The market for primer is expected to grow at a CAGR of less than 6% during the forecast period. Major factors driving the market studied is increasing construction activities in the Asia-Pacific region, and rapidly increasing automotive production across the world.
- On the flip side, stringent environmental regulations regarding the use of primers are likely to hinder the market.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Building and Construction to Dominate the Market
- Primer is extensively used in the building and construction sector. It is used as a preparatory coat on walls and other substrates, before applying the paint. In Asia-Pacific, the construction sector has been witnessing robust growth, fuelled by the increasing manufacturing and service sector infrastructure, increasing housing construction, and noticeable government spending on infrastructure building.
- The Asia-Pacific region has become an attractive market for investors, owing to the presence of a number of emerging economies, such as India, China, Indonesia, Vietnam, and other countries in the region.
- Owing to strong economic growth, domestic companies have been expanding their business. Additionally, foreign companies have been entering these markets to take advantage of the prevailing opportunities. This has created the demand for the commercial infrastructure, such as offices, production houses, buildings, warehouses, etc., leading to an increase in the construction activities in these countries.
- In addition, the wave of digitization has boosted the growth of the service sector. In Asia-Pacific, the service sector has also been expanding at a rapid pace, which is further adding to the demand for offices and residential houses. However, the shortage of such infrastructure in these countries is leading to an increase in the construction activities in these countries.
- For instance, In Japan, housing construction, along with increasing governmental spending on developmental projects, has been driving the construction sector in the country. In addition, the 2020 Olympics has been boosting the new commercial construction in the country
- Hence, such robust growth in the construction activities in the region is fuelling the demand for the primer market.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is projected to witness the highest growth during the forecast period, owing to the booming construction sector, and increasing automotive & furniture production in the region.
- In Asia-Pacific, China and India are expected to witness strong growth in demand for primer. China is expected to witness strong growth in the demand for primer, owing to the increasing public spending in transportation infrastructure, increasing automotive production, increasing furniture production & exports and growth in other industries.
- China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. Besides this, in India residential & commercial construction has been increasing owing to the developing service sector in the country.
- Hence, such as increasing construction activities and government efforts to build infrastructure & increase electric vehicle production and sale, the demand for primer is projected to increase in the coming years.
The market is consolidated. some of the major players include AkzoNobel N.V., Axalta Coating Systems, LLC, BASF SE, PPG Industries Inc., The Sherwin-Williams Company, among others.
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