Global & European Paints & Coatings Market Highlights: 2020

The year 2020 will be known as the pandemic year, which caused great loss and volatility in everyone’s life across the world either in terms of economy or daily life. But the year will also be seen as the year of learning, changed lifestyle, innovations, collaboration, etc.. Color not only beautifies the surrounding environment but also could protect the environment. The innovative anti-microbial coatings and launching of other new paints & coatings products in 2020 have helped the industrial as well as decorative segments to use in different applications.

According to AKI Research & Consulting, the global paints and coatings market is estimated to reach USD 135,096.48 million with a declining y-o-y rate of -11.18% in 2020. The consumption of paints and coatings by volume, also decreased by more than 5,046.7 thousand tons in 2020. The global paints & coatings market is estimated to grow at a CAGR of 5.50% by revenue during the period 2020-2024.

The year 2020, the paints and coating manufacturers have strong effects due to following key factors:

  • COVID-19 pandemic

  • Global economic and political scenario, including increasing selling price

  • Product innovation and competition by foreign and domestic competitors

  • Fluctuations in cost and availability of raw materials

  • Customer inventory levels

  • Supplier/Distributors relationships and arrangements

  • Difficulties in integrating acquired businesses/JV/Collaboration

  • Difficulties in Acquiring target market and penetrate existing foreign and domestic markets

  • Foreign exchange rates and fluctuations in such rates,

  • Environmental regulations, unexpected business disruptions, employees retention etc.

The market is seeing a very good recovery since the second quarter of 2020 after the lockdown restrictions were removed in different countries and were allowed to trade and transport goods inside and outside of the country including limited restrictions and precautionary measures against covid-19. The paints and coatings manufacturers too has contributed towards innovations and new product launches in the pandemic year. They also stepped forward towards manufacturing sustainable coatings solutions and products to the customers.

Few examples include:

  • In Dec, 2020, AkzoNobel N.V. in collaboration with the Dutch Advanced Research Center Chemical Building Blocks Consortium (ARC CBBC) has got breakthrough innovation in developing sustainable resins using bio-based monomers derived through sugar derivatives isolated from biomass which could provide futuristic functionality to the coating products. In Oct 2020, AkzoNobel N.V. introduced the first time 100% UV Cured wood coating product which provides production process more efficient and sustainable with a new instant drying solution.

  • In Nov, 2020, PPG Industries introduced PPG ENVIROCRON HeatSense powder coating which can be applied to heat-sensitive wood and wood-composite applications, such as medium-density fiberboard (MDF), hardwood, plywood, etc. This powder coating can be a game changer in wood coatings by benefiting to key wood coating applications such as cabinetry, office furniture, building products, etc. In Nov, 2020, the company also launched Anti-Bacterial Matt paint of JOHNSTONE’S™ brand to prevent spread of bacteria on buildings/home walls. In Sep, 2020, PPG Industries also launched the comprehensive line of products in Floor Coating applications based on the specific work environment which includes general purpose flooring, wear resistant flooring, chemical resistant flooring, and urethane cement flooring. In Oct, 2020, for Food & Beverage manufacturing facilities, PPG Industries launched low VOC coating i.e. SANISHIELD™ 3000/5000 two-part polyurea coating system for walls and ceilings.

  • In April 2020, Sherwin Williams launched Powdura® ECO Coatings made from recycled plastic to promote sustainability throughout the supply chain. It uses an innovative polyester resin comprised of 25 percent pre-consumer recycled plastic (rPET) which will support to reduce the environmental footprint.

  • In April 2020, Nippon Paint with Corning Inc. developed antivirus surface coating solutions using Corning’s Guardiant™ Antimicrobial Particles and Nippon Paints’ Antivirus Kids Paint.

  • In Dec, 2020, Axalta Coatings launched AquaECTM 3500 EP, which is a new environmentally-responsible, and cathodic tin-free electrocoat primer thatprovides excellent corrosion and chemical resistance. It can be useful in various applications in coatings of automotive parts & accessories, ACE (agriculture, construction, and earth-moving equipment, other general industrial sectors.

The year 2020 also has seen few acquisitions where top paints and coatings manufactures has adopted acquisition strategy either to broaden their product line or acquiring technology or expanding the business targets in new geographical region to gain market share, etc. and some more announcements where deal is offered or definitive agreement made that will be finalized in year 2021. There are other collaborations and acquisitions either to penetrate the new market or innovate Eco-friendly products as per sustainability development program or to gain the market share post the pandemic through new antimicrobial coatings products & other new efficient and cost effective coating products for target applications in different sectors. Some 10 notable acquisition by top coating manufacturers include:

  1. On 23rd Dec. 2020, AkzoNobel N.V. agreed to acquire New Nautical Coatings, a leading player in yacht coatings to increase its share in North American yacht coatings market.

