The advancements in the end user industries of paints and coatings, growing infrastructural developments, and increasing architectural interest in the developing countries, are the key drivers of the global paints and coatings market. The increasing per capita income of the global population has led to an upward trend, in renovation of residences. In developing countries, the trend of using different color shades in the bedroom is increasing across all the age groups, especially in China. Asian Paints’ Royal Play is getting popularity in India, due to its ready-to-use paints with effects and theme for interior decoration.
The company is also concentrating on paints that carry glow themes, for children’s rooms. Therefore, the increasing adoption of new designs, painting and coating concepts is driving the growth of the paints and coatings market. The construction industry is growing at a faster rate, than the global Gross Domestic Product (GDP). The increasing industrial activities globally, are further propelling the growth of the paints and coatings market.
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The products of paints and coatings include architectural and decorative, industrial, and marine. Architectural and decorative accounts for a fair share in North America and Europe. However, they have less prevalence in Asia-Pacific and Rest of the World, due to the dominance of industrial paints and coatings in the region.
Numerous governments imposed regulations in 2009, against non-low volatile organic compounds paints, which in turn supported the growth of the green coatings market. Organizations such as Leadership in Energy and Environmental Design (LEEDS), U.S. Environmental Protection Agency (EPA), Green Seal and South Coast Air Quality Management District (SCAQMD) have established standards regarding volatile organic compounds. Low volatile organic compounds are present in green coatings, to preserve low vapor pressure inside the room. The increasing demand for low volatile organic compounds paints is providing ample growth opportunities, for the paints and coatings market.
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Paints and coatings are also used in marine industry for beautification and to protect the fleet from deterioration. In the marine industry, Japan, China, and South Korea are among the forerunners and create high demand for coatings. The demand for paints and coatings in the marine industry is expected to increase in the forecast period, due to increasing maritime and trade. Due to the developments in personal and non-personal spaces, the paints and coatings market are getting opportunities to grow. The growing number of nuclear families and increasing global population has raised the demand for new houses every year, which in turn, generates high demand for paints and coatings.
With the changing trends in construction and consumer’s inclination towards view-through walls, percentage of concrete utilized in walls has been decreasing. For corporate buildings, glass condominium towers are becoming common, due to the better look they give to the exterior of the building without much engineering. Consequently, due to less consumption per building, the sales of paints and coatings have been affected. Asia-Pacific dominates the global paints and coatings market in 2014, in terms of value and volume, and is expected to maintain its dominance in the forecast period. The Asia-Pacific paints and coatings market is expected to grow with the highest rate, in terms of value within the forecast period.
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The major companies in the global paints and coatings market include PPG Industries Inc., The Sherwin-Williams Company, RPM International Inc., The Valspar Corporation, Akzo Nobel N.V., Kansai Paint Co. Ltd., Axalta Coating Systems Ltd., Henkel AG & Co. KGaA, BASF SE, and Asian Paints Limited.
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