Affected by COVID -19, the sales volume of global paints and coatings market in 2020 is $167.6 billion, decrease of 3% compared with last year. This year, the COVID-19 and the measures to stop production have a dramatic impact on the industrial coatings market.
The industrial coatings demand volume is dropped by 6.8% compared to 2019. It’s expected the demand for industrial coatings recovery from the COVID-19 crisis until the second half of 2021.On the other hand, the demand for architectural coatings increased by 5.2%.This is owed to a large extent to the strong sales performance of architectural coatings in Europe and North America.In Euro-American region, home improvement projects became popular while consumers were in lockdown in their homes for a long time,resulting in a sharp increase in sales of architectural coatings.
Now with the COVID-19 vaccine one after another into the market, the paints and coatings market is expected to recover the previous high-speed development trend.
In addition, the demand for antiviral and antimicrobial coatings has skyrocketed as a result of the COVID-19 pandemic.Some of these coatings have seen four to five times demand increases this year. The long-term sustainable demand for these products is expected to be at least twice that of pre-pandemic level.For this reason, the leading enterprises in the global paints and coatings market, such as Sherwin-Williams,NIPPON Paints, AXALTA, Diamond Vogel and Akzo Nobel, have increased their production and research and development of antiviral and antimicrobial coatings.
WORLD'S TOP TEN PAINT COMPANIES in 2020:
1. SHERWIN-WILLIAMS (U.S.) www.sherwin-williams.com $18.01 billion
2. PPG Industries (U.S.) www.ppg.com $13.26 billion
3. AKZONOBEL (N.L.) www.akzonobel.com $10.14 billion
4. NIPPON Paints (J.P.) www.nipponpaint.co.jp $7.597billion
5. RPM Inc (U.S.) www.rpminc.com $5.506 billion
6. DIAMOND Paints (U.S.) www.diamondpaint.us $4.056 billion
7. BASF (D.E.) www.basf.com $3.589 billion
8. AXALTA (U.S.) www.axaltacs.com $ 3.321 billion
9. KANSAI Paint(J.P.) www.kansai.com $3.186 billion
10. Asian Paints(IN) www.asianpaints.com $2.189 billion
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