The global paints and coatings market is expected to value at USD 144,323.31 million in 2018 is expected to acheive a CAGR of 4.58% during the forecast period 2018-2023.
Paints and coatings industry is divided into two sub-sectors namely, industrial and architectural. Architectural coatings include both interior and exterior paints, varnishes, primers, stains and sealers, and their demand is primarily depended on the growth and performance of the construction sector. Architecutral coatings is expected to register the foastest CAGR during the forecast period. Industrial coatings include coil coatings, automotive paints, refinishers, furniture finishing and road marking paints, and their demand is linked to the growth and performance of the industrial equipment sectors, automotive industry and appliance industries. Automotive refinish is estimated to register the slowest growth through 2023 at a CAGR of 1.79%.
The market is driven by number of factors, such as the growing demand from the infrastructure industry in the Asia-Pacific region, growing demand from the automotive industry, and increased awareness towards sustainable products. On the flipside, the fluctuating raw material price, and stern government & environment regulations on chromate-based coating is a major factor impeding the growth of the market.
The global paints and coatings market has been segmented on the basis of application into architecture & decorative (interior and exterior), industrial wood coatings, general industrial coatings, automotive OEM, automotive refinish, marine coatings (hull and yacht), consumer durables, packaging coatings and mirror coatings, among others. Based on the technology employed, the market has been segmented into powder coatings, water-borne coatings, and solvent-borne coatings, among others. The different types of protective coatings include waterproof, floor, NIR, heat resistant, roof/reflective, coil and other coatings. Based on pre-treatment (type), the market has been segmented into phosphate, chromate-free, chromate, and blast clean.
Emissions of volatile organic compounds (VOCs) and the presence of hazardous chemicals (known to cause gene mutation) in the atmosphere has compelled governments across the world and environmental organizations to undertake regulations to either curtail or eliminate them. International regulations also have limited the quantity of lead in paints and coating products. There has been a growing awareness among buyers, which resulted in shifting preference regarding effects on human health effects and utility of paints in general.
The development of bio-based products, and introduction of the fluoropolymer coatings in India are expected to offer numerous opportunities for the growth of the global paints and coatings market. Some of the major companies dominating the market are AkzoNobel, Sherwin-William, PPG Industries, RPM International, and Nippon Paints.
Few Notable Developments in the Market
In Nov, 2017, Axalta Coating Systems announced that the decision of the company of being acquired by Nippon Paint have ended.
In Jun, 2017, The Sherwin-Williams Company completed the acqusition of The Valspar Corporation. This step had made Sherwin-Williams the global leader in the paints and coatings market.
In May, 2017, Berger Paints approved the acquisition of Saboo Coatings
Key Deliverables in the Study: