Global Paints & Coatings Market - Segmented by Product Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global paints and coatings market is expected to register a significant CAGR during the forecast period, 2018-2023. Asia-Pacific accounted for the largest share, accounting of more than 40% of the global market, while North America is estimated to register the second-fastest CAGR through the forecast period.
Accelerating Growth for Architectural Coatings
Architectural, automotive, industrial, and wood, are some of the major end-user industries included in the report. The global paints and coatings market is dominated by architectural coatings (both in terms of revenue and volume). The global residential sector is growing consistently, owing to the recovering construction industry in Europe and increasing investments by the Indian and Chinese governments. This in turn, is boosting the demand for architectural coatings. Automotive OEM coatings is expected to register the fastest CAGR through the forecast period.
Rising Automotive Production in Asia-Pacific
China, India, Philippines, and Vietnam are turning out to be potential markets for the demand and supply of automobiles, with many automotive manufacturers planning their manufacturing and assembly plants in these countries. This can be attributed to the availability of cheap labor, low raw material prices, and rising urban population in the region. Major car manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia have either set up their automotive manufacturing facilities, or are planning to start new facilities in Asia-Pacific in the near future. This in turn, is expected to increase the usage of coatings in the automotive industry to a major extent in the region.
Asia-Pacific expected to Dominate the Market Growth
Asia-Pacific had the largest share in the market, accounting for more than 40% of the global market in 2017. Rapidly growing construction industry, primarily in China and India, is a major factor driving the demand for paints and coatings in the region. North America is expected to register a significant growth rate, primarily due to the rise in residential houses sales, coupled with renovation of the existing houses, which is expected to boost the demand for residential construction.
Key Developments in the market