The global paints and coatings market size is projected to reach USD 236.1 billion by the end of 2026. According to a report published by Fortune Business Insights™, titled “Paints & Coatings Market Size, Share & Industry Analysis, By Resin (Epoxy, Acrylic, Polyester, Alkyd, PU, and Others), By Technology (Waterborne, Solvent Borne, Powder Coating, and Others) By Application (Architectural, Automotive OEM, Marine, Coil, General Industries, Protective Coatings, Automotive Refinish, Industrial Wood, and Others), and Regional Forecast, 2019-2026,” the market size was USD 146.5 billion in 2018. Driven by huge demand for the product across diverse industries, the market will exhibit a CAGR of 6.2% during the forecast period, 2019-2026.
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List of the other companies that are operating in the market are:
- PPG Industries, Inc.
- Axalta Coating Systems
- Nippon and Kansai (Kansai Paint Co., Ltd.)
- Kwality Paints and coatings Pvt. Ltd. (KPCPL)
- Kansai Nerolac Paints Limited
- NIPSEA GROUP
- The Sherwin-Williams Company
- Nippon Paint Holdings Co., Ltd.
- RPM International Inc.
- TIKKURILA OYJ
- S K Kaken Co., Ltd
- Dunn-Edwards Corporation
Paints and coatings are widely used across diverse industries. The product is used in interior as well as exterior parts of all infrastructures. The demand for these products has risen dramatically in recent years. Advances in paints and coating manufacturing methods have emerged in favor of market growth. The growing construction industry in several countries across the world will aid the growth of the market in the forthcoming years. Increasing use of the product in public infrastructure projects, coupled with the efforts put in by governments will contribute to the growth of the market.
The report encompasses several factors that have contributed to the growth of the global paints and coatings market in recent years. It highlights major industry developments and gauges the impact of these developments on the market. It analyses key aspects of the market, with primary focus on leading products, major applications, and leading companies. The competitive landscape has been discussed in detail. Additionally, the report provides forecast values for the market for the period of 2019-2026. Factual figures are obtained through trusted sources. The data provided in this report is gathered through opinions and interviews of world leaders and experienced market research professional.
Increasing Number of Company Mergers to Aid Growth
Among all factors that have contributed to the growth of the market, mergers and acquisitions have had the highest impact. The increasing number of company mergers and collaborations has, in turn, created several opportunities for the companies operating in the market. In October 2019, Berger Paints completed the acquisition of STP Ltd., a company engaged in the manufacturing of construction material. Through this acquisition, the company will enhance its business across several regions. The report highlights major company mergers of recent times and gauges their impact on the global market.
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Asia Pacific Accounted for the Largest Market Share; Presence of Several Large Scale Companies to Aid Growth
The report analyzes the ongoing paints and coatings market trends across major regions including North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. As of 2018, the market in Asia Pacific accounted for the highest market share and is projected to grow considerably in the coming years. The rapidly rising construction industries in developing as well as developed countries such as India, Japan, and China will aid the growth of the market in this region. Besides Asia Pacific, the paints and coatings market in North America will exhibit considerable CAGR in the coming years, due to the increasing use of paints and coatings in improving old infrastructures. As of 2018, the market in North America was worth USD 23.8 billion.
Key Industry Developments:
April 2019: PPG completed the acquisition of Hemmelrath Lackfabrik GmbH, a company engaged in manufacturing of coating material.
February 2019: AkzoNobel launched a new facility for the production of powdered coatings. The company has invested an estimated €9 million in this facility.
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