Paints and Coatings are liquid, or mastic composition applied to a substrate to protect, color, or provide texture, to enhance the durability and adhesion, high corrosion and abrasion resistant. The Global Paints and Coatings Market is projected to grow at a CAGR of 5.06 % during the forecast period ending 2023.
Growing Demand Owing To End User Industries Are the Prime Determinants of the Market
An analysis of global industries shows that the chemical, electronic, automotive, construction, and other allied industries have excelled in growth, which predicts a stable and growing market. The adoption of fluoropolymer coatings by the medical devices industry is driving the market growth. Another prime driver and an application of the market extension strategy is the cookware industry. PTFE coated cookware demonstrate the lowest coefficients of friction, which has led to the rapid adoption and market growth.
Product Development Offers a Faster Market Adoption and Position
The development of advanced materials such as polyamide, Teflon, silicon, and others are instigating the release of newer coatings. The desirable attributes of advanced coatings such as low coefficients of friction, corrosion, electrical and chemical resistance, anti-galling properties, UV protection, and other enhance the life of products, which adds to value offered to the end users. Product development strategy has demonstrated handsome returns as revealed by the host of launches. For example, many manufacturers have launched advanced coatings such as fluoropolymers with high color and gloss retention and durability, which exceed the American Architectural Manufacturers Association (AAMA) requirements.
Another arena of product development has been rheology, curing technology and setting times. Development of alkyds based coatings having heat resistance and shorter setting times have stimulated the market. The combination of alkyds and epoxy coatings afford chemical and environmental resistance. Developments in rheology have resulted in greater control over applications, flow, leveling, and thickness control.
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Adoption of Information Technology, Customization As Witnessed In Online Paint Selection Platforms Is Driving Customer Retention
Today customers have an increasing say in the selection of paints for their homes. The influence of the interior designers is waning as evident from the number of online platforms geared towards customized paint selection.
High Pricing and Growing Stringency of Environmental Regulation May Hamper the Market Growth
The high price, lower shelf life, volatility in prices of raw materials and the scarcity of raw materials such as titanium dioxide is hurting the market. Environmental regulations such as volatile organic compounds (VOC) regulations are other constraint resulting in a shift in demand away from solvent-based systems.
The Asia Pacific accounts for the most significant market share led by China and India, owing to their large population and burgeoning economic growth. Asia Pacific region is projected to grow at the highest CAGR of 5.41 %. North America accounts for the second largest market, led by the U.S. Europe is expected to be dominated by Germany, France, and U.K. The sizeable automotive industry of Germany provides ample avenues for market growth. The Middle East and Africa region are expected to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Based on the Substrate Type, the market is segmented into non-metals and metals. The architectural segment accounted for 55.1 % market share in 2017. The industrial segment accounted for 44.9 % of the market share in 2017, which is estimated to grow at CAGR of 4.72 % over the forecast period.
Based on the Type, the market is segmented into polyester, epoxy-polyester hybrid, epoxy, acrylic, polyurethane, polyolefin, polyamide, and others.
Based on the Regions, the market is divided into the Asia Pacific, the Middle East & Africa, Latin America, North America, and Europe.
Some of the major players operating in the Global Paints & Coatings Market are 3M, Jotun Group, The Sherwin-Williams Company, TIGER Coatings GmbH & Co. KG, Vitracoat America, Dai Nippon Toryo Co., Ltd, Kansai Nerolac Paints Limited, Diamond Vogel, Hentzen Coatings, Inc., Berger Paints India Limited, National Paints Factories, Axalta Coating Systems Ltd, Guangzhou Kinte Paints & coatings, and AkzoNobel N.V and others.
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