The paints and coatings market is growing at a considerable rate due to rising infrastructural developments, technological advancements and growth in end-user industries such as automotive, furniture, appliances and architecture. Emerging economies of the countries such as China and India are providing an opportunity for the paints and coatings market to grow at a significant rate in the coming years.
Asia-Pacific region is leading the paints and coatings market due to increase in architectural coating applications such as waterborne paints and coatings in the region. Some of the factors driving the growth of the paints and coatings market in the region is growing urbanization, growing need of houses and consumer goods, increasing population and increase in average disposable income. In 2014, the newly formed government in India has involved numerous neighboring countries to expand trade relations with India, which is expected to grow the commerce in the sub-continent and provide an opportunity for the paints and coatings market to grow in the coming years.
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Paint is a liquid composition which converts into solid film when applied to any object in a fine layer. Paints are used to color, protect and provide texture to the objects and are available in several types and colors such as watercolor and artificial. Coating is a covering which is applied to the objects for decorating or protecting the objects. Most of the industries use thin film coating such as fabric, foil, paper, sheet stock and film to their objects for making them attractive.
The paints and coatings have innovative technology, eco-friendly property and modern chemistries offering less volatile organic compounds (VOCs), and according to the external and internal application they are available in different grades. On the basis of resin type, the paints and coatings market can be categorized as epoxy, acrylic, polyurethane, alkyd and polyester. The paints and coatings market can be categorized on the basis of technology as high solids, powder coating, water based coating and solvent based technology.
The paints and coatings market can also be categorized on the basis of applications as architectural coatings and industrial coatings. Industrial coatings include furniture coatings, automotive, high performance coatings, general industrial and appliances. On the basis of end users, the paints and coatings market can be categorized as residential, commercial, automotive and aviation, special purpose, and medical and healthcare.
Some of the factors driving the growth of the paints and coatings market are superior performance and better properties, green environmental regulations, and fluoropolymer growth in building and construction sector. With the technological advancements, more durable coatings with better performance & better aesthetics are available in the market, supporting the paints and coatings market to grow at a considerable rate.
Booming construction industry, attractive prospects for powder coatings and growing automotive market in Asia-Pacific and in the Middle East are providing an ample opportunity for the growth of the paints and coatings market in the coming years. However, there are some factors restraining the growth of the paints and coatings market such as cheaper substitute (waterborne coating) availability in the market, and stringent and time consuming regulatory policies regarding paints and coatings. One of the major challenges in the developing countries is the difficulty faced in transportation of coil coatings.
Some of the competitors in the paints and coatings market are PPG Industries, Inc., Kansai Paint Co., Ltd., Akzo Nobel N.V., The Valspar Corporation, BASF SE, NIPPONPAINT Co. Ltd, and The Sherwin-Williams Company.
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