The Global Paints and Coatings Market was valued at US$ 137.25 Billion in 2016, according to a new report published by Coherent Market Insights. The increasing use of waterborne paints in various end-use industries such as automotive, furniture, and architecture, will enhance growth of the market during the forecast period. The solvent free content of these coatings results in negligible or low volatile organic compounds (VOC) emissions, which in turn makes these products environment friendly and hence, fuel demand for these coatings globally.
The global paints and coatings market has gained significant traction over the last five years. This is mainly attributed to surging demand for waterborne paints due to stringent government regulation for VOC emissions. Moreover, the decorative paints demand is expected to witness significant increase due to growing urbanization in the emerging and developed economies.
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Decorative paints application is the largest segment accounting for over 41.61% market share in the global paints and coatings market. Increasing urbanization and rising demand for modern infrastructure is projected to fuel demand for decorative paints during the forecast period. Waterborne paints is the largest segment in the paints and coatings market due to stringent environment regulations and technology shifting towards developing new ecofriendly products, with low VOC emissions. Powder coatings is the fastest growing segment during the forecast period. This is mainly attributed to rampant growth of end-use industries such as automotive and aerospace in emerging economies such as India and China.
Key takeaways of the market:
Asia-Pacific is projected to be the largest region in global paints and coatings market. It accounted for 41.56% of overall paints and coatings market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries in China, India, and ASEAN countries. The growing construction and automotive end-use industries, rising urbanization, growing demand for fully furnished homes are some of the key drivers for the growth of paints and coatings in the Asia-Pacific region.
The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in discretionary income along with increasing construction activities are expected to create lucrative growth opportunities for the players in this region.
PPG industries, The Sherwin Williams Co, RPM International Inc, The Valspar Corp, Axalta Coating System, BEHR, Benjamin Moore & Co, Dunn Edwards Corporation, Ennis Flint and Shawcor Ltd. are few of the key players in global paints and coatings market.
Acrylic paints is one of the key segments among resin types due to its durability, affordability and flexibility characteristics. Moreover, acrylic paints segment is expected gain traction due to increasing infrastructure development and growing construction activities around the globe. Asia Pacific is the fastest growing market for paints and coatings due to steady economic growth and growing population. The population of Asia Pacific is expected to reach 5 billion by 2050 as per United Nations (UN), which in turn is expected to fuel demand for supportive infrastructure development.
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Technological advancements are the main focus area of players in the market, focusing on differentiating their products from that of other players in the market. For instance on September08, 2016, Australian National University (ANU) developed a water repelling spray, which can be sprayed on mobile phones, aerospace and ships.
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