Global Intermediates for the Paint & Coatings Market Highlights over 2022 – 2031
The global intermediates for the paint & coatings market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing construction activities. The rapid recovery in the construction and automotive industry post-coronavirus pandemic, has led to a surge in the demand for paints and coatings. The growth if the paint and coating industry is bound to drive the market during the forecast period. In fact, it was observed that the global paint and coatings industry valued at an estimated 155 billion dollars in the year 2020. Moreover, production of paints from intermediates is cost-effective, durable, and commercially viable, which is further anticipated to boost the market growth.
The market is bifurcated by type into organic intermediates, and inorganic intermediates, out of which, the inorganic intermediates segment is anticipated to hold the notable share in the global intermediates for the paint & coatings market over the forecast period on account of the cost-effective nature of inorganic chemicals. Moreover, inorganic intermediates are majorly used to produce metallic coatings, which are extensively used in automotive sector. This factor is estimated to contribute to the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Intermediates for the Paint & Coatings Market Regional Synopsis
On the basis of geographical analysis, the global intermediates for the paint & coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to hold the largest market share over the forecast period, on the back of growing construction industry in China, India, and other developing countries in the APAC region. For instance, the construction industry in China amounted to approximately USD 1,050 billion in 2020. The abundance of raw material for chemicals, backed by growing chemical industry in the region, is estimated to boost the regional market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing consumption of paint and coating amongst the growing automotive and construction industry.
The global intermediates for the paint & coatings market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global intermediates for the paint & coatings market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing demand for paints and coating is estimated to boost the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2031.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period on the back of growing construction industry.
The major players in the market are Eastman Chemical Company, The Dow Chemical Company, KH Neochem Co., Ltd., Saudi Basic Industries Corporation, OQ Chemicals GmbH, Solventis Ltd., Galaxy Surfactants Limited, KH Chemicals BV, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The inorganic intermediates segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High production cost of intermediates is estimated to hamper the market growth.
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