Paints and Coatings Market | Growth of Automotive Industry to Boost the Market Growth

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The global paints and coatings market size is poised to grow by USD 33.64 billion during 2020-2024, progressing at a CAGR of about 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Paints and Coatings Market 2020-2024 (Graphic: Business Wire)

The growth of the global automotive industry is one of the key factors driving the global paints and coatings market growth. Economic growth in emerging countries and rising foreign investments have increased per capita income. As a result, consumers’ capacity to purchase cars has increased. Also, the public transportation infrastructure is transforming along with fleet addition. These factors are increasing paints and coatings activities in the automotive industry.

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Report Highlights:

  • The major paints and coatings market growth came from water-based technology segment. Water-based paints and coatings comprise water-soluble resins such as polyesters, polyacrylates, alkyds, epoxy, and epoxy esters. These resins are produced by the process of polycondensation and polymerization in an organic solvent medium. As a result, water-based paints contain alcohols, glycol ethers, and other oxygen-containing solvents that are miscible with water. Therefore, these water-paints are meant to protect against corrosion and aesthetics to the surfaces on which they are applied. Moreover, these paints have a low content of volatile organic compounds.

  • APAC was the largest paints and coatings market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Increased focus on development, rapid industrialization, and the flourishing housing and construction sector, especially in China and India, will significantly drive paints and coatings market growth in this region over the forecast period.

  • The global paints and coatings market is fragmented. 3M Co., Akzo Nobel NV, BASF SE, Henkel AG & Co. KGaA, Jotun AS, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG, and The Sherwin-Williams Co. are some of the major market participants. To help clients improve their market position, this paints and coatings market forecast report provide a detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the global paints and coatings market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Growing Adoption of UV-curable Coatings will be a Key Market Trend

Vendors are carrying out R&D for developing UV-curable coatings, which exhibit high performance and offer quick assembly-line benefits. Most of the UV-curable coatings offer scratch and mar resistance. Market players such as BASF offer various multi-functional polyol intermediates for UV-curable acrylic monomers and oligomers manufacturing, which are subsequently used in UV-curable coatings. Vendors are further developing eco-friendly coating products to adhere to stringent government regulations. The durability, versatility, appearance, and superior weather-resistance of eco-friendly UV-curable coatings will encourage the growing number of automotive OEMs to adopt them, which is one of the key paints and coatings market trends.

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Paints and Coatings Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024

  • Detailed information on factors that will assist paints and coatings market growth during the next five years

  • Estimation of the paints and coatings market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the paints and coatings market

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of paints and coatings market vendors

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PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: MARKET LANDSCAPE

PART 04: MARKET SIZING

PART 05: FIVE FORCES ANALYSIS

PART 06: MARKET SEGMENTATION BY RESIN TYPE

  • Market segmentation by resin type

  • Comparison by resin type

  • Acrylic resins – Market size and forecast 2019-2024

  • Epoxy resins – Market size and forecast 2019-2024

  • Alkyd resins – Market size and forecast 2019-2024

  • Polyurethane resins – Market size and forecast 2019-2024

  • Others – Market size and forecast 2019-2024

  • Market opportunity by resin type

PART 07: MARKET SEGMENTATION BY TECHNOLOGY

  • Market segmentation by technology

  • Comparison by technology

  • Water-based – Market size and forecast 2019-2024

  • Solvent-based – Market size and forecast 2019-2024

  • Others – Market size and forecast 2019-2024

  • Market opportunity by technology

PART 08: MARKET SEGMENTATION BY APPLICATION

  • Market segmentation by application

  • Comparison by application

  • Architectural – Market size and forecast 2019-2024

  • Industrial – Market size and forecast 2019-2024

  • Market opportunity by application

PART 09: CUSTOMER LANDSCAPE

PART 10: GEOGRAPHIC LANDSCAPE

  • Geographic segmentation

  • Geographic comparison

  • APAC – Market size and forecast 2019-2024

  • Europe – Market size and forecast 2019-2024

  • North America – Market size and forecast 2019-2024

  • MEA – Market size and forecast 2019-2024

  • South America – Market size and forecast 2019-2024

  • Key leading countries

  • Market opportunity

PART 11: DECISION FRAMEWORK

PART 12: DRIVERS AND CHALLENGES

  • Market drivers

  • Market challenges

PART 13: MARKET TRENDS

  • Growing adoption of UV-curable coatings

  • Implementation of solar reflective coatings

  • Increasing focus on bio-based and eco-friendly products

PART 14: VENDOR LANDSCAPE

  • Overview

  • Landscape disruption

  • Competitive scenario

PART 15: VENDOR ANALYSIS

PART 16: APPENDIX

PART 17: EXPLORE TECHNAVIO

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