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Rising demand for eco-friendly primer and coatings is a key factor driving primer market revenue growth

VANCOUVER, BRITISH COLUMBIA, CANADA, June 28, 2023/EINPresswire.com/ -- The latest report titled ‘Global Primer Market published by Emergen Research, provides the reader with a comprehensive view of the global Primer industry, acquainting them with the latest market trends, industry insights, and market share. The report provides an in-depth investigation of the global market, largely focusing on each segment and sub-segment of the Primer market. The market forecasts included in the report are performed by our team of experts and are of great significance as they provide deep insights into various crucial industry parameters.

Primer is a type of coating applied to surfaces before painting to enhance the adhesion of the paint and protect the surface from corrosion. The global primer market size was USD 22.58 Billion in 2022 and is expected to register a revenue CAGR of 6.4% during the forecast period, according to latest analysis by Emergen Research. The global primer market is expected to grow significantly in the coming years, driven by factors such as increasing demand for construction and infrastructure development, rising automotive production, and growing awareness of the benefits of using primers. This article will provide an overview of the primer market, its drivers, restraints, growth factors, and relevant statistics from government organizations.

The construction industry is a major driver for the primer market as it requires a significant amount of primer for various applications such as steel structures, concrete surfaces, and wooden structures. The growing demand for infrastructure development and renovation projects is expected to drive the growth of the primer market in the coming years. The rising automotive production is also driving the demand for primer coatings as it offers protection against corrosion and enhances the appearance of the vehicle.

The high cost of raw materials used in the production of primer coatings is a major restraint for the market. The volatile prices of raw materials such as titanium dioxide, zinc oxide, and solvents can affect the cost of production and lead to price fluctuations. Moreover, stringent government regulations related to the use of volatile organic compounds (VOCs) in the production of primer coatings can also pose challenges to the growth of the market.

According to the International Energy Agency (IEA), the global investment in infrastructure reached USD 2.5 trillion in 2019, indicating the growing demand for construction and infrastructure development. This trend is expected to drive the demand for primer coatings as it offers protection against corrosion and enhances the durability of the structures. Furthermore, according to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of motor vehicles increased from 84.2 million units in 2015 to 92.1 million units in 2019, indicating the growing demand for automotive primer coatings.

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Competitive Landscape:

The leading companies operating in the Primer market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.

The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Primer market and pinpoint the fundamental growth trends.

Leading companies profiled in the report are:

PPG Industries, Inc., Akzo Nobel N.V., Masco Corporation, BASF SE, The Sherwin-Williams Company, Nippon Paints Holdings Co., Ltd., Kansai Paint Co., Ltd., Valspar, RPM International Inc., and Asian Paints

Some Key Highlights From the Report
The resin segment accounted for a comparatively larger revenue share in 2022. Factors such as excellent ability to stick to surfaces, resist corrosion, endure exposure to outdoor elements, maintain color consistency, and resist chemicals. Resins play a crucial role in creating a coating that appears glossy, retains its color, and has a uniform appearance. In addition, resins improve the coating's capacity to hide objects by making pigments and fillers opaque.
The metal segment is expected to account for largest revenue share over the forecast period. Factors such as proper surface preparation, improved durability, and corrosion protection. When applied to metal surfaces, primer paint dries to create a smooth and uniform finish that enhances the adherence of subsequent paint layers. Furthermore, metal primers have the ability to conceal scratches, minor rust, and remnants of old paint, resulting in a consistent and uniform surface for painting. In addition, companies are investing in research and development efforts, launching new products, and introducing innovations to their existing product lines, contributing significantly to revenue growth of this segment.
The building and construction segment is expected to register a significantly fast revenue growth rate over the forecast period. Factors such as growing commercial and residential infrastructure development, construction of smart homes, and expanding government measures to minimize carbon footprint are all significant factors driving revenue growth of this segment. Government investments are also increasing. For instance, according to the U.S. Census Bureau, annual spending on private construction remained almost the same at USD 1,442.6 billion, with a negligible increase of 0.5% from the revised December estimate of USD 1,442.0 billion.
Asia Pacific market accounted for a significantly larger revenue share with highest revenue growth rate in 2022. Factors such as increasing infrastructure development projects, growing investments by government authorities, and a rise in environmental awareness among individuals leading to a shift towards green or eco-friendly primer options are driving revenue growth of the market in this region.
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Market Segmentation by product type:

Ingredient Outlook (Revenue, USD Billion; 2019-2032)
Resin
Acrylic
Epoxy
Poly vinyl acetate
Alkyd
Other resins
Additives
Dispersant
Biocides
Surface modifier
Other additives
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Metal
Plastic
Concrete
Wood
Others
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Building and Construction
Automotive
Industrial
Packaging
Furniture
Others
Major Regions Covered in the Primer Market Report:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Key Reasons to Buy This Report:

The report presents a thorough examination of the Primer market, elaborating on its core segments. The report conducts historical and future assessments of the market dynamics and offers precise data in a well-organized order.
The report evaluates the most prominent market growth potentials, dynamic market trends, driving factors, restraints, investment opportunities, and threats.
The report is inclusive of an in-depth study of the industry variables, manufacturers’ value chain, sales volume, market share, competitive landscape, and effective business tactics.
To know more about the report, visit @ https://www.emergenresearch.com/industry-report/primer-market

Thank you for reading our report. Customization of the report is available according to the requirements of clients. In case of further queries about the report, do get in touch with us. Our team will make sure your report is tailored according to your needs.

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