Top 10 High Growth Paints and Coatings Market is valued at USD 168.6 billion in 2021 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.2 % during the forecast period to become a USD 217.23 billion market in 2026 Paints and coating market is driven by the ubiquitous nature of their usage.
In Modern Life paints and coatings have become a necessity. They are used for decoration, aesthetic appeal, and protection of substrates and to prevent corrosion or degradation.Due to the Trump Administration's Iran sanctions, a number of oil and gas multinational companies pulled out of Iran as their operations in the USA were too big to risk the wrath of the American government. Total S A the French multinational company was one of them.The trump administration recently announced sanctions on the Venezuelan government for being anti-democratic. This is further expected to squeeze the oil refineries as the ongoing sanctions on Iran are already causing a shortage of crude.
The widespread usage of paints and coatings in many industries is driving the market. With the population of the developing world registering a massive growth in recent years, the market is expected to grow significantly. Paints and coating industry is primarily driven by the demand from automotive and transport and construction and building industries. They can be water based or solvent based and sometimes even come in the form of powders. They are used to keep the surfaces clean and aesthetically good looking. These days’ new kinds of paints can even prevent moisture and vapor from penetrating into the walls. They create a barrier so that the walls and roofs don't soak up the moisture present in the atmosphere.
This is very important in reducing the overall maintenance costs in the long run. The increasing net available disposable income is driving the construction of new residential units and this is driving the paints and coatings market as well .Most of the paints these days are manufactured from the derivatives of petroleum by-products. The conflicts in the Middle Eastern countries have oil price constantly fluctuating. Adding to that uncertainty is the recent reintroduction of American sanctions on Iran and Venezuela, which are both among the top producers of crude oil. This has created a shortage of oil availability and has been responsible for the soaring of oil prices. With the rising awareness and growing access to information, more people are now concerned about climate change and governments are getting stricter in their oversight of the oil industry. Rising labor and transportation costs are only adding to the woes of the market.Taking a bird’s eye view of the entire market, we find that it is showing great potential for future growth and development.
Middle East and Africa
Elastomeric coatings are the fastest growing segment of the paints and coatings market. This is because of the high quality of their finishing and the waterproofing capabilities offered by them. They are increasingly being preferred over other alternatives for use in Residential, Commercial, Industrial and other architectural applications. A good leakproof paint which is resistant to the permeation and diffusion of vapor can prevent rusting of steel used in the construction and avoid dampening of walls. Damp walls can attract termites and other kinds of insects. It also reduces the repair and maintenance costs and increases the lifetime of the structure.Elastomer Coating segment to grow with the highest CAGR during the forecast period.
The Asia Pacific with its growing middle-class population is the largest market for Paints and Coatings and it is also projected to grow faster than other geographical regions of the world. Countries like India, China, Indonesia, Malaysia, Japan, and Taiwan are expected to lead the market in this region. Latin America, the Middle East, and Africa are also anticipated to see the paints and coatings market grow. With their economies sagging the middle eastern countries are eager to pump a lot of money into the infrastructure sector to drive the growth of their nations. They are expected to invest heavily in order to avoid another Arab Spring-like scenario. Latin America and Africa with their rising incomes are also projected to be lucrative markets for Paints and Coatings.The Asia Pacific to grow faster than all other regional markets during the analysis period of 2018-2023.
Top 10 High Growth Paints and Coatings Market Key Players:
Some of the major players in the Top 10 High Growth Paints and Coatings market are BASF SE (Germany), AkzoNobel N.V. (Netherlands), Jotun A/S (Norway), The Dow Chemical Company (U.S.), The Sherwin-Williams Company (U.S.), PPG Industries (U.S.), Progressive Painting, Inc. (U.S.), Axalta Coating Systems (U.S.), Nippon Paint (Japan) and Asian Paints (India) among others.
BASF SE is the largest chemicals manufacturer worldwide both by volume and value. It was founded by Friedrich Engelhorn on 6 April 1865 in Mannheim, in the German-speaking country of Baden as Badische Anilin und Soda Fabrik. It is now headquartered in Ludwigshafen, Germany. It has over 115,000 employees and reported net revenue of EUR 64.475 billion for the year 2017. It was headed by Martin Brudermüller, who acted as the CEO as of 2018.
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