The global paints and coatings market is highly fragmented with the presence of a large number of companies, finds Transparency Market Research (TMR) in a research report. The competition in the market is expected to intensify over the next couple of years owing to the low degree of product of differentiation. The production capacity of the leading players is extremely high as they strive to cater to the growing needs of various end users.
At present, several manufacturers are concentrating on product innovation and sustainability to maintain a strong hold on the market and widen their consumer base. RPG International, The Valspar Corporation, BASF SE, Axalta Coatings, Sherwin-Williams Company, PPG Industries, and AkzoNobel N.V. are some of the leading companies operating in the global paints and coatings market. The global paints and coatings market is expected to rise steadily over the forecast period to reach a valuation of US$143.9 bn by the end of 2019.
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Demand from End Users to Boost Market Growth
The global market for paints and coatings comprises types such as powder and liquid paints and varnishes. The two key functions that paints and coatings serve are decoration and protection. Based on product, the market for paints and coatings has been divided into high solids/radiation cure, powder coating, waterborne coatings, solvent-borne coatings, and specialty coatings. Among these, waterborne coatings are prominently used across several industries. Waterborne coatings are used in industries such as packaging, medical and healthcare, automotive and aviation, and building and construction.
Solvent borne coatings trailed waterborne coatings in terms of consumption as their application took a leap in the commercial and residential construction, automotive, and aviation industries. However, the market for powder coatings is anticipated to gain momentum over the next couple of years owing to the rising demand in medical and healthcare, automotive, and aviation industries.
Geographically, Asia Pacific dominated the global paints and coatings market in terms of consumption in 2012. “The market for paints and coatings is further expected to grow in Asia Pacific over the forecast period owing to the increasing number of manufacturing activities in the region,” says a TMR analyst. Europe is also expected to witness a spike in the sales of paints and coatings owing to the rising demand from the automotive and aviation industries. The markets for paints and coatings in South America, Latin America, and the Middle East are also expected to exhibit steady growth.
Growth of Global Construction Industry to Pave Way for Brighter Future
Regions such as Asia Pacific and Europe have witnessed extensive growth in their construction industries. The need to accommodate the rising population has encouraged the construction of new residential as well as commercial buildings. As a result of this, the living standards of consumers have also risen along with a significant increase in disposable income. This has, in turn, boosted the demand for paints and coatings wall interior and exterior wall applications for protection against harsh climatic conditions and for visual appeal.
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However, stringent environmental regulations imposed by governments on the level of volatile organic compound content in paints and coatings are likely to challenge the growth of the market. These regulations restrict the use of hazardous materials in paints and coatings, thus limiting the variety of raw materials employed in their manufacturing. Additionally, the volatility in the prices of raw materials used in paints and coatings is likely to emerge as one of the serious concerns for manufacturers. As several raw materials used in paints and coatings are derivatives of crude oil or other petroleum products, any fluctuation in the prices of oil is likely to affect the market for paints and coatings as well.
This review is based on a Transparency Market Research report titled, “Paints and Coatings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast–2019.”
The market has been segmented as below:
Paints and Coatings Market: Product Segment Analysis
- High solids/radiation cure
- Powder coating
- Waterborne coating
- Solvent-borne technologies
- Others (including specialty coatings, etc.)
Paints and Coatings Market: End-user Analysis
- Automotives & aviation
- Medical & healthcare
- Others (including other industries, special purpose, etc.)
Paints and Coatings Market: Regional Analysis
- North America
- Rest of the World
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