAGR of almost 6% during the forecast period.
Growing adoption of UV-curable coatings
Vendors are engaging in the R&D of UV-curable coatings to offer scratch resistance properties, particularly, to be deployed by automotive OEMs. In addition, regulatory agencies including EPA and China's Ministry of Environmental Protection have started implementing stringent regulations to address the harmful effects of volatile organic compound products. These regulations are compelling manufacturers to develop UV-curable and waterborne coatings from eco-friendly and natural ingredients. Furthermore, the demand for UV-curable coatings is also likely to surge from the automotive, industrial, general metal, and flooring applications due to their durability, versatility, appearance, and superior weather-resistance. This development is expected to have a positive impact on the overall market growth.
Competitive Landscape
With the presence of several major players, the global paints and coatings market is highly fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading paints and coatings manufacturers, that include 3M Co., Akzo Nobel NV, BASF SE, Henkel AG & Co. KGaA, Jotun AS, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG, and The Sherwin-Williams Co.
Also, the paints and coatings market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Read the full report: https://www.reportlinker.com/p05834272/?utm_source=PRN
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