Europe Paints and Coatings Market - Segmented by Resin Type, End-User Industry, technology, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The European paints and coatings market has been estimated at USD 33,710 million in 2017. The market is expected to register a CAGR of 3.76% during the forecast period, 2018 to 2023. By volume, it has been estimated at 10,445.4 kilo tons in 2017 and is expected to register a CAGR of 3.13% during the forecast period. The architectural segment dominated the Europe paints and coatings market with nearly 49% share globally, while packaging segment is estimated to register the fastest CAGR through the forecast period, 2018-2023.
High Demand from the Automotive Industry
In the automotive sector, paints and coatings impart protection to both interior and exterior surfaces, against various aggressive environmental agents, such as sunlight, corrosive materials, and environmental effects. Additionally, these coatings are used by the automotive body shops and repair centers for vehicle refinishing. The European Automotive Commission has doubled the funds available for cooperative research and innovation in the automotive sector for the period 2014-2020 with the aim to preserve the technological leadership in the automotive sector. The funding focused on green vehicles, decarburization of conventional engines, safety, and information technology infrastructure.
The architectural segment is expected to dominate the market with the highest CAGR during the forecast period. Paints and coatings are used in the exterior and the interior of houses, offices and buildings to give them an aesthetic look, and also to protect the walls and the fundamental structures. They are applied on ceilings, cabinets, windows, and doors. Paints and coatings are applied on the exterior of the house not only to give them a new look but also to protect it from blistering summers, freezing winters, soaking rain, and the daily bombardment of UV radiation without fading, peeling away and cracking..
Germany Dominates the Market
Germany has the highest share in the market, accounting for nearly 17.6% of the European market share in 2017. The increasing investments in growing automotive industry have highly driven the market for paints and coatings in Germany. Additionally, the German high-speed rail network line is likely to open many opportunities for implementing state-of-the-art transport concepts – the beginning of a new era of rail travel and increase in paints & coatings market.
Key Developments in the market
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