Paints and Coatings Market to See 5% Annual Growth Through 2023

Industry Expansion Tied to Growing Demand in the Auto, Construction and Furniture Sectors

April 17, 2019

WELLESLEY, Mass., April 17, 2019–Growing demand from the automotive, construction, and furniture/wood segments is driving expansion of the global paints and coatings market, according to a report by BCC Research.

The market expects to see a compound annual growth rate (CAGR) of 5% through 2023, when it could be worth $191.9 billion, according to the report “Paints and Coatings: A Global Market Outlook.”

Major players in the market include PPG Industries (PPG), The Sherwin-Williams Co. (SHW), Axalta Coating Systems (AXTA) and AkzoNobel (AKZA).

Research Highlights

  • By technology, the market is led in size by waterborne paints and coatings, which had a 2018 value of $43.1 billion, followed by powder coatings at $30.2 billion and high-solids paints and coatings at $23.2 billion.
  • The end-user market is led in size by architectural and decorative coatings, which had a 2018 value of $71.9 billion, followed by industrial coatings at $64.9 billion.
  • In North America, the high-performance ceramic coatings segment was led in size by thermal sprays, which had a 2018 value of $794.3 million, followed by PVD at $308.6 million.

“The global paints and coatings market has grown significantly in the past few years,” the report’s authors noted. “The market is expected to continue growing during the next five years due to demand from various applications such as automotive, construction, and furniture/wood. Also, the market has experienced increasing demand particularly from regions such as Asia-Pacific, Middle East and Africa. Growing demand for paints and coatings in India and China also is driving market growth.”

Technological Developments Focus on Improved Health and Environmental Performance

Regulatory pressure and consumer demand are pushing paint and coatings manufacturers to produce products with improved health and environmental friendliness. In particular, the new generation of paints and coatings has high performance characteristics but meets tough new volatile organic compound and emission requirements. Overall, there has been a push to create paints and coatings which have fewer hazardous chemicals and which conserve natural resources.

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Paints and Coatings: A Global Market Outlook( CHM121A )
Publish Date: Mar 2019    

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