Northbrook, IL 60062 -- (SBWire) -- 10/15/2023 --The report "European Paints and Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyester, PU, Fluoropolymer, Vinyl), Technology (Waterborne, Solvent borne, Powder), End-use (Architectural and Industrial), and Country - Global Forecast to 2028", is projected to grow from USD 37.2 billion in 2023 to USD 41.6 billion by 2028, at a CAGR of 2.3%. Increasing demand for premium paints to boost the European Paints and Coatings market. The architectural paints produced and consumed in Europe are exclusively medium to premium products, as the consumer interest in home decoration is high. These coatings offer better coverage than domestic formulations.
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Acrylic is the largest segment of the overall European Paints and Coatings market.
Acrylic resins are clear thermoplastics made from acrylic acid, methacrylic acid, cyano acrylic acid, acrylonitrile, and acrylamide. Acrylic resins are available as solids, solutions in organic or inorganic solvents, or emulsions. Acrylic resin characteristics can be adjusted for specific applications by using different types or numbers of monomers during manufacture. Using thermoplastic acrylics as corrosion-resistant coatings is less common than thermosets because thermoplastic coatings have a higher corrosion degree than thermoset coatings.
The demand for acrylic paints & coatings is owed to the growing renovation and new housebuilding sector in the European region. The sector provides 18 million direct jobs and contributes to about 9% of the EU's GDP. High sales of better-quality coatings for interior use, have been heavily promoted to the general public by mass merchandisers due to which the consumption of acrylic surface coatings in the region's construction market has increased. There have also been higher sales of gloss coatings based on acrylic emulsions, which have replaced solvent-borne alkyd enamels.
Powder-based technology is the fastest-growing segment in the market during the forecast period.
The major application of powder coatings is in the architectural sector for aluminum extrusions and cladding. There is a growing requirement for robust mechanical properties such as improved flexibility and durable paints & coatings with better weathering performance. Additionally, from the architectural perspective, there is a growing interest in wood effects, which are achieved through sublimation print transfer. Powder coatings have the ability to replace liquid coatings. There is increasing demand for powder coatings in the transportation, construction, and manufacturing industries in the countries such as Germany, France, and Italy.
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Germany is the largest market for paints and coatings in the European region during the forecast period
The residential market in Germany has been growing due to the increasing population in large cities of Germany, such as Cologne, Frankfurt, Hamburg, Berlin, and Munich. For instance, a project value of USD 235 million is granted for building East Side Cubes Office Building, on which construction started in Q4 2022 and will get completed in Q4 2023. The BLB NRW – Hueffer Campus Theology Research Center – North Rhine – Westphalia was the second-largest project with a project value of USD 196 million, on which the construction work started in Q4 2022 with an estimated completion in Q4 2024. The other ongoing construction projects in the country include The Sigmaringen – Sigmaringen Bertha Benz School – Baden-Wuerttemberg project (costs around USD 160 million), the Bauwo Grundstucks/ Kanada Bau – Elsdorf Bauka Logistics Park Development – Lower Saxony (costs around USD 130 million), and the BPD Immobilienentwicklung – Telekom-Areal Residential Complex – Baden-Wuerttemberg (costs around USD 116 million). The favorable economic environment for the construction sector will catalyze the demand for decorative paints and coatings across the country.
Akzo Nobel NV (Netherlands), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), BASF Coatings GmbH (Germany), Jotun A/S (Norway), and Axalta Coating Systems LLC (US) are some of the key market players.
PPG Industries, Inc. is a US-based supplier of coatings, paints, optical products, specialty materials, glass, and fiberglass. The company operates through three business segments: performance coatings, industrial coatings, and glass. It caters to the needs of several end-use industries, such as consumer products construction, transportation, and industrial. The company also offers automotive coatings under its industrial coatings segment. The company has made several acquisitions in the year 2019-2023. In April 2022, PPG acquired the powder coatings manufacturing business of Arsonsisi, an industrial coatings company based in Milan, Italy.
The Sherwin-Williams Company is a leading supplier of advanced technology liquid and powder coatings and a diversified coatings company through 79 facility locations across the US, Canada, Mexico, and China and 15 manufacturing locations for the global OEM market. The company's wide product portfolio includes brands such as Sherwin-Williams, Acrydur, Acrolon, Duraplate, and others. The company has a strong customer base and operates in various countries in Europe, North America, Asia Pacific, and other regions. The company comprises three business segments: The Americas Group, Consumer Brands Group, and Performance Coatings Group. Protective coatings are manufactured under the Performance Coatings Group segment. The Sherwin-Williams Company has launched new products and acquired several well-settled players in the European region.
In March 2022, the company launched a new high-speed curing range of decorative flooring coating systems in Europe for industrial and commercial projects. In November 2022, the company acquired Oskar Nolte GmbH and Klumpp Coatings GmbH, creating market opportunities to boost their profitable growth in the global industrial wood market and fitting the company strategy of acquiring complementary, high-quality, and differentiated businesses.
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European Paints and Coatings Market Future Scope, Driving Factors, Size, Share, and Growth Factors : A Global Forecast to 2028
PPG Industries, Inc. (US) and The Sherwin-Williams Company (US) are Leading Players in the European Paints and Coatings Market.