Global Paints and Coatings Market 2017-2021
About paints and coatings
Paints and coatings are not only used to enhance the aesthetic value of the substrate but also offer various functional benefits such as anti-skid, insulation, conduction, reflection, and light absorption. Paints and coatings have occupied an indispensable place for many applications, including household appliances, buildings, cars, ships, airplanes to computers, microchips, and printed circuit boards.
Technavio’s analysts forecast the global paints and coatings market to grow at a CAGR of 5.63% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global paints and coatings market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Paints and Coatings Market 2017-2021
Technavio recognizes the following companies as the key players in the global paints and coatings market: Akzo Nobel, BASF, Jotun, PPG Industries, and The Sherwin-Williams Company.
Other Prominent Vendors in the market are: 3M, Asian Paints, Axalta Coating Systems, DAW, H.B. Fuller, Hempel, Henkel, KANSAI PAINT, Masco, NIPPON PAINT, RPM International, and Sika.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growth in DIY market. Increasing disposable incomes that has translated to the construction of new homes, also increased the number of existing home sales. An increase in consumer spending on home remodeling and improvement projects is the major factor providing growth incentive for the consumption of paints and coatings by the residential end-user segment. The demand for paints and coatings from do-it-yourself (DIY) consumers is mainly high in Western economies, and organized big box retailers catering to this demand.”
According to the report, one of the major drivers for this market is Highly lucrative architectural paints segment. In the architectural paints segment, most of the vendors have identical product offerings. Increasing demand for supportive infrastructure in all parts of the world owing to growing population, coupled with increasing urbanization, is driving the demand for architectural paints and coatings. Additionally, the growth in the retail and hospitality sectors is also contributing to the demand for architectural paints.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuating crude oil prices. The cost of paints and coatings products depends on the price fluctuations of crude oil, which was at an 11-year low in 2016. Crude oil prices further declined after the Organization of the Petroleum Exporting Countries (OPEC) planned to retain its high production despite reduced oil prices. Additionally, benzene prices in the Asian markets dropped sharply due to the weak demand. Volatile oil prices are common in the chemical sector.
Akzo Nobel, BASF, Jotun, PPG Industries, The Sherwin-Williams Company, 3M, Asian Paints, Axalta Coating Systems, DAW, H.B. Fuller, Hempel, Henkel, KANSAI PAINT, Masco, NIPPON PAINT, RPM International, and Sika.
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