According to MarketIntelReports’ “Paints And Coating Market -By Type (Architectural/Decorative Coatings, Industrial & Special Purpose Coatings) Resin (Alkyd, Epoxy, Acrylic, Polyurethane) Application (Spraying, Electrostatic atomization, Dipping) End-user (Residential, Industrial & Others)-Forecast(2016-2021)”:
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Industrial development, growing number of end user industries are driving the growth of the Paints and Coating Market. The growing population fuels the demand for consumer goods which in turn boosts the growth of coat paint. It is used to protect machines and equipment from rusting in the industries. The architectural coat paint design is used for interior and exterior walls of houses and commercial complexes. The paint systems are of two types namely water based and solvent based on formulations. Changing consumer preference for bio based products and technological advancements propel the market growth.
Scope & Regional Forecast of the Paints and Coating Market
End user industries like aerospace, automotive, marine, and general industries enhance the demand for the Paints and Coating Market. Architectural sector is the main factor which has driven the growth of the coating technology. The market has seen a moderate development despite economic slowdown in the main economies, changes in the value of US dollars, and developments in regulatory norms.
Asia Pacific had the largest share in paint swatches in 2016. The same trend is expected to continue during the forecast period. Expansion of the automobile and construction industries will propel the market growth in the coming years.
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Water borne formulations is projected to be the fastest growing segment in the coming years. This is due to the demand from furniture, automobile, and construction industries. Growing construction in emerging countries will definitely augment the demand for the coating material. Growing disposable income and purchasing power in Asia Pacific region will drive the market.
Introduction of nanotechnology also plays an important part in the demand for coating products. Industry players are taking advantage of this method to develop nano coats and paints. Ceramic or metals can be introduced in different formulations.
Segmentations & Key Players Involved in the Paints and Coating Market
The Paints and Coating Market can be broken down into various segments as follows:
- Type – Architectural/Decorative Coatings, Industrial Coatings, Special Purpose Coatings, Powder Coatings, Packaging Coatings, Protective Coatings, Powder Coatings, Transportation Refinishes, Wood Finishes, Heavy-duty Coatings.
- Application – Spraying (Atomization), Electrostatic Atomization, Dipping, Miscellaneous Wet Paint Coating Methods, Powder Coating, Coating of Plastics and Wood, Others.
- Region – Americas, Europe, Asia Pacific, and Rest of the world.
Some of the key players involved in the Paints and Coating Market are as follows:
- 3M Company
- Akzonobel N.V.
- Asian Paints Limited
- Axalta Coating Systems LLC
- BASF SE
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