Global Paints & Coatings Market Research Report- Information by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), by Technology (Water, Solvent, High Solids, Powder), Application (Architectural, Automotive, Wood, Industrial) – Forecast till 2023
Pune, India -- (SBWIRE) -- 02/15/2018 -- Paints and coatings Market – Market Overview
Paints and Coatings are a lucrative market and is expected to have a steady growth during the forecast years. Paints are any liquid which are commonly used as a medium used to protect, provide texture and color to objects whereas coatings are mostly used for protection. Paints and coatings are segmented on the basis of their resin type, technology, application and region. On the basis of the resin type acrylic resin is the dominant segment owing to its high application in automotive, roof coatings, construction and wall coatings. On the basis of Technology, water based paints and coatings accounts to have the largest share. Water based coatings are widely used in the plastic pallet hoppers, fly ash hoppers, and architectural sector among others owing to the advantages such as low greenhouse gas emissions, stable viscosity and less flammability. On the basis of application, architectural segment is expected to be the most lucrative segment owing to its extensive use in the interior and exterior walls of all kinds of commercial, industrial, residential, and institutional buildings.
According to the analysis of MRFR, the major market forces and trends driving growth of the Global Paints and Coatings Market includes growth of construction sector and the burgeoning growth in the automobile industry. Moreover, the increasing personal disposable income in the developing economies throughout the globe has augmented the construction activities especially in India and china which in turn is further expected to fuel the growth of the Global Paints and Coatings Market during the forecast period. In addition, the growing government investment in development of residential and commercial infrastructure throughout the globe coupled with the propelling automotive and aerospace sector are other factors contributing to the market growth.
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Paints and coatings Market- Competitive Landscape
The Global Paints and Coatings Market is a highly lucrative market driven by flourishing growth in packaging and petrochemical industry, along with the propelling textile industry. Exxon Mobil Corporation, the Dow Chemicals Company, Royal Dutch Shell plc. and BASF SE among others are some of the major players operating in this market. Most of these market participants are adopting the expansion, product launch, and merger and acquisition tactics to strengthen their production capacities and market position. Taking account of these trends the global Paints and coatings Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The increasing Globalization and urbanization in the developing economies of the region has propelled the construction of residential and commercial infrastructure which is a dominant factor for the demand for paint and coatings in the region. Moreover, increasing population in India and China has brought about more government spending in infrastructural developments coupled with the growing automobile industry in the region is also expected to drive the market of paints and coatings positively during the forecast years.
Industry/ Innovation/ Related News:
January 21, 2016 – BASF SE launched two new products designed for paints and coatings namely Acronal 7079 and AQ Acell HIDE 6299 that enhances and helps exteriors of buildings clean and durable. Moreover, the demand for the new products is set to rise owing to the low carbon footprint of the products made through the reduction of titanium dioxide (TiO2). BASF is the leading supplier of paints and coatings and with this innovation of low volatile organic compounds and high durable solutions is expected to boom the market demand.
March 22, 2016 - The Sherwin-Williams Company agreed to acquire their rival company Valspar. This acquisition is expected to create a stronger foothold in the paint and coatings market across Asia Pacific, Europe, Middle East and the African region. Moreover, this deal will allow Sherwin Williams Company to provide high complementary offerings in the global paint and coating market along with efficient technology and extended brand portfolio in North American region.
December 15, 2016 - AKZoNObel to strengthen their market position and product portfolio especially in Europe has adopted a strategy of acquiring BASF's global industrial coatings business on a deal value of 475 million Euros. In addition, this merger is expected to provide AKZoNObel with additional production efficiencies to penetrate the European market of industrial coatings.
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