Paints & Coatings Market Synopsis:
Paints & Coatings are used to provide glossy and decorative finish to the product. These coatings are either composed of organic or non-organic resins. They offer excellent adhesion with high corrosion and abrasion resistance. These coatings are applied to increase the durability and performance of the product. Owing to these factors, they are used in various applications such as architectural, automotive, wood, industrial, and others.
As per our Analysis, the Global Paints & Coatings Market is bifurcated into resin, technology, and application. The market by resin type is further divided into epoxy, silicone, polyester, acrylic, alkyd, and others. Among these, the acrylic resin segment holds the major portion of the market on account of its growing use in various application industries such as automotive, aerospace, marine, and others. The epoxy resin segment is vastly used in food & beverages, construction and buildings, automotive, and chemical industries because they offer quick drying, toughness, and protective coating for metals and other materials. Therefore, the extensive consumption of this resin is estimated to drive the market in the coming years. The water, solvent, high solids and powder segments are classified on the basis of technology in the market. Among these, the water segment is predicted to witness a rapid growth in the market due to its easy and convenient use. Additionally, the new rules and regulations implemented by the regional governments has fueled the powder segment to lead the market owing to the benefits offered by the product such as non-voc (Volatile Organic Component), long lasting and durable nature. On the basis of application, the market is segmented into architectural, automotive, wood, and industrial. Among these, automotive sector is the leading segment due to boundless use of acrylic and alkyd resins in producing highly efficient and standard vehicles. Moreover, the growing use of paints & coatings in pipe networks is projected to drive the market during the forecast period, 2017-2023.
Some of the prominent players operating in the Global Paints & Coatings Market are AkzoNobel N.V. (the Netherlands), The Sherwin-Williams Company (U.S.), Axalta Coating Systems (U.S.), PPG Industries Inc. (U.S.), RPM International Inc.(U.S.), Nippon Paint Holdings Co., Ltd (Japan), The Valspar Corporation(U.S.), KANSAI PAINT CO.,LTD( Japan), BASF Coatings ( Germany), Asian Paints (India), among others.
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The Paints & Coatings Market is segmented across five regions in the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market due to the growing demand for acrylic resins in aerospace, automotive, coil, petrochemical, and others. The automotive segment is predicted to witness a rapid growth in the market, due to the growing consumption of epoxy and polyurethane resins to produce high standard and efficient vehicles in countries such as China, Japan and India. Owing to these factors, they are the major players in the market.
The North American region is growing significantly in the market due to the increasing demand for polyurethane resins in construction and buildings, medical and automobile sectors. It is predicted that the rising awareness and regulations proposed by the government is set to drive the powder technology segment to lead the market during the forecast period. The growing demand of protection coatings in aerospace, electronics industries has propelled the countries such as the U.S., Canada and Mexico to achieve a stunning growth in the market.
European market has observed a remarkable growth in the market due to the increasing consumption of coatings in end-use industries such as glass, textile, automotive and industrial machinery. It is estimated that the growing innovation and technological advancement has propelled the countries such as the U.K., Italy, Germany and France to observe a notable growth in the market during the forecast period.
The Latin American region is estimated to witness a recognized development in the market due to growing consumption of silicon resins and acrylic resins in chemical, construction & buildings, and energy sectors. Moreover, the Middle East & Africa is anticipated to witness a higher growth in the market due to increasing demand for alkyd, epoxy and polyurethane resins in oil & gas, petrochemical, energy and aviation sectors.
The Global Paints & Coatings Market is segmented into resin type, technology and application. On the basis of resin type, the market is further categorized into acrylic, alkyd, epoxy, polyurethane, polyester, and others. Among these, the acrylic resin segment holds a majority of the market share due to its extraordinary features offered by the product such as biocompatible, antioxidant, and corrosion resistance. The epoxy resin segment is projected to witness a rapid growth due to its growing consumption in heavy end industries. The market by technology is further categorized into water, solvent and powder segments. Among these, the powder segment is accounted for major share in the market due to its growing use as a biocompatible and feasible product. The strict government regulations implemented by the regional governments has prompted manufacturers and investors to shift their focus from solvent coatings to powder based products. The water segment is estimated to witness a rapid growth in the market due to its non-toxic and soluble nature. Architectural, automotive, wood, industrial and others are segregated on the basis of application segment. Additionally, it is predicted that the automotive segment is set to witness a higher CAGR during the forecast period.
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