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News Update on Global Paints and Coatings Market:Primarily Fuelled by Increasing Automotive Producti
The growth of global paints and coatings market is primarily driven by rising demand from end-user industries
Some of the factors such as high adoption of elastomeric coating in the tilt-up concrete in building and construction, green environmental rules, increasing demand from end-use industries, and facility of tough coating with better performance boost the global paints and coatings market trends. The U.S. is one of the leading country in the global market, owing to stricter government regulations and consumer tastes, and new technological advances, such as nanostructured coatings. Similarly, in Asia-Pacific region, India has also shown a significant growth due to growing demand from infrastructure industry. However, difficulty in obtaining thin films in powder coating, and stringent and regulatory policies are the major challenges that may hamper the paints and coatings industry. Furthermore, surging applications of fluoropolymer in the construction industry is likely to open up new avenues for the market in the forecast timeframe.
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Application, and geography are the primary segments that comes under the global paints and coatings analysis. Industrial, decorative & architecture, and marine are the bifurcation of the application segments. The decorative and architecture segment is further sub-segmented into solvent based, and water based. Whereas, the industrial sub-segment is categorized into UV based, solvent-based, powder, and water-based. North America (U.S., Mexico, and Canada), Europe (France, Germany, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific)
Industrial, by application dominated the segment with highest market share in 2016
In 2016, industrial was accounted for the major share in the application segment, and is anticipated to endure its dominance throughout the forecast period i.e. 2016 – 2024. Increasing demand from several end-user industries including aerospace sector, consumer goods, marine sector, automotive, oil & gas, machinery manufacturing, and consumer goods are the factors to drive the industrial segment.
Asia-Pacific led the global market with prime share in 2016
Asia-Pacific was the highest revenue generating region in the global market, in 2016, accounting for about 42.7% of the total market share. Similarly, in terms of growth, Asia-Pacific is expected to achieve the fastest CAGR during the forecast period 2016 – 2024, driven by increased demand from construction in the region, which is mainly due to the growth in household activities.
The key players profiled in the market include Sherwin-Williams Company, PPG Industries, Inc., Nippon Paint Holdings Co., Ltd., Axalta Coating Systems, The Jotun Group, Asian Paints Limited, RPM International Inc., Hempel Holding A/S, Kansai Paints Co., Ltd., and Valspar Corporation, among others.
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Scope of the Global Paints and Coatings Market
• Architectural and Decorative
• UV Based
• North America
• Rest of Europe
• Rest of Asia-Pacific
• South America
• Middle East
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