April 24, 2018 - 2:30 AM EDT
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Global Paints and Coatings Market Will Reach USD 214 Billion by 2023: Zion Market Research

According to the report, global paints and coatings market was valued at around USD 155 Billion in 2017 and is expected to reach approximately USD 214 Billion in 2023, growing at a CAGR of slightly above 5.0% between 2017 and 2023.

New York, NY, April 24, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Paints and Coatings Market by Technology (Solvent Base, Waterborne, Powder Coating, Anti-fouling) by Resin (Alkyd, Epoxy, Polyurethane, Acrylic, Ceramic, Intumescent) for Architectural, Industrial and special purpose applications by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023’’. According to the report, global paints and coatings market was valued at around USD 155 Billion in 2017 and is expected to reach approximately USD 214 Billion in 2023, growing at a CAGR of slightly above 5.0% between 2017 and 2023.

Paints are extensively used for equipment maintenance. It not only impacts the machinery or vehicle exterior appearance but also influences the equipment’s structure. Industrial paints and coatings are the special protective type that prevents corrosion and damage from weakening plastic or metal part of the equipment in use. Ground calcium carbonate (GCC) is mostly used in numerous paints and coatings application. It is an extender used to either enhance or reduce glossiness and also a rheology modifier, coating additive, and an anti-slip additive to increase the density of the product. Coatings characteristics are verified to determine causes for failures and defects that might occur on painting surface in terms of its resistance to climatic agents and corrosion, adhesion to the substrate, hardness, and thickness. 

Browse through 105 Tables & 31 Figures spread over 130 Pages and in-depth TOC on "Global Paints and Coatings Market: Industry Size, Share, Trends, Analysis, and Forecast, 2017 – 2023”.

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Household appliances are coated with powder coatings to increase resistance to water, sewage, pollutants, food acids, and chemicals along with protecting it from wear & tear, harsh conditions, and corrosion. Common appliances that are powder coated are tumble dryers, washing machines, refrigerators, etc. Coatings protect appliances by preventing the metal casing from mechanical abrasion, bumps damage and other impacts. Coated appliances have an improved aesthetics and better product service life as compared to other appliances. Rising disposable income of customers coupled with frequent advancement in appliances technology is triggering paints and coatings market in the industry. 

In the current era, both military & civil helicopters and aircraft are coated. Military aircraft are coated to comply with specific defense requirements and specifications. Civil aircraft are periodically coated to maintain its aesthetic appearance and resistance to climatic conditions. Further, rising demand of air travel owing to affordable flight rates has increased aircraft fleet and their maintenance. Vehicles such as trailers, lorries, vans, and cars are coated during its manufacturing. Vehicle refinish coating is done in body shops during accident repairs. Marine coatings are applied to yachts, tugs, cruise ships, and tankers. It covers antifouling coatings, coatings above the waterline, and topsides of boats and ships, serving the function of reduced ship drag and marine fouling.

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Paints and coatings market is segmented on the basis of technology as a solvent base, waterborne, powder coating, and anti-fouling. Powder coating will grow at a significant pace in coming years owing to its enhanced aesthetics and protection qualities. The market is bifurcated as per resin of the product into alkyd, epoxy, polyurethane, acrylic, intumescent, and ceramic. Ceramic coatings will contribute significantly in market share due to its dimensional and chemical stability along with superior thermal insulation. Various applications of the product include architectural, industrial and special purpose applications. Architectural coatings mostly include consumer paints and are expected to dominate other segments during the forecast period.

Germany is considered as a global leader in the manufacturing of luxury cars such as Mercedes, BMW, Audi, and Volkswagen. The country shelters 21 top global automotive suppliers with above 6 million new cars manufactured in 2016. Paints and coatings protect both interior and exterior surface of the vehicle against environmental impacts such as UV radiations, stone chips, hot-cold shocks, acid rain, corrosive materials, sunlight, blowing sand and car washing. European economy relies majorly on its automotive industry with a contribution of 4% in the region’s GDP. Funds allocated by European Automotive Commission for innovation and research in the automotive sector in the period 2014-2020 were doubled. Revision of the funds was a step towards preserving technological leadership of the region in global automotive industry. Automotive production in Europe has grown by 2.5% in 2016 from the previous year, counting for a total of above 21 million vehicles. Growing automobile industry in the region will foster paints and coatings market.

Browse the full "Paints and Coatings Market by Technology (Solvent Base, Waterborne, Powder Coating, Anti-fouling) by Resin (Alkyd, Epoxy, Polyurethane, Acrylic, Ceramic, Intumescent) for Architectural, Industrial and special purpose applications by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023" report at https://www.zionmarketresearch.com/report/paints-coatings-market

The construction industry is growing exponentially in the Asia Pacific due to its major economies such as ASEAN countries, India and China. Architectural coatings not only provide an aesthetic look to residences but even protects it from UV radiation, soaking rain, freezing winters, blistering summers without cracking, peeling away and fading. Rising business opportunities in the region have given a rapid growth to residential as well as commercial sectors. Further, boosting private and government spending on construction activities is supporting the construction sector. Paints and coatings are widely consumed in the architectural sector in both interior and exterior applications. China accounts for a major share in architectural coatings of the region with more than 50% contribution. Hong Kong housing authorities have initiated measures to encourage low-cost housing construction. The proposed budget of 2018-19 includes construction capital expenditure of USD 3.047 billion, that is 7% higher than the budget allocated for 2017.

Middle East construction sector will grow gradually despite of their economic slowdown. As crude oil prices in the region are nearing to OPEC target after the crisis in oil & gas sector, so GCC nations are anticipated to invest in the construction sector. Qatar and Saudi Arabia are projected to lead the regional boom, as both have registered an average increase of 10% in their construction industry in past five years. Further, Saudi Arabia automotive sector will grow at 4 to 5% every year in the coming decade. These factors would lead to a proliferating demand of paints and coatings in the region during the forecast period. 

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Prominent manufacturers in global paints and coatings market include Nippon Paint Holdings Co., Ltd, Hempel A/S, RPM International, Jotun A/S, Kansai Paints, Asian Paints, The Sherwin Williams Company, BASF Coatings GmbH, Axalta Coatings Systems, PPG Industries, and AkzoNobel N.V. Companies are undergoing partnership with distributor to expand their product reach to various customers. For instance, StanChem Polymers has given its distribution rights to Brenntag in 2018. Brenntag will distribute products of StanChem for sealant, elastomers, coatings and adhesive applications.

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The report segments global paints and coatings market as follows:

Paints and Coatings Market: Technology Segment Analysis

  • Solvent base
  • Waterborne
  • Powder coating
  • Anti-fouling

Paints and Coatings Market: Resin Segment Analysis

  • Alkyd
  • Epoxy
  • Polyurethane
  • Acrylic
  • Ceramic
  • Intumescent

Paints and Coatings Market: Application Segment Analysis

  • Architectural
  • Industrial
  • Special purpose

Paints and Coatings Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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Source: GlobeNewswire (April 24, 2018 - 2:30 AM EDT)

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