Paints and Coatings Market | Global Industry by Product Type, Application, Key Players & Research Report Forecast to 2023

“Paints & Coatings Market was USD 135542.6 million in 2017 and is forecasted to grow at a healthy CAGR of 5.06% during the assessment period”
Global Paints & Coatings Market – by Resin Type, Product Type (commodity, engineering, and high performance), Application (Architectural, Industrial), Region – Forecast till 2023

Industry news

Axalta Coating Systems was honored by Ford Motor Company with a Green Pillar World Excellence Award in May 2018. Ford’s World Excellence Awards honor companies that strive to achieve the highest levels of excellence in quality, delivery, value and innovation. Suppliers like Axalta are key to Ford’s success as it works to become the world’s most trusted mobility company.

Kansai Paint, Japan has developed the first EPA-Approved Anti-Mosquito paint. Kansai Anti-Mosquito Paint contains a synthetic pyrethroid insecticide which significantly reduces the presence of mosquitoes in painted areas.

PPG Industries Inc. is opening a new distribution center in Flower Mound. It is a 449,200-square-foot industrial project that will be used in the company’s PPG architectural coatings division, operating in U.S as well as Canada.

Market Synopsis

Market Research Future (MRFR) asserts that the Paints and Coatings Market is expected to undergo a robust growth at a CAGR of more than 4.5% from 2016 to 2021. Asia-Pacific accounts for more than 35% market share, making it the largest shareholder of paints and coatings globally. Attributing factors are rapid industrial and infrastructure developments in India, China and Indonesia. The Asia Pacific market is deemed to grow at the highest CAGR over the forecast period 2016 – 2021. Overall industrial paints and coatings sector is expected to surge at highest CAGR in terms of revenue and over 5.5% in terms of volume.

Paint is the most commonly used material in order to protect steel. Utilization of paint for steel structures have advanced over the years to comply with industrial environment and in response to demands from building and bridge owners for improved durability performance. 

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Market Segmentation

Global Paints and Coatings Market can be segmented, on the basis of product type which is further segregated into water based and solvent based, powdered and UV. Waterbasedpaints means the product has been manufactured with water as its ‘solvent’. Water based paints can always be thinned and cleaned up with clean, cold water. Therein lies the advantage of using water based paints. Water based products can include polyurethane, epoxies, acrylics, and more. They are be safer to use and emanate low odor. Whereas solvent basedpaints contain a solvent of some sort and generally speaking are usually more hazardous to work with and are higher in odor.

The market is also segmented into applications type in which architectural, industrial and marine are the main components. In simple words, architectural coatings are the Paints and Coatings that are used to coat homes, buildings, establishments. This type of coating provide certain protective, durable and decorative functions. On the other hand, industrial coatings are products engineered specifically for their functional and protective properties. Industrial coatings are generally used for corrosion control of steel and concrete. Notwithstanding, marine coatings include deck paints, antifouling paints, bilge paint, slip resistant paints, boot-topping paints and protective paints for structures in marine domains.

Regional Analysis

In the Global Market, the Paints and Coatings Market is dominated by Asia-Pacific region. Nevertheless, North America is one of the strategically important markets in the industry owing to it significant potential.  Increasing number of industries in the region can be put down as the reason for the market growth. With CAGR over 3%, the region is spawning demand for new houses and increased supply of consumer durable goods. This has created high demand for the Paints and Coatings Market in the region as well as in other regions like Europe, Latin America.

Strategic Analysis

A popular trend among companies in the Paint and Coating Market is to develop strategies for giving priority to specific customer sectors rather than the types of products. Large number of companies that offer coatings have been becoming more inclined to furl products together so as to provide broad solutions for particular categories of customers. This shift in objectives could result in long term alteration in the way coatings are marketed and the precedence they are given in general. Expansions and new product launches are the key strategy adopted by the industry players in order to achieve a competitive edge in the market. There is a growing demand from architectural and industrial coatings which in turn has encouraged companies to adopt this strategy. Market players are in the process of entering new markets by acquiring companies thus, enhancing their product portfolio for different applications.  

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