Paints And Coatings Market Characteristics
The paints and coatings manufacturing market consist of the sales of paints and coating by entities (organizations, sole traders or partnerships) that mix pigments, solvents, and binders into paints and other coatings, such as stains, varnishes, lacquers, enamels, shellacs, and water-repellent coatings for concrete and masonry, and/or produce allied paint products, such as putties, paint and varnish removers, paint brush cleaners, and frit.
Competitive Landscape of the Paints And Coatings Market
Major players in the global paints and coatings market include PPG Industries Inc, The Sherwin-Williams Company, AkzoNobel N.V, Dow Chemical, RPM International Inc.
Paints And Coatings Market Size
The paints and coatings market size is expected to reach $250 billion by 2022, significantly growing at a CAGR of around 6% during the forecast period. The growth in the paints and coatings manufacturing market is due to increase in increasing infrastructure and rising investments in the construction industry.
However, the market for paints and coatings is expected to face certain restraints from several factors such as rising safety concerns during manufacturing.
Paints And Coatings Market Segmentation
The global paints and coatings market is further segmented based on type and geography.
By Type - The paints and coatings market is segmented into water borne coatings, solvent based coatings, powder coatings, others - paints and coatings. Among these segments, the water borne coatings market accounts for the largest share in the global paints and coatings manufacturing market.
By Geography - The global paints and coatings manufacturing is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific accounted for the largest region in the global paints and coatings market.
Trends in the Paints And Coatings Market
Smart coatings and high-performance coating technologies are being adopted by companies to enhance efficiencies of coating compounds. Nano coatings, are a type of smart coating which has extremely tiny particles and unique characteristics such as flexibility, resistance to corrosion and micro bacterial growth. Fluoropolymer coating is known for its high-performance properties such as long-life cycle and high cost efficiency.
Potential Opportunities in the Paints And Coatings Market
With increase in economic growth and low interest rate environment, the scope and potential for the global paints and coatings market is expected to significantly rise in the forecast period.