Global paints & coatings focuses on prolonged durability R&D
Paints and coatings play an important role in protecting and preserving surfaces of a variety of infrastructure and objects. They act as a protective barrier to the surfaces and provide aesthetic appeal to them. Paints and coating include a wide variety of products like enamels, primers, varnishes, caulks, undercoats etc. The market of paints and coatings is very huge on global level. Paints and coatings industry is fairly organized but fragmented. There are approximately 2500 small and big scale manufacturing players on global level which provide a variety of products to satisfy the global demand on the basis of customers’ needs and requirements. Different types of decorative and industrial paints and coatings are available in the market for applications in construction, automotive, OEM, consumer durables, marine coatings, packaging coatings etc.
Paints and coatings can be divided into two broad sectors-Architectural Applications and Industrial Applications. Architectural applications of paints and coatings consist of interior and exterior paints, primers, varnishes whereas industrial applications include automotive paints and coatings, architectural finishing, industrial equipment and appliances. The market of paints and coatings can also be segmented on the basis of technology as follows- powder coatings, water borne coatings, and solvent borne coatings, etc.
Asia-Pacific is the fastest growing market followed by Europe and North America’s market and it is expected that these regions will witness healthy growth rate in the upcoming years. China and India are major contributors to the paints and coatings market globally.
Increasing per capita income and large-scale urbanization are expected to increase the demand of paints and coatings in the upcoming years. Automotive and construction industries are the largest markets for paints and coatings. Increased focus of governments of various countries on rapid industrialization and increasing investments in infrastructure and development of new cities are the major growth factors for global paints and coatings industry.
The major players in the paints and coatings industry are Sherwin Williams Company, PPG Industries, AkzoNobel NV, Nippon Paints Holding Co Ltd, RPM International Inc, BASF, Kansai Paints Co Ltd, Asian Paints Ltd, Axalta Coating Systems, Jotun Chemical Company which constitute of more than 40 percent market share on global level.
During the onset of COVID-19, the paints and coatings industry was hit hard. Due to substantial decrease in architectural and manufacturing activities, the demand for paints and coating decreased on global level. The production of paints and coatings was halted for more than 6 months in 2020 due to lack of demand.
Worldwide lockdowns negatively impacted the trade and production of paints and coatings. However, with the ease in lockdown in the later quarters of 2020, the demand soared due to festive seasons in APAC, North America and European region. In 2021, the demand is observed to be weak due to increasing number of coronavirus cases on global level. The stable growth of the market of paints and coatings is uncertain for now.
For the future years, it is expected that the demand for paints and coatings will depend on factors such as environmental protection, green disposal of residues, etc. Numerous research and development activities are being introduced to produce low VOC emission paints so as to protect the environment from harmful heavy metal-based paints and coatings. The companies operating in global paint & coating market are focusing on R&D of production of better quality coatings and paints, with prolonged durability. End Users are also anticipated to prefer towards the usage of water-based paints and coatings rather than solvents based due to rising awareness regarding the emissions of volatile organic compounds (VOCs).
Source:
ChemAnalyst
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