- – Building and construction industry to pave way to new avenues in paints and coating market, producers offer painting formulations that are less toxic, of good viscosity, and emit less VOC
- – Asia Pacific expected to emerge as the leading consumer in the paints and coatings market, rise in application in numerous end-use industries to reinforce growth
Transparency Market Research, New York: A growing number of paints & coatings manufacturers and formulators are aiming at harnessing the characteristics of acrylic resins to meet wide cross-section of needs in end-use industries such as aerospace, automotive, building and construction, and healthcare. An array of cost-effective formulations are being utilized as wall coatings, roof coatings, and architectural paints, helping the market to evolve steadily.
Market analysts at TMR project the paints & coatings market to expand at CAGR of 5.2% between 2018 and 2026.
Players in the paints & coatings market are aiming at unveiling high-performing solvents to improve the characteristics of paints and coatings to meet demands in developing economies of Asia Pacific.
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Key Findings of Paints & Coatings Report
- – Of all the resin types in paints and coatings market, acrylic resin contributed the major share in 2017
- – Of the various technologies, water-based was the leading segment in 2017 due to their high performance
- – Among the various applications, building and construction sector is expected to contribute substantial revenues throughout the assessment period
- – Of the various key geographical segments, Asia Pacific is the leading consumer and expected to rise at promising pace
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Paints & Coatings Market: Key Driving Factors and Promising Avenues
- – Rapid pace of urbanization in the developing world such as in Asia Pacific has spurred the sales in the paints & coatings market.
- – Chemical companies formulating new array of paints and coatings are introducing new solvent systems and trying new chemistries to meet the emerging demands of end-use industries.
- – Further, key players in the paints & coatings market are adopting better testing systems in their research and development activities.
- – Many companies are focusing on reduced flammability, low VOC emissions, and good viscosity for painting applications.
- – Rise in demand or paints in architectural applications in developing economies is boosting the paints & coatings market.
- – Strides in end-use industries has imparted momentum to the growth of paints & coatings market. Key application areas are in transport, automobiles, healthcare, and packaging.
- – Demand for environmentally friendly painting in packaging applications is paving way to new, lucrative avenues, such as in aerospace sector. Governments’ spending on the sector over the past few years has spurred demand for paints and coatings.
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Paints & Coatings Market: Competitive Landscape Assessment
Most players in the paints & coatings market are aiming at unveiling new formulations that are not just high performing but also environmentally friendly. Top players are aiming at offering cost-effective paint and coating systems. Several chemical companies have increased their research and development funding to unveil new formulations, such as for healthcare industry. This will also give them a competitive edge over others.
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Some of the key names in the paints & coatings market are Nippon Paint Holdings, Akzo Nobel N.V, PPG Industries, Valspar, Sherwin-Williams Company, and BASF SE. They are also focusing on mergers and acquisitions.
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The Paints & Coatings Market can be segmented as follows:
Resin
- – Acrylic
- – Polyurethanes
- – Polyesters
- – Epoxy
- – Alkyd
- – Others (including Silicone, Polyvinyl Acetate (PVA), Polyester, and Fluropolymer)
Technology
- – Water-based
- – Solvent-based
- – High Solid
- – Powder
- – Others (including UV-cure and Moisture Cure)
Application
- – Automotive & Transportation
- – Aerospace
- – Building & Construction
- – Packaging
- – Healthcare & Medical Devices
- – Marine
- – Electrical & Electronics
- – Others (including Wood Working)
Region
- – North America
- – U.S.
- – Canada
- – Latin America
- – Brazil
- – Mexico
- – Rest of Latin America
- – Europe
- – Germany
- – U.K.
- – France
- – Italy
- – Spain
- – Russia & CIS
- – Rest of Europe
- – Asia Pacific
- – China
- – India
- – Japan
- – ASEAN
- – Rest of Asia Pacific
- – Middle East & Africa
- – GCC
- – South Africa
- – Rest of Middle East & Africa
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