Paints and coatings Market Report by Technavio Identifies Growth of Automotive Industry as a Major Driver

NEW YORK, March 16, 2021 /PRNewswire/ -- The paints and coatings market report by Technavio forecasts USD 33.64 billion growth during 2020-2024. Amid the pandemic, the paints and coatings market registered a YOY growth of (3.5)% in 2020 and is expected to accelerate at a CAGR of about 4% during the forecast period.

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The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across segments such as technology (water-based, solvent-based, and others), resin type (acrylic resins, epoxy resins, alkyd resins, polyurethane resins, and others), application (industrial and architectural), and geography (APAC, Europe, MEA, North America, and South America). This report helps businesses create strategies to make the most of future growth opportunities.

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"The growth of the automotive industry will be crucial in driving the growth of the paints and coatings market. Also, the growing adoption of UV-curable coatings will present significant opportunities for vendors during the forecast period", says an analyst at Technavio.

Improving economic conditions and rising foreign investments have increased the per capita income of consumers, especially in emerging economies. This has increased the sales of automobiles by consumers. Besides, the development of public infrastructure has led to the inclusion of new automobiles by various fleet operators. These factors have fueled the growth of the automobile industry, which, in turn, is driving the demand for paints and coatings.

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Paints and Coatings Market: Segmentation Analysis

Segmentation by Technology:

• Based on technology, the water-based paints and coatings segment led the market in 2019.
• The water-based paints and coatings segment is expected to generate maximum revenue to the market due to the anti-corrosive nature of water-based paints and coatings.
• Also, the low volatile content of water-based coatings is expected to contribute to the growth of the water-based paints and coatings segment during the forecast period.
• The market growth in the water-based paints and coatings segment will be significant during the forecast period.

Segmentation by Geography:

• 54% of the market growth will originate from APAC and the region will offer several opportunities for market vendors during the forecast period.
• Factors such as increased focus on development, rapid industrialization, and the flourishing housing and construction sector will drive the growth of the paints and coatings market in APAC.
• China and India are the key markets for paints and coatings in APAC.
• Market growth in APAC will be faster than the growth of the market in other regions.

Paints and Coatings Market: Major Vendors

The paints and coatings market is fragmented due to the presence of several vendors. The report offers detailed information on the competencies, capacities, and products offered by major vendors including 3M Co., Akzo Nobel NV, BASF SE, Henkel AG & Co. KGaA, Jotun AS, Nippon Paint Holdings Co. Ltd., PPG Industries Inc., RPM International Inc., Sika AG, and The Sherwin-Williams Co.

More Details: www.technavio.com/report/paints-and-coatings-market-industry-analysis

Related Reports on Industrials Include:

Global Automotive Paints and Coatings Market – Global automotive paints and coatings market is segmented by product (Solvent-based products, Water-based products, and Other products) and geography (APAC, Europe, North America, South America, and MEA).
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Global Coatings Raw Materials Market – Global coatings raw materials market is segmented by type (resins, pigments and fillers, solvents, and additives) and geography (APAC, Europe, North America, South America, and MEA).
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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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