Global Paints and Coatings Market is Expected to Reach USD 214 Billion by 2023
Sarasota, FL -- (SBWIRE) -- 05/16/2018 -- Zion Market Research has published a new report titled "Paints and Coatings Market by Technology, by Resin for Architectural, Industrial and special purpose applications by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023''. According to the report, global paints and coatings market was valued at around USD 155 Billion in 2017 and is expected to reach approximately USD 214 Billion in 2023, growing at a CAGR of slightly above 5.0% between 2017 and 2023.
Paints are extensively used for equipment maintenance. It not only impacts the machinery or vehicle exterior appearance but also influences the equipment's structure. Industrial paints and coatings are the special protective type that prevents corrosion and damage from weakening plastic or metal part of the equipment in use. Ground calcium carbonate (GCC) is mostly used in numerous paints and coatings application. It is an extender used to either enhance or reduce glossiness and also a rheology modifier, coating additive, and an anti-slip additive to increase the density of the product. Coatings characteristics are verified to determine causes for failures and defects that might occur on painting surface in terms of its resistance to climatic agents and corrosion, adhesion to the substrate, hardness, and thickness.
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Household appliances are coated with powder coatings to increase resistance to water, sewage, pollutants, food acids, and chemicals along with protecting it from wear & tear, harsh conditions, and corrosion. Common appliances that are powder coated are tumble dryers, washing machines, refrigerators, etc. Coatings protect appliances by preventing the metal casing from mechanical abrasion, bumps damage and other impacts. Coated appliances have an improved aesthetics and better product service life as compared to other appliances. Rising disposable income of customers coupled with frequent advancement in appliances technology is triggering paints and coatings market in the industry.
In the current era, both military & civil helicopters and aircraft are coated. Military aircraft are coated to comply with specific defense requirements and specifications. Civil aircraft are periodically coated to maintain its aesthetic appearance and resistance to climatic conditions. Further, rising demand of air travel owing to affordable flight rates has increased aircraft fleet and their maintenance. Vehicles such as trailers, lorries, vans, and cars are coated during its manufacturing. Vehicle refinish coating is done in body shops during accident repairs. Marine coatings are applied to yachts, tugs, cruise ships, and tankers. It covers antifouling coatings, coatings above the waterline, and topsides of boats and ships, serving the function of reduced ship drag and marine fouling.
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Paints and coatings market is segmented on the basis of technology as a solvent base, waterborne, powder coating, and anti-fouling. Powder coating will grow at a significant pace in coming years owing to its enhanced aesthetics and protection qualities. The market is bifurcated as per resin of the product into alkyd, epoxy, polyurethane, acrylic, intumescent, and ceramic. Ceramic coatings will contribute significantly in market share due to its dimensional and chemical stability along with superior thermal insulation. Various applications of the product include architectural, industrial and special purpose applications. Architectural coatings mostly include consumer paints and are expected to dominate other segments during the forecast period.
North America will witness significant growth in global paints and coatings market owing to its boosting construction industry. Public and education buildings are likely to grow by 6% in 2018 as compared to previous year and non-residential sector will flourish at a rate of 4% during the same period. Escalating purchasing power of households for appliances such as washing machines, refrigerators, and cookers is driving the market in Latin America. Brazil contributes nearly 40% of appliances demand in the region.
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Prominent manufacturers in global paints and coatings market include Nippon Paint Holdings Co., Ltd, Hempel A/S, RPM International, Jotun A/S, Kansai Paints, Asian Paints, The Sherwin Williams Company, BASF Coatings GmbH, Axalta Coatings Systems, PPG Industries, and AkzoNobel N.V. Companies are undergoing partnership with distributor to expand their product reach to various customers. For instance, StanChem Polymers has given its distribution rights to Brenntag in 2018. Brenntag will distribute products of StanChem for sealant, elastomers, coatings and adhesive applications.
The report segments global paints and coatings market as follows:
Paints and Coatings Market: Technology Segment Analysis
Paints and Coatings Market: Resin Segment Analysis
Paints and Coatings Market: Application Segment Analysis
Paints and Coatings Market: Regional Segment Analysis
The Middle East and Africa
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