COVID-19 Impact On Paints & Coatings Market

AkzoNobel (Netherlands) and PPG (US) are the Key Players in the COVID-19 Impact On Paints & Coatings Market

The global paints & coatings market size during this pandemic is projected to decline from USD 147.2 billion in 2020 to USD 179.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period. Paints & coatings industry is impacted by the shortage of raw materials, disruption in the supply chain, lower demand from professional architecture, automotive and aerospace industries due to lockdown, travel restriction, and halt in production. However, post covid-19 the construction industry is expected to grow rapidly, particularly in the emerging markets of Asia Pacific along with other industrial sectors such as automotive, general industries, etc. driving demand for paints & coatings.

Paints & coatings are mainly used for architecture,  general industrial, automotive, protective, aerospace, packaging, and wood coating applications. Companies, such as AkzoNobel (The Netherlands), PPG Industries (US), Sherwin Williams (US), International Paper (US), Axalta Coatings (US), Nippon Paints (Japan), Asian Paints (India), Kansai Paints (Japan), RPM International (UK), and BASF (Germany) are operating in the paints & coatings market. They have adopted short, mid, and long term growth strategies such as donations, focusing on essential services sector, virtual exhibition and demonstration, and restructuring to serve their customers efficiently and increase their future market shares.

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AkzoNobel (Netherlands) has provided essential services and humanitarian aid to China and India in response to the COVID-19 pandemic. In China, the company donated 450 cans of its Dulux Pro interior paint necessary for the completion of a hospital in Yinchuan, the capital city of the Ningxia Hui Autonomous region. As paint was in short supply as the hospital was built in February 2020, the donation helped fill a need for the local community. In India, the company launched several initiatives to help communities manage food and healthcare related challenges due to COVID-19. A number of these are part of existing projects the company launched as part of its “People. Planet. Paint.” initiative aimed at addressing environmental and humanitarian issues.

PPG (US) and the PPG Foundation has contributed more than USD 1.5 million to organizations supporting immediate community relief efforts and emerging recovery needs, amid the impacts of the COVID-19 crisis. In addition to financial contributions, PPG has committed a variety of in-kind supply donations, including paint and masks, totaling more than USD 500,000. The company also donated more than 290 gallons (1,100 liters) of MASTER’S MARK anti-bacterial interior latex coatings to Shanghai Tong Ren Hospital.

Related Reports:

COVID-19 Impact On Paints & Coatings Market by ResinType (Acrylic, Alkyed, Epoxy, Polyester, and Polyurethane), End-use Industry (Architecture (Professional and DIY) and Industrial), and Region - Global Forecast to 2025

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COVID-19 Impact On Paints & Coatings Market Size,  Share & Growth Report
Report Code
CH 8014
RI Published ON
12/1/2021
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