Paints and coatings are decorative finishes, which are used to apply the surface of an object to protect the surface from sunlight, oxidation, and enhance the durability of the object life. They are also used for decoration and functional purpose. They are extensively used in construction, wood, and other industries.
According to study, “Global Paints & Coatings Market: Market Segments: By Resin Type (Acrylic, Polyester, Polyurethane, Epoxy);By Formulation (Water-Based, Solvent-Based, Powder Coatings, UV Coatings); By Application (Architectural & Decorative, Industrial, Marine)and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global paints & coatings market are PPG Industries, Akzo Nobel N.V, Valspar, Nippon Paint Holdings, KCC Corporation, Asian Paints Limited, Jotun A/S, BASF SE, RPM International Inc., Kansai Paints Co. Ltd., Berger Paints India Ltd., Masco Corporation, Kc Corporation Ltd, Fujikura Kasei Co. Ltd., Noroo Paint Co. LTD., The Sherwin-Williams Company, Axalta Coating Systems.
Based on resin type, paints & coatings market is segmented as polyurethane, vinyl, acrylic, saturated polyester, unsaturated polyester, alkyd, epoxy, amino and others. Acrylic resin holds major share in global market as it has various properties such as adhesion, flexibility, drying rate and relative resistance properties. Based on technology, market is segmented as powder coatings, solvent-borne coatings, waterborne coatings and others (radiation curable coatings and high solids coatings). Waterborne segment dominates the market owing to rise in use of waterborne paints & coating in furniture, automotive, wood, plastic and printed ink industries. Based on application, market is segmented as general industrial coatings, architectural coatings, automotive coatings, packaging coatings, wood coatings, marine & protective coatings, and others (aerospace, coil and graphic arts). In addition, based on end-use industry, market is segmented as industrial (automotive refinish, protective, marine, wood, automotive OEM, general industrial, aerospace, coil, rail, packaging and others), architectural, and others. Architectural segment is estimated to exhibit substantial growth rate due to increase in residential and non-residential construction during the forecast period.
The paints & coatings market is driven by rise in demand from the construction and automotive industries, followed by introduction of new technologies, growth in environmental regulations, increase in popularity of elastomeric coatings in tilt-up concrete in building & construction and rise in technological advancements in powder coating technology. However, availability of cheaper substitutes in paints & coating and stringent environmental regulations for minimizing pollution may impact the market. Moreover, expansion of the transportation industry, increase in use of powder coatings in the automotive industry, and increase in applications of fluoropolymers in the building & construction industry are key opportunities for market.
Based on geography, the Asian-Pacific is a leading region in global paints and coatings market owing to increase in construction activities and rise in demand from the automotive sector in the region. The North-American and European regions are estimated to witness higher growth rate due to growth in adoption of the latest technologies couples with rise in disposable income overt the forecast period. It is anticipated that future of the global market will be optimistic as a result of rise in consolidation of used vehicles during the forecast period. The global paints & coatings market to surpass US $268.21 million by 2030 from US $161.6 million in 2018 at a CAGR of 5.33% during the forecast period 2019-2030.
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Ankur Gupta, Head Marketing & Communications