TAGS: Acrylic Coatings Architectural Coatings
Markets and Markets (M&M) anticipates that the global paints & coatings market size during the COVID-19 pandemic is projected to grow from USD 147.2 billion in 2020 to USD 179.5 billion by 2025, at a compound annual growth rate (CAGR) of 4.0% during the forecast period. Overall paints & coatings demand is expected to grow during the forecasted period.
The architectural coatings market is anticipated to grow significantly with growing construction activities across the globe. Demand for residential buildings and the improvement of home remodeling/reconstruction, foreign investment owing to low-cost labor, economical & accessible raw material, and favorable government regulations, particularly countries such as China and India are projected to drive the general industry paints & coatings markets.
Acrylic Resins Segment to Lead Market
Based on type, the acrylic resins segment is projected to lead the market during the forecast period. Acrylic resins-based paints & coatings provide chemical, water resistance, better stain protection and blocking, etc. in key application areas such as architectural coatings, industrial flooring, coil coatings, automotive, metal furniture, appliance coatings.
Based on end-use industries, general industry and architecture paints & coatings are two segments the are top gainers during the pandemic. General industries include sports equipment, agriculture equipment, construction equipment, consumer durables, and marine, rail, and coil industries. The development of high-speed trains provides more opportunities for rail paints and coatings companies.
Railway tracks are being built and continuously upgraded to meet international standards, thus expanding their network across the globe. This is expected to drive the general industrial paints & coatings market. The paints & coatings business in professional architecture is driven by new constructions and remodeling. During the forecast period, increasing urbanization and housing facilities will surge the demand for paints and coatings in the new construction in countries such as China and India.
Highest Growth in APAC Region
APAC is projected to be the largest paints & coatings market during the forecast period, fueled by increasing demand from China and India. Asia Pacific paints & coatings market is relying on Chinese and Indian facilities to cater to the demand for other countries of the region. Due to the pandemic, Chinese and Indian paint manufacturers are not able to fulfill the demand of distributors due to the unavailability of transports and social distancing in production houses.
Hence, post COVID-19, China and India are likely to gain importance in the long term. Europe is expected to suffer the most during the pandemic, with non-operational plants and factories, lower demand from the architecture and automotive segment and a rising number of cases each day. The severity of the disease would lead to a negative growth rate for 2019-21 for the paints & coatings market.
Source: Markets and Markets (M&M)