  2. On 19th Oct. 2020, AkzoNobel N.V. announced to acquire the decorative paints business of Spain’s Industrias Titan S.A.U. to further increase the market share in the European region. The acquisition is expected to complete after regulatory approvals at the end of quarter 1 of 2021.

  3. On 2nd Sep. 2020, AkzoNobel N.V. announced the acquisition of Stahl Performance Powder Coatings which provided the company a unique low curing technology to apply powder to temperature sensitive substrates such as thermoplastics, MDF, plywood, and composites.

  4. On 29th June 2020, Akzonobel N.V. announced the collaboration with five companies under their Paint the Future supplier collaboration program. Those five companies include Lonza Microbial Solutions (real-time microbial detection method), IGM Resins (instant-drying hybrid decorative paints), ICL Group (safe and stable paint formulations), Croda Smart Materials (self-healing coatings), and Wagner Painting (zero overspray application equipment).

  5. On 6th March 2020, AkzoNobel N.V. announced to acquire the remaining 25% stakein Akzo Nobel Boya Sanayi ve Ticaret A.S., which was a leading JV in powder coatings in Turkey. This acquisition has strengthened the position of of the company as the leading market share of Powder coatings market in Turkey, and gained market share in the European region.

  6. On 11th Jan, 2021, PPG Industries announced to acquire to acquire Wörwag, a global manufacturer of coatings for industrial and automotive applications headquartered in Germany. Completion of the acquisition is expected to end by first half of 2021.

  7. On 5th Jan, 2021, PPG Industries announced to acquire VersaFlex a US based coating manufacturer specializing in polyurea, epoxy and polyurethane coatings for water and wastewater infrastructure, flooring, transportation, and industrial applications. This acquisition is expected to complete by 1st quarter of 2021.

  8. On 5th Jan, 2021, PPG Industries and Tikkurila Oyj announced that they have agreed to the revised amended offer under which PPG Industries will acquire Tikkurila Oyj and the transaction will complete by the second quarter of 2021. This acquisition will gain better market share to PPG and can be at the top position in terms of overall paints and coatings market share in the European region in 2021, Currently in 2020, AkzoNobel N.V. holds the top position in paints & coatings with a very narrow difference to PPG Industries in Europe. The year 2021 will see a very tough competition between these global 2nd ranked PPG Industries and 3rd ranked AkzoNobel N.V. to hold the top position in European paints and coatings market.

  9. On 24th Dec, 2020, PPG Industries announced the acquisition of Ennis-Flint, a US based global leader in pavement markings and traffic safety solutions. This acquisition will benefit PPG Industries to strengthen their existing mobility technologies, expand their product offerings and gain the market share at the global market and it will also gain market share to reach top position in the global market.

  10. On 4th Jan, 2021,Innovative Chemical Product’s (ICP Group) has announced that it has acquired the Gardner-Gibson and Sun Coatings, (“Gardner-Gibson”) a Florida based leading manufacturer of liquid-applied roof coatings, roofing products, driveway sealers and specialty paints for commercial and residential applications. This acquisition will boost the ICP’s product line and target market in the USA and Canada with a strong network of retailers and recognized premium brands (Gardner®, Black Jack®, APOC® and Dyco® brands) by Gardner-Gibson.

According to AKI Research & Consulting (OPC) Pvt Ltd, in the year 2020, it is estimated that the top 10 paints & coatings manufacturers accounted a market share of 48.62% of the total global paints and coatings market in comparison to market share of 45.71% in 2019. An increase of the joint market share from top 10 players was as expected due to pandemic, which has hit high to many mid-scale and small scale coating manufacturers. There is very strong competition to get the top position between PPG Industries and Sherwin Williams. In 2020, it is estimated that Sherwin Williams accounted the top position with a market share of 11.07%, followed by PPG Industries with 10.27% (excluding revenues from Ennis-Flint & VersaFlex acquisition).

European region too has a very high competitive scenario in order to gain market share and strategically the top players like PPG Industries, AkzoNobel N.V. etc. are targeting key companies either geographical basis or technology basis. In 2019, the top player in the European paints & coatings market AkzoNobel N.V. had 1.52% more market percentage share than PPG Industries, which is estimated to further increase to about 3.07% in 2020. However the definitive agreement to acquire Tikkurila Oyj by PPG Industries will gain the market share in 2021 and will also strengthen the position with a narrow difference in market share to AkzoNobel N.V. If we add estimated revenues of Tikkurila Oyj in PPG Industries for the year 2020, the total market share of (PPG + Tikkurila) will be about 15.21% in comparison to 16.06% market share of AkzoNobel N.V. In 2019, the top 10 players accounted about 59.65% market share of Europe paints and coatings market, however in 2020, the top 10 players is estimated to account to 63.51% market share (*Tikkurila revenue share taken as an individual player).

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