Paints & coatings include glossy and decorative polish that enhances the aesthetic appeal of surface of metal component, equipment, walls, or any other. The coating also serves as layer in providing corrosion & abrasion resistant finishing and enhancing the overall durability of product surfaces. The key raw materials used for manufacturing of paints & coatings includes pigments, solvent, resin, additive, curing agent, and dispersant and many others.
According to study, “Paints And Coatings Global Market Report 2019” the key companies operating in the global paints and coatings market are PPG Industries, Jotun, The Sherwin-Williams Company, Akzonobel N.V., Nippon Paint Holdings Co., Ltd., Kansai Paint Co., Ltd., Asian Paints, RPM International Inc., Solvay SA, BASE SE, Axalta Coating Systems Ltd., Shalimar Paints, Berger Paints India Limited, Tiger Coatings GmbH & Co. Kg, Beckers Group (Maryland), Kelly-Moore Paints, Hempel A/S (Denmark) and Indigo Paints Pvt. Ltd.
Based on resin type, paints and coatings market is segmented into Acrylic, Fluoropolymer, Alkyd, Polyurethane, Epoxy, Polyaryletherketone (PAEK), Polyester, Polyether ether ketone (PEEK), Polyetherketone (PEK) and others. Based on technology, market is segmented into powder coating, waterborne technology, solventborne technology and others (Electron Beam (EB) coating and UV cured coating. Based on formulation, market is segmented into powder-based, solvent-based, water-based, and UV coatings. Among these, water-based formulation segment is anticipated to witness higher CAGR owing to increase in application in home furnishing and automobile manufacturing due to their excellent adhesion and cost-effectiveness during the forecast period. In addition, based on end-use, market is segmented into Industrial and Architectural. Industrial segment includes automotive refinish, marine, protective, general industrial, wood, aerospace, packaging, coil and rail. Additionally, architecture segment includes residential and non-residential.
The paints and coatings market is driven by rise in demand from the construction and automotive industries, followed by growth in technological advancements in powder coating technology, increase in popularity of elastomeric coatings in tilt-up concrete in building & construction and growth in Green environmental regulations. However, difficulty in obtaining thin films in powder coating and requirement of more drying time for waterborne coatings may impact the market. Moreover, increase in use of powder coatings in the automotive industry, attractive prospects for powder coatings in ship building and pipeline industries and increase in applications of fluoropolymers in the building & construction industry are key opportunities for market. Furthermore, growth in adoption of smart coating is a major trend for market.
The use smart coatings and newly designed high performance coating technologies are now being adopted by various companies that enhance efficiencies over coating of various compounds. The use of advanced Nano coatings consists of extremely tiny particles with unique characteristics such as flexibility, resistance to corrosion and micro bacterial growth.
Based on geography, the Asian-Pacific region holds major share in paints and coatings market owing to rapid architectural and industrial growth in the region. Whereas, the European and North-American regions are expected to witness higher growth rate due to presence of stringent regulatory agenda over the forecast period. In upcoming years, it is estimated that future of the market will be bright as a result of increase in repair & renovation activities in the commercial buildings, houses, schools, and malls coupled with rise in consumption of paints and coatings by the oil and gas industry during the forecast period.
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Ankur Gupta, Head Marketing & Communications