Global Paints and Coatings Market to Surpass US$ 235 Billion by 2025
Paints and coatings are liquid or semisolids materials that are applied or sprayed to a substrate in the form of a thin layer, which forms a solid film over time. It is used to enhance aesthetic appeal, protect and color buildings, walls, objects, equipment, among others. It is a mixture of polymer particles called binders, various surfactants, pigments, solvents, and processing aids. Asia Pacific and Middle East are expected to be the fastest growing markets during the forecast period. The solvent-based paints such as those used for waterproofing and flame proofing are gaining traction.
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The market has witnessed a wave of innovative products being developed and players focusing on expanding their regional footprint. Development of Nano InvisiPrint system, anti-finger prints solution for electronic display, developed by Nanotechnologies (NBD) on February 7, 2017. On January 31, 2017, Evonik set up a new research laboratory in Istanbul, Turkey, which will help Evonik, to expand in the Middle East. On September 8, 2016, Australian National University (ANU) developed a water repelling spray that finds application in the aerospace and mobile phone industries, among others.
The global paints and coatings market was valued at US$ 137.25 billion and 46,686.09 kilo tons in 2016, and is expected to expand at a CAGR of 5.6% in terms of revenue and 4.8% in terms of volume during 2017 – 2025.
Stringent government regulations to reduce VOC in paints and coatings, boosting demand for waterborne paints
Stringent government regulations to reduce VOC content in paints and coatings such as on April 21, 2005, United States Environmental Protection Agency amended Residential Lead-Based Paints Hazard Reduction Act of 1992. The waterborne paints segment is expected to expand at a CAGR of over 4.6% in terms of volume and 5.4% in terms of value, according to a study conducted by Coherent Market Insights. Moreover, technological advancements in waterborne paints production is also expected to boost the growth percentile, The AVANSE MV-100 is one of the latest technology developed by The DOW Chemicals Company, which offers high performance acrylic binder used to coat metal surfaces. Furthermore, factors such as increasing population, rampant demand for improved infrastructure development with the growing urbanization, in turn projected to fuel growth of the paints and coatings market through 2025.
Growing decorative paints application to boost the market growth
Asia Pacific, followed by North America and Europe, respectively accounted for major share in the global paints and coatings market both in terms of value and volume in 2016 and the trend is expected to remain the same over the forecast period. In 2016, Asia Pacific held a share of 43.45% in terms of volume, followed by Europe (20.23%). The growing demand for supportive infrastructure in Asia Pacific due to growing population, increased urbanization and growing retail and hospitality sectors is expected to drive growth of the global paints and coatings market over the forecast period. According to a study conducted by Coherent Market Insights, the global wood and furniture market is expected to witness a CAGR of 4.5% in terms of value from 2017 to 2025.
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Multinational players need to tap potential addressable market in emerging economies with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends, which are expected to shape the industry in the near future.
Major players in the global paints and coatings market include PPG, The Sherwin-Williams Co., RPM International Inc., The Valspar Corp., Axalta Coating Systems, BEHR, Benjamin Moore & Co., Dunn-Edwards Corporation, Ennis-Flint, Shawcor Ltd., Nippon Paints, Kelly-Moore Paints Co. Inc, Cloverdale Paints Inc., Innovative Chemical Products Group, Vogel Paints Inc., Yenkin Majestic Paints Corp., Tnemec Company Inc, Elantas Pdg Inc, True Value Company, Vista Paints.
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