Increasing demand from various industries including construction and technological advancement is driving the United Kingdom Paints and Coatings Market in the forecast period, 2023-2027. According to TechSci Research report, “United Kingdom Paints and Coatings Market – By Region, Competition Forecast and Opportunities, 2017-2027F”, the United Kingdom Paints & Coatings Market stood at USD3,013.98 million in 2021 and is expected to grow at a CAGR of 4.60% during the forecast period. Paints and coatings maintain and shield the surface they are applied to, conserving resources, materials, and energy.
The Important Elements of the UK Paints & Coatings Market
The nation’s advancement in sustainable development and the growing need for residential infrastructure is driving the industry. Volatile organic components of paints and coating cause ecological imbalance, and these organic components are hazardous for human beings. Waterborne technology of paints produces a wet film which helps in controlling volatile organic components emission and hence is considered as sustainable developments but waterborne paints and coating wet film require more time to dry.
The increasing use of fluoropolymers like polyvinylidene difluoride in decorative and industrial paints is the result of technological advancement. The United Kingdom’s USD83.93 billion construction industry is driving the market along with the recent investment of USD7.13 billion by the government of the United Kingdom to boost the demand for architectural paints and coatings. British paints and coating manufacturer Farrow and Balls are acquired by Danish paints and coating company Hempel Group. Increasing regulatory policies to curtail environmental pollution resulted in 75% of coating waste in 1996 being used for landfilling into 7% in 2015. Similarly, 17% of the waste in 1996 was recycled, and 65% was recycled in 2015.
Raw materials used in the manufacturing of paints and coating is directly based on the price of crude oil, higher raw material prices, and the freight cost is hitting hard on the industry. According to the Office of National Statistics in the United Kingdom, raw materials prices have increased by 20% in one year. Higher energy prices are a hurdle in the production of paints.
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The United Kingdom Paints and Coatings Market is segmented by type, resin type, technology, region, and company.
Based on type, the market is divided into architectural and industrial applications. The architectural paints and coating market is dominating because of their widespread applications, with a share of 68.25% in the year 2021. Based on resin type, the market is divided into Acrylic, Alkyd, Epoxy, Polyurethane, and Polyester. Acrylic is dominating the market and finds application in various industries including construction, automotive, marine, and aerospace. Based on technology, the market is divided into water-based, solvent-based, powder coating, and others. Water based exhibit a significant increase with a CAGR of 33.5%. Water-based technology is considered a sustainable development in the paint industries to emit less volatile organic components by contributing toward the world goal for sustainable development.
Major operating companies operating in the United Kingdom Paints and Coatings Market are:
- AkzoNobel UK Ltd.
- Sherwin-Williams UK
- PPG UK Ltd.
- Axalta Coating Systems UK
- Crown Paints Ltd.
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“The United Kingdom Paints and Coatings Market is expected to witness steady growth in the coming years due to the growing trend of the construction industry and the switch towards sustainable products. Also, recycling paints and coating waste will prevent littering of the ecosystem and help the economy operate. Mergers and acquisitions play a crucial role in market strategy.
The acquisition of Farrow and Balls by Hempel Group will impact the organization’s market share. These factors will create lucrative opportunities for market growth during the forecast period. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“UK Paints & Coatings Market, By Type (Architectural Application and Industrial Application), By Resin (Acrylic, Alkyd, Epoxy Polyurethane, Polyester and others), By Technology (Water Based Technology, Solvent Based Technology, Powder Coating, and Others), By Region, Competition, Forecast & Opportunities, 2027’’, has evaluated the future growth potential of United Kingdom Paints and Coatings Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the United Kingdom Paints and Coatings Market.
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