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Dublin, June25, 2019(GLOBE NEWSWIRE) -- The"Paints & Coatings Market - Growth, Trends, and Forecast (2019 - 2024)"report has been added to ResearchAndMarkets.com'soffering.
The market for paints and coatings is expected to grow at a CAGR of 4.2% during the forecast period of 2019-2024.
Major factors driving the market studied are rapidly increasing housing construction activities in Asia-pacific. The rise in prices of raw materials is expected to hinder the growth of the market studied.
- Architectural coatings dominated the market in 2018 and the segment is expected to grow during the forecast period owing to the increasing construction activities across the world.
- Growing Investments in the Infrastructure and Construction Industry in Emerging Economies is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China, India, and Japan.
Major Market Trends
Increasing Demand from Building & Construction Sector
- Paints and coatings are extensively used in the architectural sector for both exterior and interior applications.
- Paints and coatings are applied on 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 strand-etch ability over a wide range of temperatures are becoming popular solutions for homes, worldwide.
- Besides this, paints and coatings are also used in interiors of houses to add colors or decorative purposes, along with a wide range of other functions. Their functions vary depending upon the type of environment and room that they are used on.
- In Asia-pacific, China is expected to witness the highest growth in the construction activities, followed by India.
- In China, government spending has been increasing, in order to construct affordable housing facilities to cater to the housing demand.
- India is likely to witness an investment of around USD 1.3 trillion in housing over the coming seven years, where the country is likely to witness the construction of 60 million new homes. The availability of affordable housing is expected to rise around 70% by 2024, in India. The Indian government's Housing for All by 2022' is also a major game changer for the industry.
United States to Dominate the Market in North America
- The United States is the world's largest and most powerful economy in the world, with a per capita income of USD 55,900 in 2017. The economy's growth rate was 2.3% in 2017, and in 2018, the GDP grew by 2.9%.
- The construction industry in the United States has witnessed rapid growth in 2017, as a result of increased private sector spending on residential construction. The residential construction in 2016 and 2017 has increased y-o-y by 10.52% and 10.58%, respectively. Residential construction in the country is projected to have a growth of almost 6% in the forecast period (2019-2024), due to an increase in the construction of single and multiple family housing in the country.
- The total number of new residential housing units started in the United States, has recorded growth of 2.62% in 2017 (14,498 thousand houses), when compared to 2016 (14,128 thousand houses) and in 2018, the total number of new residential housing units further increased to 14,989 thousand houses, representing 3.39% growth over 2017.
- According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, from 7,039 in 2016, owing to the growth in air cargo. Also, the US mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year due, to the existing fleet getting older.
- In 2018, the total value of Aircraft and Parts Shipments in United States reached a total of USD 217.30 billion. Similarly in 2018, the total exports from the aerospace industry reached a total of USD 150.61 billion, with China being the largest export destination.
- Hence, with the rapid increase in demand from the various end-users, the demand for paints and coatings in United States is expected to increase at a significant rate over the forecast period (2019-2024).
The global paints & coatings market is the top half of the market is moderately consolidated among the global majors and bottom half highly fragmented with numerous regional players of the market. The major companies include The Sherwin-Williams Company, PPG Industries, AkzoNobel, Nipsea Group, and RPM International Inc.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Rapidly Increasing Housing Construction Activities
4.1.2 Increase in Furniture Production
4.1.3 Other Drivers
4.2.1 Sharp Decrease in Automotive Production & Sales in China
4.2.2 Rise in Prices of Raw Materials
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
4.5 Regulatory Policy Analysis
5 MARKET SEGMENTATION
5.1 By Resin
5.1.1 Architectural Resins
18.104.22.168 Vinyl Acrylate
22.214.171.124 Pure Acrylic
126.96.36.199 Styrene Acrylic
5.1.2 Other Resins
5.2 By Technology
5.2.3 Powder Coating
5.2.4 UV-Cured Coating
5.3 By End-user Industry
5.3.4 Protective Coating
5.3.5 General Industrial
5.4.2 North America
5.4.4 South America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AkzoNobel N.V.
6.4.2 Asian Paints
6.4.3 Axalta Coating Systems
6.4.4 BASF SE
6.4.5 Beckers Group
6.4.6 Berger Paints India Limited
6.4.7 Brillux GmbH & Co. KG
6.4.10 DAW SE
6.4.14 Kansai Paint Co. Ltd.
6.4.15 Masco Corporation
6.4.16 Nipsea Group
6.4.17 PPG Industries Inc.
6.4.18 RPM International Inc.
6.4.19 Tikkurila OYJ
6.4.20 Teknos Group
6.4.21 The Sherwin-Williams Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Investments in the Infrastructure & Construction Industry in Emerging Economies
7.2 Other Opportunities
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Related Topics: Paints and Coatings