Global Paints and Coatings Market, By Product Type (High Solids/Radiation Cure, Powder Coating, Waterborne Coatings, Solvent-borne Coatings, and Others), By Application (Automotive & Aviation, Medical & healthcare, Residential, Commercial, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 202.46 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 3.2% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Paints and coatings are used to enhance the aesthetic appeal of the surface of the component, walls, and requirements. Paints and coatings are also used to provide corrosion & abrasion resistance and improve the durability of the surface. Curing agents, pigments, solvents, additives, dispersants, and resins are some of the key raw materials used in the manufacturing of paints and coatings.
Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has had a significant impact on the supply chain of the paints and coatings industry. The pandemic has caused a shortage of raw materials, disruption in the supply chain, and lower demand from the professional architecture, automotive, and aerospace industries due to lockdowns, travel restrictions, and halt in production. The shortage of labor available at automotive plants, paint plants, and trucking companies has also affected production, leading to a supply shortage of new cars during the height of the pandemic. The pandemic has compelled companies to monitor conditions prudently and use innovative techniques to stabilize their operations at production sites. The impact of COVID-19 has been challenging on several fronts including maintaining contact tracing and sending people home until they test negative. The outbreak of COVID-19 disrupted the supply chains of companies in the paints and coatings market compelling firms to monitor conditions prudently. Companies are focused on managing orders, inventory, and transit shipments amid the pandemic. During the pandemic, companies constantly used innovative techniques to stabilize their operations at production sites.
The paints and coatings market is facing a likelihood of a deep recession caused by the effect of lockdowns across the globe to slow the spread of COVID-19. The demand for paints and coatings depends on various end-use industries such as electrical & electronics appliances, furniture, and automotive industries. For instance, according to the European Automobile Manufacturers’ Association (ACEA), in the European Union (EU), the total sales of new vehicles in the first two months of 2020 was 7.4% less than the same period in the previous year. This is expected to hamper the growth of the paints and coatings market in the next few years till the end of 2021.
Market: Key Developments
- In March 2021, India and the U.S. agreed to restructure their strategic energy partnership to concentrate on cleaner energy sectors including biofuels and hydrogen production
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Paints and Coatings Market”- Forecast to 2031, Global Paints and Coatings Market, By Product Type (High Solids/Radiation Cure, Powder Coating, Waterborne Coatings, Solvent-borne Coatings, and Others), By Application (Automotive & Aviation, Medical & Healthcare, Residential, Commercial, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/paints-and-coatings-market-328
Key Takeaways of the Market:
- The market is valued at US$ 202.46 Bn in 2024 and is forecast to reach a value of US$ 252.41 Bn by 2031 at a CAGR of 3.2% between 2024 and 2031
- On the basis of application, residential dominated the market in 2019 with around 28% of market share in terms of revenue, followed by commercial and automotive & aviation, respectively.
- The commercial segment in the application segment was valued US$ 197.51 Bn in 2020 and is expected to witness a CAGR of 3.5% over the forecast period. Continuous technological advancements will provide significant growth opportunities during the evaluation timeframe.
