Paints and coatings are liquid or semisolids materials that are applied or sprayed to a substrate in the form of a thin layer, which forms a solid film over time. It is used to enhance aesthetic appeal, protect and color buildings, walls, objects, equipment, among others. It is a mixture of polymer particles called binders, various surfactants, pigments, solvents, and processing aids. Asia Pacific and Middle East are expected to be the fastest growing markets during the forecast period. The solvent-based paints such as those used for waterproofing and flame proofing are gaining traction.
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Major players in the global paints and coatings market include PPG, The Sherwin-Williams Co., RPM International Inc., The Valspar Corp., Axalta Coating Systems, BEHR, Benjamin Moore & Co., Dunn-Edwards Corporation, Ennis-Flint, Shawcor Ltd., Nippon Paints, Kelly-Moore Paints Co. Inc, Cloverdale Paints Inc., Innovative Chemical Products Group, Vogel Paints Inc., Yenkin Majestic Paints Corp., Tnemec Company Inc, Elantas Pdg Inc, True Value Company, Vista Paints.
The market has witnessed a wave of innovative products being developed and players focusing on expanding their regional footprint. Development of Nano InvisiPrint system, anti-finger prints solution for electronic display, developed by Nanotechnologies (NBD) on February 7, 2017. On January 31, 2017, Evonik set up a new research laboratory in Istanbul, Turkey, which will help Evonik, to expand in the Middle East. On September 8, 2016, Australian National University (ANU) developed a water repelling spray that finds application in the aerospace and mobile phone industries, among others.
The global paints and coatings market was valued at US$ 137.25 billion and 46,686.09 kilo tons in 2016, and is expected to expand at a CAGR of 5.6% in terms of revenue and 4.8% in terms of volume during 2017 – 2025.
Growth of decorative paints segment is expected to boost the paints and coatings market growth
In 2016, major market share was obtained by Asia Pacific, followed by North America and Europe in the global paints and coatings market, in terms of both of value and volume. Moreover, this trend is expected to remain the same over the forecast period. In 2016, Asia Pacific held a share of 43.45% in terms of volume, followed by Europe (20.23%). Increasing population, increased urbanization, and growing retail and hospitality sectors in Asia Pacific region is leading to rising demand for supportive infrastructure. This is expected to fuel growth of the global paints and coatings market over the forecast period.
Multinational players need to tap potential addressable market in emerging economies with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends, which are expected to shape the industry in the near future.
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