Glancing around, we find paints and coatings virtually everywhere. We see paint on the walls of our homes or offices, and on furniture, refrigerators and even the toasters with excellent colourful finishes. Building exteriors, bridges and monuments are all painted with a variety of paints and coatings. In general, paint has four components: the binder, the solvent, the pigment package, and an additive package. Paints and coatings are enabling materials that add value to manufactured products. Generally, paints and coatings are used for providing aesthetic appeal or decorative value to surfaces and products and providing protection from damage by the external environment.
The global paints and coatings market is expected to grow from USD 153.94 Billion in 2020 to USD 199.88 Billion by 2025, expanding at a CAGR of 5.4%.
Sirrus and BASF developed a new class of automotive coatings. Sirrus, a developer for coatings and adhesives, has made a joint development agreement with BASF’s Coatings Division. This agreement grants BASF to further develop a new class of efficient automotive coatings based on Sirrus’s proprietary methylene malonate technology.
Due to the trend of using less harmful chemicals to protect the environment, bio-based chemicals have been in use instead of petroleum-derived chemicals such as epoxy and polyurethane. For example, in water-based polyurethane technologies, bio-based conjugate chemicals are being used in place of petroleum-derived polyols in their formulations.
Market Drivers and Restraints
The paints and coatings industry has been rapidly growing because of the stringent European Union regulations such as the reduction of VOC emission in coating resins and use of low-polluted coating technologies. Also, the government regulations in the US and Western European countries, especially regarding air pollution, will continue to boost this market. Furthermore, the rising in constructional and infrastructural activities around the world promotes the use of appealing paints and coatings.
However, the varying raw materials prices due to the volatility in the prices of crude is a major restraining factor to the growth of the product market during the forecast period. Additionally, the stringent regulatory policies related to the use of solvent-borne paints & coatings is a challenging factor that will hinder the growth of this industry.
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Report is segmented as:
By Resin Type
By Performance Range
Asia-Pacific held the largest market share in 2018 due to the rapid architectural and industrial growth in the region. The developing countries of APAC, such as China, Japan, India, Indonesia and Malaysia are focusing on the construction of new residential and commercial buildings, which is expected to increase the need for paints and coatings in the future.
Key market players:
Sherwin Williams Company
PPG Industries Inc.
Akzo Nobel NV
RPM International Inc.
Nippon Paints Holdings Co.
Axalta Coatings Systems
BASF Coatings GmbH
Asian Paints Limited
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level.
Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
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