The global paints & coatings market was estimated to be USD 131.8 billion in 2015. It is expected to grow at a CAGR of 5.75% during 2016-2021 to reach a projected value of USD 178.8 billion by 2021. The Asia-Pacific happens to be the largest market for paints and coatings, accounting for an estimated share of XX.XX% in 2015. It is now, expected to grow fastest at a CAGR of 12%.
The Asia-Pacific leads the global paints and coatings market followed by Europe and North America. In developing countries of Asia-Pacific, Latin America, Eastern Europe and the Middle East, construction of new residential and commercial buildings is booming and is expected to further increase in future.
The construction paints and coatings market are driven by the factors such as advances in civil construction and high demand for efficient paints. These paints act as protective layers for buildings and prevent the building from corrosion, dampness and damages due to extreme weather conditions
The global paints and coatings market is segmented by product type (acrylic, alkyd, polyurethane, epoxy, polyesters and others), by applications (automotive sector, marine paints, consumer durables, other OEMs, industrial wood coatings), and decorative applications (interior and exterior wall paints, wood finishes; enamel, putty and other applications).
Market Dynamics of the Global Paints and Coatings Market:
Currently, there is a lot of research and development going on, in the paints and coatings industry. This development is mainly propelled by the emergence of green buildings and nano coatings, which, is on its way to make the world a healthier and safer place to live in. Research is being done to reduce the environmental impact of marine coatings during the course of travel on ships.
Interestingly, there is a development of near-infrared (NIR) coatings and tiles to reduce heating of dark-colored surfaces on roofs and facades. The sun-reflective building materials help to achieve a relatively warmer space and, so they improve the thermal comfort. They are often seen on roofing, but there are also tentative applications for facades.
Nowadays, eco-friendly paints are being preferred over normal paints as normal paints are toxic and cause health hazards like cancer, tuberculosis and respiratory illnesses. The volatile organic compounds (VOC) used to hold the ingredients of the liquefied paints in a blended state, escape into the atmosphere and thus cause health hazards when the paint is applied. Thus in the recent years compounds like, lead and chromium are banned from house-hold paints as they cause lots of health hazards to human beings.
The market for coatings and paints includes liquid-based and powder-based paints, varnishes and related products used in architectural and decorative, industrial and specialty product segments. Interior and exterior paints, primers, sealers and varnishes are part of the architectural and decorative segment, which are used in homes and buildings. Products that are a part of the production process form a part of the industrial products segment. Aerosol paints, marine paints, high-performance maintenance coatings, and automotive refinish paints, altogether constitute the specialty products segment.
The practice of green buildings and products such as Nano-coatings, green coatings offers a lot of opportunities for the growth of the paints and coatings market. Some of the companies that are a major part of the industry are:
Key Deliverables in the Study