The global paints and coatings market was valued at USD 180 billion in 2018 and is expected to reach USD 235 billion in 2026, growing at a CAGR of 3.4% during the forecast period. The growing trend of lightweight vehicles is driving the growth of the paints and coatings market.
The automotive industry is striving to create energy-efficient, eco-friendly, and quality automobiles and its products. The automotive industry is incredibly large and diverse, with its branches reaching into many different components, materials, and consumer markets, which in turn, affect the evolution of the ecosystem globally. Automotive coatings and the processes related to the paints and coatings include coating of the automobile surfaces.
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It is beneficial for the care as it protects the car surface from corrosion, scratches, and provides gloss and longevity. This demonstrates the avant-garde of technologies that are capable of producing durable coated surfaces, which exceeds the customers’ expectations of appearance, provides maximizing efficiency, and enables in meeting environmental regulations. Some of the critical performance factors contributing to the development and use of advanced automotive coatings and coating technologies are Aesthetic characteristics., Corrosion protection., Mass production., Cost and environmental requirements., Appearance and durability.
According to the American Ceramic Society, China is estimated as the top consumer and producer of new cars in 2016. Strong sales in China are expected to boost the global sales of the paints and coatings market. Metals reinforced with ceramic whiskers, fibers, or particles offer improved properties such as tensile and compressive properties, tunable thermal expansion, creep stability, and wear resistance, which allow increased application-specific incorporation in lightweight vehicles. Moreover, looking at the growing automotive industry at the global reveals a familiar major player of the automotive sector—the paints and coatings industries.
Based on formulation, the water-based paints and coatings segment is accounted for the largest share in the market and held for around 55% of the total market in 2018.
Based on resins type, the acrylic segment accounted for around ~40%% share in the global paints and coatings market in 2018.
Based on the application, the architectural segment is expected to grow at the highest CAGR of around 5.1% during the forecast period.
Asia Pacific accounted for around 31% share of the global paints and coatings market in 2018
In December 2018, PPG Industries, Inc. acquired one of the major global coatings manufacturers, Whitford Worldwide Company, in order to expand its product portfolio.
In February 2018, AkzoNobel N.V. expanded its paints and coatings production facility in India.