However unsurprisingly, the industry of metal, mining and chemicals is growing more significantly across the globe by the extensive usage of chemicals for industrial and household purposes. Whereas, the paints & coatings market is showing a healthy growth and it is likely to rise in an auspicious manner over the forecasted period. Moreover, the growth of the market is attributed to the continuously increasing growth to the application segment such as a non-residential and residential in the sector of architectural along with the automotive and general industrial sector. Hence, this industry is one of the most severely regulated industry across the globe and the manufactures have been obligatory to adopt low-solvent and non-solvent technologies in the past decades. With the effective applications and existence of large multinational players the market of paints and coatings is heavily increasing in the forecasted period.
According to the report analysis, ‘Global Paints & Coatings Market Research Report – Forecast to 2023’ states that some of the major key players which are currently functioning in this sector more effectively and actively for attaining the significant share and attaining the demand of the potential consumers includes 3M, Jotun Group, The Sherwin-Williams Company, TIGER Coatings GmbH & Co. KG, Vitracoat America, Dai Nippon Toryo Co., Ltd, Kansai Nerolac Paints Limited, Diamond Vogel, Hentzen Coatings, Inc., Berger Paints India Limited, National Paints Factories, Axalta Coating Systems Ltd, Guangzhou Kinte Paints & coatings, and AkzoNobel N.V., and several others. In addition, the key players are adopting so many new strategies and policies for gaining the more attention and market share across the globe which further lead the growth of the market and make it more competitive and profitable for both the consumer and the seller. With the competitive nature of the market the new entrants are willing to enter and support the market financially which led to the market growth more effectively and the manufactures can introduce the new technologies of product making with the effective features.
On the basis of geography, with the extensive demand and development growth in the developing countries spread the market across the globe which majorly includes middle East & Africa, Asia Pacific region, Latin America, North America and Europe. Whereas, among the regions, the Asia Pacific region acquired more than 50.0% value and volume share of the market. Moreover, the rest regions offers a significant growth potential in the paints and coatings market and is anticipated to register growth at a CAGR of 5.4% during the forecasted period due to the significant increase in disposable income, growing need for appliances, extensive growth in the population in the respective regions and dynamic landscape of constructive activities in the regions.
The China is the highest market for paints and coatings in the region and anticipated to encounter the effective growth in the forecasted period because of the increasing consumptions of paints and coatings in the industrial and architectural sectors. In addition, on the basis of type the demand for paints and coatings if growing more effectively as the performance range is also segmented in the market which lead the growth more effectively such as commodity, engineering and high performance segments. Therefore, in the near future the growth of the market will grow more significantly across the globe over the decades.
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Ankur Gupta, Head Marketing & Communications