The paints & coatings are materials with properties for instance wettability, adhesion, and corrosion resistance that are applied to the surface in order to protect it from rusting, corrosion, and erosion that can lead to surface spoilage. Paints & coatings are used in gamut of industries that include construction, real estate, automotive, and others. The paints can be decorative or protective based on application and the impact of external factors on the surface.
Referring 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” some of the key companies that are currently working in the global paints & coatings market are Akzo Nobel NV, Berger Paints India Ltd., Asian Paints Ltd., Diamond Vogel Paints, Axalta Coating Systems, Kansai Paint Co., Ltd., BASF SE, Nippon Paint Holdings Co., Ltd., Dow Inc., The Sherwin-Williams Company, Hempel A/S, Wilh. Becker Holding GmbH, Jotun A/S, The Valspar Corporation, KCC Corporation, PPG Industries, Inc., Masco Corporation, Tikkurila Oyj. Key players focus on mergers & acquisitions (M&A), infrastructural development, expansion of their manufacturing facilities, investments in Research & Development (R&D) facilities, and are looking for opportunities to vertically integrate across the value chain. These initiatives assist them cater to the increasing global demand, enhance sales & operations planning, ensure competitive effectiveness, develop innovative products & technologies, expand customer base and lower the production costs.
Based on type, paints & coatings market is segmented as solvent based coatings, water borne coatings, powder coatings and others. The solvent based coating segment dominates the market owing to stringent regulations concerning products with high VOC content. Based on type, of resin, market is segmented as polyurethanes, epoxy, polyesters, acrylic, alkyd and others. The acrylic segment is estimated to witness higher growth rate due to its excellent stabilization and weathering properties of acrylic products during the forecast period. Based on performance range, market is segmented as engineering coating range, commodity coating range and high-performance coating range. In addition, based on application, market is segmented as automotive, architectural, packaging, wood, aerospace and others. Architectural segment is further sub-segmented as residential, non-residential and infrastructure.
The paints & coatings market is driven by growth in construction activities, followed by growth in automotive industry, increase in awareness regarding environmentally friendly & sustainable, rise in household consumption expenditure, increase in urban population and growth in improvement in economic conditions. However, stringent regulations regarding toxic solvents may impact the market. Moreover, growth in investments in the infrastructure & construction industry is a key opportunity for market.
Based on geography, the Asian-Pacific region holds major share in global paints & coatings market owing to increase in consumer disposable income that helps in augmenting the spending power in the region. The European and North-American regions are estimated to witness higher growth rate due to vast population and presence of key players over the forecast period. It is expected that the global paints & coatings market will be reached at US $268.21 million by 2030 at a CAGR of 5.33% during the forecast period 2019-2030.
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Ankur Gupta, Head Marketing & Communications