Primer Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2022 |
| CAGR | < 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Primer Market Analysis
The primer market is expected to register a CAGR of below 6% during the forecast period.
The market was negatively impacted by the COVID-19 pandemic. During the pandemic scenario, the construction and automotive manufacturing activities were temporarily halted to curb the spread of new COVID-19 cases, thereby decreasing the consumption of primer in these end-user industries. However, the condition recovered in 2021, thereby increasing the demand of the product during the forecast period.
- In the short term, the growth of the market is likely to be driven by more building projects around the world.
- On the other hand, strict environmental rules about how primers can be used are likely to slow market growth.
- Innovations in the use of bio-based primers are likely to act as opportunities for the growth of the market.
- Asia-Pacific was the largest market in the world, with India, China, and other countries using the most.
Primer Market Trends
Building and Construction Segment to Dominate the Market
- Primer is extensively used in the building and construction sectors. 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 increasing manufacturing and service sector infrastructure, increasing housing construction, and noticeable government spending on infrastructure building.
- According to the American Coatings Association, in 2021, the United States exported paint and coatings worth USD 1.1 billion to Canada and USD 632 million to Mexico, totaling USD 1.7 billion in total. In 2021, the total consumption volume of architectural paint in the United States will amount to approximately 868 million gallons.
- Primers are pigmented coatings that are applied to new or old surfaces prior to the application of undercoats or topcoats. The growing construction industry plays a keen role in the increasing demand for paints and coatings. The greater the increase in the number of construction activities, the greater the demand for paints and coatings, which will eventually boost the market for primers.
- The building and construction industry has been growing for the past few years, owing to factors such as increasing population, development of new cities, growing migration in urban areas, renewal of old infrastructure in established cities, and others, and it is expected to reach a revenue of USD 4.4 trillion by 2030.
- The United States was among the top construction markets globally, and per the United States Census Bureau, in 2021, construction in the United States was valued at USD 1.58 trillion.
- The US Census Bureau says that in December 2021, building permits were issued for 1,873,000 privately owned housing units. This is 9.1% more than the revised rate of 1,717,000 in November.In 2021, an estimated 1,724,700 housing units were authorized by building permits, 17.2% more than the 1,471,100 in the previous year.
Therefore, the factors mentioned above are expected to have a significant impact on the market in the coming years.
Asia Pacific to Dominate the Market
- During the forecast period, Asia Pacific is expected to grow the most. This is because the construction industry and furniture production in the region are both growing.
- Asia-Pacific has a lot of countries with emerging economies, like India, China, Indonesia, Vietnam, and others. This has made it a market that investors are interested in.
- By 2030, the global construction market is expected to be worth USD 8 trillion. Countries like India, China, and the United States will drive most of this growth.
- China is amid a construction boom. The country has the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.
- The National Development and Reform Commission (NDRC) says that USD 38.7 billion will be spent on Shanghai's plan over the next three years, while USD 8.09 billion will be spent on 16 new infrastructure projects in Guangzhou.
- India was expected to contribute about USD 640 billion to the construction industry in 2022, thanks to government programs like "housing for all" and "smart city plans" that helped build infrastructure and make housing more affordable. The growing construction activities in the country are driving the demand for paints and coatings in the country, which, in turn, may drive the primer market over the forecast period.
- Primers usage as undercoats in the automotive industry plays an essential role in boosting demand for the market. According to the Association of Southeast Asian Nations Automotive Federation, Asia Pacific produced 353.83 billion units of motor vehicles and 314.42 billion units of motorcycles and scooters in 2021. It sold over USD 279.13 billion and USD 355.1 billion's worth of motor vehicles and two-wheelers, respectively, in the same year.
- In 2021, China was the leader in the global auto market with sales of 26,770,000 vehicles. The United States remained second at 15.4 million vehicles, followed by Japan at 4.44 million units.
- The India Brand Equity Foundation said that by 2027, the Indian car market would be worth USD 54.84 billion, with a CAGR of over 9%. By the year 2026, the Indian auto industry wants to export five times as many cars as it does now. In 2022, total automobile exports from India stood at 5,617,246.
- China is putting most of its efforts into making and selling more electric cars in the country. For this purpose, the country planned to increase the production of electric vehicles to 13 million by 2023. The number of electric vehicles sold in the country stood at around 1.3 million for the year 2020.
