Inkwood Research estimates that the Global Paints & Coatings Market Forecast is set to evolve at a CAGR of 6.22% in terms of revenue during the forecasting years of 2021-2028.
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Paint is a liquefiable mastic composition that converts to a
solid film. It is available in different types and colors. It is applied as a
liquid, and most types dry into a solid. Coating, on the other hand, is a
covering applied to the surface, for functional and decorative purposes. It
also aids metals and other substrates to withstand exposure to every day wear
& tear.
Rising
Demand from Automobile OEM fuels Market Growth
Automotive production has been on the rise in regions like the
Asia Pacific, with growing consumer expenditure and increasing population.
Countries like Vietnam, the Philippines, India, and China, are considered the
potential markets for automobiles, due to the large presence of manufacturers
with their manufacturing plants. Also, the availability of low-cost labor,
rising urban population, and favorable raw material prices, contribute to the
increasing demands. China encompasses a growing middle-class population, and
with the urbanization of Western China, the demand for vehicles has increased.
The government initiatives are also raising the demand for automobiles.
In the Philippines, there is a growing demand for
construction, transportation, and infrastructure, along with rising sales in
the automotive industry. Moreover, in Europe, the automotive industry is
integral to economic growth. It is essential for upstream industries, like
textiles, downstream industries, chemicals, steel, etc. The initiatives from
the European Commission, entailing global technical harmonization, strengthen
the automotive industry. Such factors
are set to boost the demand and usage of paintings & coatings.
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Industrial is the Dominant Application as of 2020
Industrial paints
& coatings are used by original equipment manufacturers. They are also
called product coatings. They are available in several forms, films, laminates,
liquids, pastes, solids, powders, and aerosols. The major consumers include
manufacturers of metal containers, metal furniture, metal coil, appliances,
wood furniture & fixture, and automobiles. These coatings have more
protective features than aesthetic properties. They are commonly used for
corrosion control of steel or concrete. At the same time, their other functions
include intumescent coatings for fire resistance. They offer protection against
elements, along with providing a decorative finish, enhancing the appeal of
products.
Asia Pacific to Gain Prominence in Market Share and
CAGR
The increasing
housing construction activities in emerging economies and the rising demand
from the automotive industry are set to influence the market growth in the Asia
Pacific. Eminent car manufacturers like Daimler, Jeep, Volvo, Kia, and
Chevrolet, are setting up their manufacturing facilities in the region.
Countries like
Vietnam has one of the fastest-growing paint & coatings industries in the
ASEAN region. It has enabled many regional and multinational manufacturers to
set up their facilities in the country. With the presence of major producers,
Vietnam is expected to register steady growth during the forecast period.
The competitive rivalry is high in the market, given the
high firm concentration ratio. Companies are innovating products and offering
value-added services to enhance the customer experience. PT Propan Raya ICC, PPG
Industries Inc, RPM International Inc, Asian Paints Limited, Berger Paints
India Limited, Akzo Nobel NV, etc., are among the prominent companies in the
market.
About Inkwood Research
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research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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