Pune, India, Aug. 27, 2018 (GLOBE NEWSWIRE) -- The paints and coatings sector is witnessing more and more alliances to drive growth. As per the latest data released by Market Research Future (MRFR), the global paints and coatings market is set to exhibit a CAGR of 5.06% from 2017 to 2023. Global paints & coatings market was USD 135,542.6 million in 2017, and the market is expected to surpass a valuation of USD 190,167.5 million by 2023. Manufacturers are entering partnerships and collaboration to increase efficiency and support sales. Emphasis is also being placed on strengthening supply chain and improving customer relationship through consolidation efforts. A solitary stance is certainly not viable considering the constantly changing business environment. A sense of cautious optimism among stakeholders is an encouraging site despite the industry’s vulnerability to price volatility, regulatory constraints and rising trade war tension.
Emerging markets in Asia Pacific and Latin America present tremendous opportunities and are rightly targeted by global players. Demand for paints & coatings is on the rise in countries such as China, India, and Mexico. The boom in industrial manufacturing in these countries is partly creating this positive condition for market players. China, in particular has emerged a major manufacturing hub, dominating a number of manufacturing verticals on a global level. Meanwhile, the India market is viewed as an attractive prospect by many as the country is going through a period of fast growth. Mexico is not far behind in the pecking orders, recording a continuous upward trend in its economy over the past couple of years. Paints and coatings have a large application spectrum, they are used in a wide range of commercially manufactured items both movable and immovable. Therefore, competition in the paints and coatings market is unlikely to drop now or in the future.
Sales of the paints and coatings account for a significant percentage of the overall revenue of the chemical sector. Large-scale industries such as the automotive, aerospace, marine and consumer electronics continue to post higher consumption rates for paints and coatings years over year. In addition, demand for the construction sector has increased on the back of growing investments in infrastructure development in emerging economies.
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Key Players and Competition Tracking
MRFR in its report has profiled some of key players currently functioning in the paints and coatings market, which include The Sherwin-Williams Company, Vitracoat America, Kansai Nerolac Paints Limited, Hentzen Coatings, Inc., National Paints Factories, Guangzhou Kinte Paints & coatings, AkzoNobel N.V, 3M, TIGER Coatings GmbH & Co. KG, Jotun Group, Dai Nippon Toryo Co., Ltd, Berger Paints India Limited, Axalta Coating Systems Ltd and Diamond Vogel.
Latest Industry News
- Canadian based mining and technology company Hudson Resources Inc. has recently revealed that it has received positive test results of combining company's anorthosite “GreenSpar” in clear coating and paint formulations. The test was undertaken by Florida based testing laboratory Marschall Labs Inc.
- Hexion Inc. has collaborated with Vanora is developing a novel specialized binder. Hexion’s VeoVa™ vinyl ester monomer was reportedly used as used as key component for developing the binder. The collaboration was primarily focused on developing an environmentally viable biocide-free dispersion with no volatile organic compounds (VOCs).
Asia Pacific will Remain a High-Growth Market Over 2023
On the basis of region, the Paints and Coatings Market has been segmented into Latin America, the Middle East & Africa (MEA), North America, Europe, Asia Pacific (APAC) and Europe. The market is APAC is expected to remain highly lucrative throughout the assessment period. Between 2017 and 2023, the APAC paints & coatings market is projected to exhibit a CAGR of 5.41%. Europe and North America are the other two important markets that are expected to showcase highly positive growth trends in the forthcoming years.
Browse the market data and information spread across 135 pages with 232 data tables and 21 figures of the report “ Paints and Coatings Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/...market-854
Paints and Coatings Market Segmentation: Insights
MRFR in its report has offered a detailed segmental analysis of the global paints and coatings market on the basis of application, product type, substrate type and region. Based on application, the market has been segmented into industrial and architectural. Among these, the architectural segment currently commands a relatively larger market share of 55.1% in 2017 and is expected to remain highly attractive over the forecast period. In 2017, the segment surpassed a valuation of USD 78000 Mn. The growing use of paints and coatings in the residential construction activities is charactering the growth of the segment. By substrate type, the market has been segmented into metals and non-metals. By product type, the market has been segmented into polyamide epoxy-polyester hybrid, acrylic, polyolefin, polyester, polyurethane, and epoxy.
The industrial segment accounted for 44.9% of the global paint and coating market share with a market value of USD 63450.5 million in 2017. The segment is estimated to grow at CAGR of 4.72% during the forecast period to reach USD 83662.7 million by 2023 end due to growing demand for coatings from the automotive and general industrial segment.
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