Paints and Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 20, 2021 by statzyreports

The global paints and coatings market was valued at USD 162,468.23 million in 2020 and the market is projected to register a CAGR of over 3% during the forecast period (2021-2026).
 
The global paints and coatings market was valued at USD 162,468.23 million in 2020 and the market is projected to register a CAGR of over 3% during the forecast period (2021-2026).

In the first half of 2020, the COVID-19 pandemic has negatively affected various end-user industries such as automotive, architecture, transportation, and packaging. These are due to the temporary shutdown of manufacturing facilities and industrial activities during the lockdown period. For instance, global automotive production has witnessed an estimated fall of around 17% in 2020 compared to the previous year majorly due to the COVID-19 pandemic, however, there are various other factors also that have affected the production. According to OICA, automobile production has declined by 23% in the first three quarters of 2020.

- In the short term, the major factors driving the market studied are rapidly increasing housing construction activities in the Asia-Pacific region. The rise in prices of raw materials is expected to hinder the growth of the market studied.
- Architectural coatings dominated the market and the segment is expected to grow during the forecast period, owing to the increasing construction activities across the world.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China, India, and Japan.

Key Market Trends

Architectural to Dominate the Market

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- The architectural coatings segment holds the largest share in the market with a share of around 45%. Paints and coatings are extensively used in the architectural sector for both exterior and interior applications.
- Paints and coatings are applied on the exterior of the house, to not only to give them a new look, but also to protect it from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away, and cracking.

- Modern advances in paint technology, specifically in the acrylic formulations have offered a wide range of weatherproof coatings.
- Elastomeric coatings that retain their flexibility and stretch ability over a wide range of temperatures are becoming popular solutions for homes, worldwide.

- However, moisture causes problems for paint. Dew, rain, snow and ice on the outside, or vapor and moisture buildup from the inside can cause problems with exterior paint. When moisture penetrates the paint, blisters can form, and the paint might peel off. Moisture blisters, unlike temperature blisters, go through all coats of paint down to the wood.

- The increasing middle-class population, coupled with their increasing disposable income, has facilitated the expansion in the middle-class housing segment, thereby, driving the residential construction. Asia-Pacific region is the largest market for architechtural coatings owing to the growth in the construction industry.
- For instance, the Indian government is pushing huge projects in the next few years. The government’s ‘Housing for All’ initiative aims to build more than 20 million affordable homes for the urban poor by 2022. This will provide a significant boost to residential construction, which will account for more than third of the industry’s total value by 2023.

- Owing to all the above mentioned factors, the market for paints and coatings is expected to winess a significant growth post 2020, during the forecast period.

China to Dominate the Market in Asia-Pacific Region

- China is globally recognized for its architectural boom. The demand for low-cost housing and commercial housing is the reason for its growth in recent years.

- Demographics in the country are expected to continue to spur the growth in residential construction. Rising household income levels combined with population migrating from rural to urban areas are expected to continue to drive demand for the residential construction sector in the country. Increased focus on affordable housing by both the public and private sectors will drive growth in the residential construction sector.
- Furthermore, China accounts for almost 40% of global furniture production. The production is further increased at a rapid rate, owing to the rising domestic demand, coupled with increasing export to European countries.

- The Chinese automotive manufacturing industry is the largest in the world. However, automotive production in the country has been witnessing a huge decline for the past three years.
- The industry witnessed a huge slowdown in 2018, wherein the production and sales declined. The similar trend continued in 2019, with the production witnessing a 7.5% decline in 2019. According to the China Association of Automobile Manufacturers (CAAM), the automotive production has witnessed a decline of around 6.7% in the first nine months of 2020.

- These factors, in turn, are expected to affect the demand for paints & coatings in the region during the forecast period.

Competitive Landscape

The global paints and coatings market is moderately consolidated among the global majors and highly fragmented, with numerous regional players of the market. The major companies include The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel NV, Nippon Paint Holdings Co., Ltd, and RPM International Inc., among others.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

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Tags covid19 impact , paints and coatings market , paints and coatings market analysis , paints and coatings market forecast , paints and coatings market growth , paints and coatings market share , paints and coatings market size , paints and coatings market trends
Last Updated April 20, 2021