The global paints and coatings market was estimated to be valued at more than $140 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.4% from 2020-2027, according to a market study by Coherent Market Insights. Rising demand for waterborne products due to growing environmental concerns is expected to foster market growth. Strict environmental regulations, coupled with rising awareness regarding eco-friendly coatings and better alternatives to traditional products, are further expected to propel market growth.
Growing demand for high-performance coatings that are resistant to high temperatures and corrosion is expected to provide major growth opportunities. Rising demand for industrial coatings for offshore platforms, piping, tank exterior, and container applications is expected to fuel market growth. In addition, growth in the chemical industry is also expected to foster market growth. On the basis of application, residential dominated the market in 2019 (about 28% of market share in terms of revenue), followed by commercial and automotive/aviation, respectively.
The spread of the COVID-19 pandemic globally resulted in measures such as lockdowns and slowed economic activities, which severely impacted the coatings sector. Demand for coatings virtually collapsed for a period until governments lifted their restrictive policies. A sharp decline in oil prices due to the pandemic is leading to decreased costs for petrochemicals, which will lead to a reduction in prices for raw material for coatings.
Additional details are available at www.coherentmarketinsights.com.