The global paints and coatings market is anticipated to exceed USD 227.70 billion by 2025. Paints and coatings industry have innovative technology, new chemistries and eco-friendly property products which emits little amount of volatile organic compounds (VOCs). Based on their application internally and externally, they are available in different grades.
The advancement of the global paint and coating market is largely credited to the increase in demand from the construction and building sector. This market is being driven by the growing need of waterborne coatings and the increase in manufacturing activities in Asia Pacific over the past few years. The main reason for increase in demand of waterborne coatings was caused by rise in demand for coatings from residential, aviation, commercial and automotive end-use segment. Increasing infrastructural developments, growing architectural interest and progressions in the end-use segment of paints and coatings in the developing countries are the major drivers for global market. The growing per capita income of the population globally has given rise to an upward trend in renovation of houses. There is a growing trend of using diverse color shades in the bedroom across all age groups, in the emerging countries such as China.
In India, Asian Paints’ Royal Play is gaining reputation on account of its ready-to-use paints with theme and effects for interior decoration. Asian Paints has also been concentrating on paints which carry glowing theme for kid’s rooms. Consequently, the growing adoption of paints, new designs and painting concepts is expected to drive the growth of global paint and coatings market. Furthermore, the construction industry is growing faster than the gross domestic product (GDP). The growth of paint and coating market is propelled by the improved industrial activities across the globe.
The ratio of car ownership is high in developed countries as majority of the customers use personal conveyance for travelling. It has been witnessed that in Arab countries and Eastern Europe, there is a substantial growth in the customer car ownership. Germany has the maximum number of commercial automobiles and is also the logistics hub of Europe. The growing preference of consumers towards developments in the road infrastructure, growing economy and personal conveyance are the major factors driving the growth of the automotive market. Key material used in car manufacturing is metal, even though is it painted to avoid from rust and degradation. Specifically formulated paints are used in coating of certain plastics which are utilized for offering soft feel touch and in the interiors of cars.
However, the single restraint on the global paint and coating market is the increasing environmental concern regarding the VOC content in coatings and paints. On the other hand, over the next few years, the rising share of Nano coatings and green coatings is anticipated to deliver a profitable opportunity to the overall market. Additionally, the market will rise as a result of strengthening demand in North America and Middle East over the forecast period.
Global paints and coatings market is segmented based on technology, type and product. On the basis of technology, the market is categorized as protective coatings, transportation refinishes, wood finishes, packaging coatings and powder coatings. On the basis of type, the market is categorized as industrial OEM coatings, special purpose coatings and decorative/architectural coatings. On the basis of product, the market is categorized as radiation curable coatings, waterborne paints, high solid paints and solvent borne coatings.
Asia pacific is expected to continue being the largest regional market for next seven years, followed by Europe. Growing infrastructure spending has been dominant to economic growth of key economies China, Brazil, UAE, Indonesia and India. Rising levels of disposable income is also anticipated to boost investments in suburban establishments. Growing awareness among the consumers regarding architectural paintings is projected to fuel the non-toxic coatings and paints demand in suburban and commercial applications.
Despite the fact that smaller amount of risk and low borrowing costs are anticipated to play an important role in enhancing the demand in housing sector in Germany, ongoing public projects are anticipated to drive the construction industry in further European regions such as France, Italy and Turkey. Financial incentives offered by the government along with the presence of huge number of participants is projected to fuel the civil projects in the Middle East. The major industry participants include The Valspar Corporation, Sherwin-Williams Company, BASF SE, Axalta Coatings System, AkzoNobel N.V., RPG International Inc., PPG Industries, Kansai Paint Co. Ltd. and Nippon Paint Co. Ltd.
Paints & Coatings Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• High solids/radiation curing
• Powder coatings
• Waterborne coatings
• Solvent-borne coatings
Paints & Coatings Material Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Paints & Coatings Application Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• Architectural & Decorative
• General Industrial
Paints & Coatings Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America (CSA)
• Middle East & Africa (MEA)
Research Support Specialist, USA