Growing Industrial Coatings Market: Uptrend in Q1 during Pandemic [5 Recent Developments]
How much could the second wave of the Covid-19 pandemic impact the paints and coatings market in affected countries?
How are the lower production and the disrupted supply chain of raw materials affecting the prices of paints and coatings products across different world regions?
We have crossed the first quarter (Q1) in 2021, and still, a new wave of Covid-19 is affecting millions of lives and the economy in many countries. There is a continuous fight against the Covid-19 virus and ongoing research, trials, and use of vaccination, whereas most businesses face disruptive challenges. However, there is a positive bounce back in maintaining the safe workspace, healthy changed lifestyle, and top & bottom line of the income statement from the last year to this year in the overall paints and coatings industry.
Top companies in this market reported growth in their Q1, 2021 financial results. PPG Industries reported an increase of about 15% in net sales compared to Q1 last year. Similarly, Sherwin Williams said 12.3% growth in net sales. Akzo Nobel, the third-largest player in the paints and coatings market, has reported a 10% up in net sales. The key reason for this growth is high demand from the end-user markets, primarily decorative paints followed by coil & packaging coatings and general industrial coatings. Favorable foreign currency translation has also been another significant factor in net sales change.
The industrial coatings market is estimated to account for about 54.4% of the total paints & coatings market by revenue in 2020. The market is estimated to have a CAGR of 5.39% during the forecast period 2020-2026 to reach the value of USD 100,799.72 million in 2026.