The global paints and coatings market was valued at USD XX million in 2017. The market is projected to reach USD XX million by 2022, growing at a CAGR of 5.87% during the forecast period 2017-2022
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. 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.
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 pretreatment (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, Valspar, PPG Industries, RPM International, and Nippon Paints.