The global Paints and Coatings market was worth US$ 160.5 Bn in 2017 and estimated to be growing at a CAGR of 6.0% from 2019 to 2024, to reach US$ 234.8 Bn by 2024.
The basic ingredients used to make paints are binder, solvent, pigment and additives. Solvents are volatile liquid, which is used to obtain proper viscosity and flow of the paint. Many paints many not have solvent. The solvent after usage of paint evaporates to leave a solid dry film on the surface. Binders are known as one of the most vital and necessary paint component. Different types of binder are natural resin, drying oil and synthetic resin. Pigments are granular solids, which provides paint its most vital properties of color and opacity. Additives are components that are used in small amount to offer additional features to the paint. Common types of additives are stabilizers, drying and curing agent, anti-mold agent, anti-settling agent and others.
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There is a huge untouched market for the construction industry in the developing countries, which has been growing every year because of the increasing global population. These aspects are generating demand for construction materials, comprising paints and coatings. The rising population and per capita income has been adding more to the demand for consumer goods and automotive, which in turn is modernizing and boosting industrialization. The metal usage has also improved to a great degree in the last decade. Paints and coatings are chiefly used to shield machines and equipment from rusting and corrosion in industries.
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Based on geography during the forecast period, Asia Pacific paints and coatings market is projected to grow at highest CAGR. Increasing middle class population and growing economy are the main reason expected to accelerate Asia Pacific paints and coatings market. The growing number of residential and commercial buildings due to alarming population and urbanization mainly in India and China are expected to drive the market during the forecast period.
The paints and coatings market space comprises major players such as AkzoNobel N.V., Asian Paints, Kansai Paints, PPG Industries, Axalta Coatings Systems, BASF Coatings GmbH, The Sherwin-Williams Company, Jotun A/S, RPM International, Hempel A/S, and Nippon Paint Holdings Co., Ltd.
The global Paints and Coatings market is segmented based on resin type, technology and application.
By Resin type
• Epoxy resin
• Water-based technology
• Solvent-based technology
• High solids
• Powder coating
• Architectural Application
• Industrial Application
• General industrial
• Automotive OEM
• Automotive refinish
• Wood coating
• Marine coating
• Coil coating
• Packaging coating
• Aerospace coatings