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Clear Coatings Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 120 Pages
  • April 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 5025696
The global clear coatings market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. The major factor driving the growth of the market studied is increasing investments in the Asia-Pacific region.
  • Strict environment regulations are likely to hinder the markets growth.
  • Advancement in coating technology is likely to create opportunities for the market in the coming years.
  • Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.

Key Market Trends

Increasing Demand for Water-borne Coatings
  • Water-borne clear coatings are in demand, globally, as environmental regulations in many countries are banning the use of solvent-borne coatings, due to their VOC emission rates. Hence, solvent-borne clear coats are slowly phasing out and have already been banned in many developed nations. Shift to water-borne systems in architectural, automotive, and packaging coatings has been completed.
  • In the Asia-Pacific region, where environmental regulations are not strict, even the solvent-borne systems are bound to cede further ground to water-borne coatings, but this is likely to occur gradually, as governments become aware and an increasing number of legal requirements, surrounding VOC contents, are implemented.
  • These requirements are likely to bolster the demand and the greater need for water-borne coatings, even though they are not technically superior to solvent-borne systems and are out-performed by solvent-borne coatings in hardness, durability, gloss, and other properties.
  • Owing to all these factors, the market for clear coatings is likely to grow across the world during the forecast period.

Asia-Pacific Region to Dominate the Market
  • Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
  • China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
  • The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
  • Additionally, India has the fifth-largest packaging industry worldwide which is growing at a significant rate. The country’s packaging industry is majorly driven by growing innovation in industries to make their products compact and portable.
  • Due to all such factors, the market for clear coatings in the region is expected to have a steady growth during the forecast period.

Competitive Landscape

The clear coatings market is partially consolidated in nature. Some of the major players in the market include Axalta Coating Systems, Akzo Nobel N.V., PPG Industries, Inc., Hempel A/S, and The Sherwin-Williams Company, among others.

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Increasing Investments in the Asia-Pacific Region
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Strict Environment Regulations
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5.1 Resin Type
5.1.1 Polyurethane
5.1.2 Epoxy
5.1.3 Alkyd
5.1.4 Polyester
5.1.5 Acrylic
5.1.6 Other Resin Types
5.2 Technology
5.2.1 Solvent-borne
5.2.2 Water-borne
5.2.3 Powder Coating
5.2.4 Energy Curable
5.3 End-user Industry
5.3.1 Packaging
5.3.2 Automotive
5.3.3 Construction
5.3.4 Industrial
5.3.5 Other End-user Industries
5.4 Geography
5.4.1 Asia-Pacific China India Japan South Korea Rest of Asia-Pacific
5.4.2 North America United States Canada Mexico
5.4.3 Europe Germany United Kingdom Italy France Rest of Europe
5.4.4 South America Brazil Argentina Rest of South America
5.4.5 Middle-East and Africa Saudi Arabia South Africa Rest of Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3M
6.4.2 Akzo Nobel N.V.
6.4.4 Axalta Coating Systems
6.4.5 BASF SE
6.4.6 Hempel A/S
6.4.7 HuberGroup
6.4.8 INX International Ink Co.
6.4.9 Kansai Paint Co. Ltd.
6.4.10 PPG Industries, Inc.
6.4.11 Siegwerk Druckfarben AG & Co. KGaA
6.4.12 Sika AG
6.4.13 The Sherwin-Williams Company
6.4.14 Tremco Incorporated
6.4.15 W. R. Grace & Co.-Conn.
7.1 Advancement in Coating Technology

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • 3M
  • Akzo Nobel N.V.
  • Axalta Coating Systems
  • Hempel A/S
  • HuberGroup
  • INX International Ink Co.
  • Kansai Paint Co. Ltd.
  • PPG Industries, Inc.
  • Siegwerk Druckfarben AG & Co. KGaA
  • Sika AG
  • The Sherwin-Williams Company
  • Tremco Incorporated
  • W. R. Grace & Co.-Conn.