MARKET OUTLOOK
A report by Triton has determined the Europe paintings & coatings market to proliferate at a CAGR of 4.43% in terms of revenue and a CAGR of 3.01% in terms of volume in the forecast duration 2019-2027.
The UK, Russia, Spain, Germany, France, Italy and countries in rest of Europe together form the market for paintings & coatings in the European region. The growth of the paints & coatings market in Europe can be attributed to the growth of the construction and aerospace industries in the region. The large industrialization and modernization in the region are driving the demand for protective paints & coatings. The slack in the construction and real estate sectors in some European countries are acting as a roadblock in the development of the paints & coatings market in the region.
The growing automotive market in the region, especially in Germany, is also increasing the demand for automotive paints & coatings. The paints & coatings market in Germany is expected to grow the fastest. The German economy is the fifth-largest economy by GDP in the world. Public consumption has increased by 0.5%, which is expected to further drive the growth of the automotive industry, in turn, adding value to the growth of the paints and coatings market in Germany. However, the strict regulations by the REACH, regarding VOC emissions are expected to hinder the growth of the market in the country.
COMPETITIVE OUTLOOK
The dominating players in the market include Jotun A/S, Berger Paints Limited, Axalta Coating System LLC, PPG Industries, AkzoNobel N.V., Beckers Group, Asian Paints Limited, Valspar Corporation, Kelly-Moore Paints, Indigo Paints Pvt. Ltd., Kansai Paint Co., Ltd., Nippon Paint Holdings Co., Ltd., RPM International, Inc., The Sherwin-Williams and BASF Coatings.