The global paints and coatings market is highly fragmented with the
presence of a large number of companies, finds Transparency Market
Research (TMR) in a research report. The competition in the market is
expected to intensify over the next couple of years owing to the low
degree of product of differentiation. The production capacity of the
leading players is extremely high as they strive to cater to the
growing needs of various end users.
At present, several manufacturers are concentrating on product
innovation and sustainability to maintain a strong hold on the market
and widen their consumer base. RPG International, The Valspar
Corporation, BASF SE, Axalta Coatings, Sherwin-Williams Company, PPG
Industries, and AkzoNobel N.V. are some of the leading companies
operating in the global paints and coatings market. The global paints
and coatings market is expected to rise steadily over the forecast
period to reach a valuation of US$143.9 bn by the end of 2019.
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Demand
from End Users to Boost Market Growth
The global market for paints and coatings comprises types such as
powder and liquid paints and varnishes. The two key functions that
paints and coatings serve are decoration and protection. Based on
product, the market for paints and coatings has been divided into
high solids/radiation cure, powder coating, waterborne coatings,
solvent-borne coatings, and specialty coatings. Among these,
waterborne coatings are prominently used across several industries.
Waterborne coatings are used in industries such as packaging, medical
and healthcare, automotive and aviation, and building and
construction.
Solvent borne coatings trailed waterborne coatings in terms of
consumption as their application took a leap in the commercial and
residential construction, automotive, and aviation industries.
However, the market for powder coatings is anticipated to gain
momentum over the next couple of years owing to the rising demand in
medical and healthcare, automotive, and aviation industries.
Geographically, Asia Pacific dominated the global paints and coatings
market in terms of consumption in 2012. “The market for paints and
coatings is further expected to grow in Asia Pacific over the
forecast period owing to the increasing number of manufacturing
activities in the region,” says a TMR analyst. Europe is also
expected to witness a spike in the sales of paints and coatings owing
to the rising demand from the automotive and aviation industries. The
markets for paints and coatings in South America, Latin America, and
the Middle East are also expected to exhibit steady growth.
Growth
of Global Construction Industry to Pave Way for Brighter Future
Regions such as Asia Pacific and Europe have witnessed extensive
growth in their construction industries. The need to accommodate the
rising population has encouraged the construction of new residential
as well as commercial buildings. As a result of this, the living
standards of consumers have also risen along with a significant
increase in disposable income. This has, in turn, boosted the demand
for paints and coatings wall interior and exterior wall applications
for protection against harsh climatic conditions and for visual
appeal.
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However, stringent environmental regulations imposed by governments
on the level of volatile organic compound content in paints and
coatings are likely to challenge the growth of the market. These
regulations restrict the use of hazardous materials in paints and
coatings, thus limiting the variety of raw materials employed in
their manufacturing. Additionally, the volatility in the prices of
raw materials used in paints and coatings is likely to emerge as one
of the serious concerns for manufacturers. As several raw materials
used in paints and coatings are derivatives of crude oil or other
petroleum products, any fluctuation in the prices of oil is likely to
affect the market for paints and coatings as well.
This review is based on a Transparency Market Research report titled,
“Paints and Coatings Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast–2019.”
The
market has been segmented as below:
Paints
and Coatings Market: Product Segment Analysis
- High solids/radiation cure
- Powder coating
- Waterborne coating
- Solvent-borne technologies
- Others (including specialty coatings, etc.)
Paints
and Coatings Market: End-user Analysis
- Automotives & aviation
- Medical & healthcare
- Residential
- Commercial
- Others (including other industries, special purpose, etc.)
Paints
and Coatings Market: Regional Analysis
- North America
- Europe
- Asia-Pacific
- Rest of the World
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