Paints & coatings include glossy and decorative polish that
enhances the aesthetic appeal of surface of metal component, equipment, walls,
or any other. The coating also servesas layer in providing corrosion &
abrasion resistant finishing and enhancing the overall durability of product
surfaces. The key raw materials used for manufacturing of paints & coatings
includes pigments, solvent, resin, additive, curing agent, and dispersant and
many others.
According to study, “Paints And Coatings Global Market Report 2019”
the key companies operating in the global paints and coatings market are PPG
Industries, Jotun, The Sherwin-Williams Company, Akzonobel N.V., Nippon Paint
Holdings Co., Ltd., Kansai Paint Co., Ltd., Asian Paints, RPM International
Inc., Solvay SA, BASE SE, Axalta Coating Systems Ltd., Shalimar Paints, Berger
Paints India Limited, Tiger Coatings GmbH & Co. Kg, Beckers Group
(Maryland), Kelly-Moore Paints, Hempel A/S (Denmark) and Indigo Paints Pvt.
Ltd.
Based on resin type, paints and coatings market is segmented into
Acrylic, Fluoropolymer, Alkyd, Polyurethane, Epoxy, Polyaryletherketone (PAEK),
Polyester, Polyether ether ketone (PEEK), Polyetherketone (PEK) and others.
Based on technology, market is segmented into powder coating, waterborne technology,
solventborne technology and others (Electron Beam (EB) coating and UV cured
coating. Based on formulation, market is segmented into powder-based,
solvent-based, water-based, and UV coatings. Among these, water-based
formulation segment is anticipated to witness higher CAGR owing to increase in
application in home furnishing and automobile manufacturing due to their
excellent adhesion and cost-effectiveness during the forecast period. In
addition, based on end-use, market is segmented into Industrial and
Architectural. Industrial segment includes automotive refinish, marine,
protective, general industrial, wood, aerospace, packaging, coil and rail.
Additionally, architecture segment includes residential and non-residential.
The paints and coatings market is driven by rise in demand from
the construction and automotive industries, followed by growth in technological
advancements in powder coating technology, increase in popularity of
elastomeric coatings in tilt-up concrete in building & construction and
growth in Green environmental regulations. However, difficulty in obtaining
thin films in powder coating and requirement of more drying time for waterborne
coatings may impact the market. Moreover, increase in use of powder coatings in
the automotive industry, attractive prospects for powder coatings in ship building
and pipeline industries and increase in applications of fluoropolymers in the
building & construction industry are key opportunities for market. Furthermore,
growth in adoption of smart coating is a major trend for market.
The use smart coatings and newly designed high performance coating
technologies are now being adopted by various companies that enhance
efficiencies over coating of various compounds. The use of advanced Nano
coatings consists of extremely tiny particles with unique characteristics such
as flexibility, resistance to corrosion and micro bacterial growth.
Based on geography, the Asian-Pacific region holds major share in paints
and coatings market owing to rapid architectural and industrial growth in the
region. Whereas, the European and North-American regions are expected to
witness higher growth rate due to presence of stringent regulatory agenda over
the forecast period. In upcoming years, it is estimated that future of the
market will be bright as a result of increase in repair & renovation
activities in the commercial buildings, houses, schools, and malls coupled with
rise in consumption of paints and coatings by the oil and gas industry during
the forecast period.
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