- In the Asia-Pacific region, primer demand is expected to grow quickly in China. This is because China has the largest capacity to make cars, the government is spending more on transportation infrastructure, more furniture is being made and exported, and other industries are growing.
- According to the Handicraft and Wood Industry Association of HCM City (HAWA) and the ASEAN Furniture Industry Council (AFIC), which put on the ASEAN Market Attraction forum, Asian countries exported wooden furniture worth USD 12.1 billion out of a total of USD 150 billion. Their main markets were the US, Europe, Japan, Korea, and Canada.
- The National Bureau of Statistics of China says that in December 2022, furniture sales in China totaled about USD 2.6 billion. But this was a 5.8% drop in the amount of money made in the same time period the year before.
- Because of this, the above factors are likely to have a big effect on the market in the coming years.
Primer Industry Overview
The primer market is consolidated in nature. Some of the key players include Akzo Nobel NV, Axalta Coating Systems LLC, BASF SE, PPG Industries Inc., and The Sherwin-Williams Company, among others.
Primer Market Leaders
Axalta Coating Systems, LLC
The Sherwin-Williams Company
BASF SE
Akzo Nobel NV
PPG Industries Inc.
*Disclaimer: Major Players sorted in no particular order
Primer Market News
- March 2023: PPG Industries, Inc. announced the launch of the PPG ENVIROCRON Primeron primer powder portfolio, designed to provide high corrosion resistance for metal substrates including steel, hot-dip galvanized steel, metalized steel, and aluminum.
- July 2022: BASF SE expanded the production capacity of automotive refinish coatings at its coatings site in Jiangmen, Guangdong Province in South China. The automotive refinish coatings portfolio includes fillers, primer surfacers, basecoats, tinters, clearcoats, topcoats, hardeners, thinners, fast-drying accelerators and blenders, and others.
Primer Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Construction Activities in the Asia-Pacific Region
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Stringent Environmental Regulations Regarding the Use of Primers
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value)
5.1 By Ingredient
5.1.1 Resin
5.1.1.1 Acrylic
5.1.1.2 Epoxy
5.1.1.3 Poly Vinyl Acetate
5.1.1.4 Alkyd
5.1.1.5 Other Resins
5.1.2 Additives
5.1.2.1 Dispersant
5.1.2.2 Biocides
5.1.2.3 Surface Modifier
5.1.2.4 Other Additives
5.1.3 Other Ingredients
5.2 By End-user Industry
5.2.1 Automotive
5.2.2 Building and Construction
5.2.3 Furniture
5.2.4 Industrial
5.2.5 Packaging
5.2.6 Other End-user Industries
5.3 By Geography
5.3.1 Asia Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis ** / Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Akzo Nobel NV
6.4.2 Asian Paints
6.4.3 Axalta Coating Systems, LLC
6.4.4 BASF SE
6.4.5 Berger Paints India Limited
6.4.6 Hempel AS
6.4.7 Jotun
6.4.8 Kansai Paint Co. Ltd.
6.4.9 Masco Corporation
6.4.10 NIPSEA GROUP
6.4.11 PPG Industries Inc.
6.4.12 RPM International Inc.
6.4.13 The Sherwin-Williams Company
6.4.14 Tikkurila
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovation of Bio-based Primers
7.2 Other Opportunities
Primer Industry Segmentation
Primer, also known as an undercoat, is applied on the surface before painting to cover or fill the imperfections, provide better adhesion for paint to the surface, conceal stains, neutralize the color of the surface, and others. The primer market is segmented by ingredient, end-user industry, and geography. By ingredient, the market is segmented into resin, additives, and other ingredients. By end-user industry, the market is segmented into automotive, building and construction, furniture, industrial, packaging, and other end-user industries. The report also covers the market size and forecasts for the primer market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| By Ingredient | |||||||
| |||||||
| |||||||
| Other Ingredients |
| By End-user Industry | |
| Automotive | |
| Building and Construction | |
| Furniture | |
| Industrial | |
| Packaging | |
| Other End-user Industries |
| By Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Primer Market Research FAQs
What is the current Primer Market size?
The Primer Market is projected to register a CAGR of less than 6% during the forecast period (2023-2028).
Who are the key players in Primer Market?
Axalta Coating Systems, LLC, The Sherwin-Williams Company, BASF SE, Akzo Nobel NV and PPG Industries Inc. are the major companies operating in the Primer Market.
Which is the fastest growing region in Primer Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Primer Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Primer Market.
Primer Industry Report
Statistics for the 2023 Primer market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Primer analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
