The Asia Pacific dominates the Global Paints & Coatings Market in 2018
Global Paints and Coatings Market is expected to grow at a CAGR of approximately XX during the forecast period to reach USD XX Billion by 2023 from its current market value of USD XX Billion. The paints and coating are used to cover wood, metal, stone or other material in the construction, automotive, manufacturing and other prominent industries of the world. The decoration and protection features offered by variety of paints are driving the global demand for this market.
Global Paints & Coatings Market Segments:
The worldwide market for paints and coatings has been divided into three segments, namely architectural, industrial, and speciality paints and coatings. Based on the industry, different types of coatings are applied such as refinishing, maintenance coatings and traffic markings. The increasing applications of these coating in the building, automobiles, aircraft, industrial equipment, furniture and other areas are fuelling the market growth around the world.
There are multiple factors supporting the growth of the global paints and coatings market. Some of the significant factors among those are increasing use of paints in construction, automotive and furniture industry, rapid industrialization, growing expenditure of the organizations, recent advances in the technology, economic growth in several nations of the world, preference for professional paint contractors, luxurious lifestyles of the people and others. On the contrary, the increasing prices of raw materials and strict government regulations are hampering the expansion of the market.
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Global Paints & Coatings Market Regional Analysis:
Based on the regional analysis, the Global Paints & Coatings Market is studied in the regions of North America, South America, Europe, Middle East and Africa, and the Asia Pacific. The Asia Pacific is leading the global market and contributes about 40% to the total market revenue. The primary factor supporting the market growth in the Asia Pacific is the increasing constructions in the countries like India, China and Japan. North America is also expected to witness rapid growth in the future owing to the increased house sales and renovations in the region.
Global Paints & Coatings Market Leading Players:
Some of the leading manufacturers in the worldwide marketplace are BASF SE, PPG Industries, Sherwin-Williams Company, AkzoNobel, Axalta Coating System, Valspar Corporation, Kansai Paint, RPM International Inc., Nippon Paint Holdings, and Jotun Group.
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