Global Paints and coatings market is expected to witness growth at a significant rate during the forecast period
The global market for paints and coatings is being driven by the ongoing technological advancements and the planned as well as the ongoing construction activities in the Asian region. The market is also expected to be driven by the increasing production of electric vehicles. Moreover, the rising environmental concerns and stringent government regulations related to the emission of volatile organic compound (VOCs) is expected to hinder the market growth in the near future.
The ongoing growth in the urbanization and construction industry, especially in the Asia-Pacific region, is likely to drive the consumption of paints and coatings. The rate of urbanization in the Asia-Pacific region is around 1.5% per year, the world’s highest. It is estimated that by the year 2030, over half of the population in the region will be urban. According to the United Nations, as of 2020, 33 megacities in the world require planned habitation for the rapidly growing urban population.
More than 50% of the global GDP is generated in cities, and urbanization can lead to sustainable growth if managed well by increasing productivity. Urbanization has expanded immensely in recent years. Due to urbanization, there has been a rise in the number of construction projects, high-rise buildings, and other construction types. Thus, as urbanization rapidly increases, the number of construction projects increases, leading to the growth in the usage of paints and coatings.
The demand for paints and coatings is rising in the automotive industry due to increased overall vehicle demand, aging vehicles, and environmental concerns. Moreover, increasing vehicle production in countries such as China, Mexico, Indonesia, Japan, U.S., South Korea, Germany, and India is further driving the growth of the market. In North America, powder coatings are widely used throughout primer surfacer operations at Chrysler, one of the biggest automobile manufacturers in the United States.
At General Motors, for their truck plants and in all new paint shops, powder coatings are gaining pace. Due to the evolution in the automotive sector and the manufacturing material, the paints and coatings for the automotive sector are also evolving. One of these evolutions is in the use of smart coatings because they offer the potential to significantly improve surface durability while adding additional functionalities or properties like self-healing, super-hydrophobicity, self-stratifying, self-sensing, soundproofing, and vibration damping.
Certain architectural paints are shifting towards renewable, bio-based, or recycled ingredients, such as recycled plastic and soybean oil, as a replacement for organic solvents. Bio-based products are materials composed of agricultural, forestry, or marine materials. Such innovations have been recognized with the Presidential Green Chemistry Challenge Award. Low-VOC products continue to gain popularity; for instance, PPG PAINTS brand offers a sub-50 gram per liter volatile organic compound version of BREAK-THROUGH!
Interior and Exterior waterborne acrylic paint. Another ongoing market trend consists of direct-to-metal (DTM) coatings. As a more efficient alternative to your typical primer and topcoat systems, DTM coatings allow for the application of one coat while offering comparable performance to two-coat systems.
The global Paints and Coatings market is segmented based on Resin, Technology, and End-User Industry. The Application segment is further segmented as Architectural, Automotive, Wood, Packaging, Marine & Others. In terms of technology, water-borne technology was found to be the dominating among others. Compared to their counterparts, water-borne paints and coatings dry faster due to the evaporation of water from the surface of the coating. In terms of the end-user industry, architecture was found to be dominating followed by other end uses.
Architectural paints and coatings include sealers and specialty coatings for building and construction applications (including roofs, floors, pavement, walkways, floors, etc.). In recent years, the architectural coatings industry has undergone a great change. Currently, coatings have a much different raw material base, a different environmental profile, and different properties compared to the previous decade.
Some of the key drivers in the growth of the consumption of paints and coatings include the conversion from oil-based to waterborne paint, reduction in VOC, the emergence of paint-and-primer-in one products, the trend to offer improved film properties such as dirt pickup resistance and early rain resistance, and the desire to provide easy-to-apply new looks.
The global paints and coatings market was found to be partially consolidated. Some of the key players in the global market include PPG Industries, AkzoNobel NV, RPM International, The Sherwin-William Company, and Nippon Paint Holdings Co., Ltd., among others.
Key Topics Covered:
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
3.2 Market Dynamics
3.3 Market Trends & Developments
3.4 Market Opportunities
3.5 Feedstock Analysis
3.6 Regulatory Policies
3.7 Analysis of Covid-19 Impact
4. Industry Analysis
4.1 Supply Chain Analysis
4.2 Porter’s Five Forces Analysis
5. Market Segmentation & Forecast
5.1 By Resin
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