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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 globalpaints and coatingsmarketwasvalued at USD180billion in 2018 and is expected to reach USD235billion in 2026, growing at a CAGR of3.4% during the forecast period.The growingtrend of lightweight vehicles is drivingthe growth of thepaints and coatingsmarket.

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 thepaints andcoatings 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 demonstratesthe 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 contributingtothe 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 thepaints andcoatingsmarket. 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—thepaints and coatingsindustries.

Key Findings:

  • Based onformulation, thewater-basedpaints and coatingssegment is accounted for thelargest share in the market and held for around55% of the total market in 2018.

  • Based onresinstype, theacrylicsegmentaccounted for around~40%% share in the globalpaints and coatingsmarket in 2018.

  • Based ontheapplication, thearchitecturalsegment is expected to grow at the highest CAGR of around5.1% during the forecast period.

  • Asia Pacificaccounted foraround31% share of the globalpaints and coatingsmarket in 2018

Recent News:

  • InDecember2018,PPG Industries, Inc.acquired one of the major global coatingsmanufacturers,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.

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Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Paints and Coating Market 2019: Industry Insights and Top Players (AkzoNobel N.V., PPG Industries, Inc.)