Paints have various compositions such as liquid, liquefiable, and mastic, and when coated on an object they change to a solid state. Paints are used to provide texture, color, and protection to an object. They are available in a number of colors and types such as watercolor paints and artificial paints. Coatings are used for layering objects fully or partially.
On the basis of end use, the paints and coatings market is segmented into three primary segments, namely architectural and decorative, industrial, and marine. The segment of industrial paints and coatings includes solvent-based, water-based, UV-based, and powder-based paints and coatings. Likewise, the segment of architectural and decorative paints and coatings includes solvent-based and water-based paints and coatings.
Rising Construction Activities to Propel Paints and Coatings Market
The rising population and the consequent increase in the demand for houses, automobiles, and other consumer goods is fuelling the paints and coatings market. An exponential upswing in the paints and coatings market has been employed through the real estate sector owing to the growing per capita revenue. Rising corporate and residential construction in developing countries has provided the paints and coatings industry a steady source of revenue. This is expected to remain so for the next few years, ensuring steady growth of the global paints and coatings market.
Paints and Coatings Market in India, Malaysia, and the Philippines is on the Rise
The sector of real estate has risen exponentially in the Indian market in the past 10 years owing to the rise in per capita income. Rising urbanization and entry of big multinational companies in India has raised the rate of corporate construction. In 2014, the change in the Indian government gave rise to trade relations with a number of neighboring countries. This will fuel the demand for paints and coatings in India from 2014 to 2020, hand in hand with growing corporate construction activities. Similarly, the ten-year economic plan in Malaysia starting from 2011, called as the Economic Transformation Program, has boosted the construction industry and thus the paints and coatings market in Malaysia. In the same way, the government of the Philippines introduced in 2010 a public-private partnership strategy for the facilitation of development projects, thus raising the demand for paints and coatings in this country.
Asia Pacific Paints and Coatings Market Emerges as the Biggest Market in 2013
On the basis of geography, the paints and coatings market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Amongst these, Asia Pacific dominated the global paints and coatings market in 2013 trailed by North America. Eastern Europe, the Middle East, and Latin America are expected to gain a significant share owing to the construction of new commercial and residential buildings in the region. In addition, increasing urbanization, rising population, and the rise in average disposable income are the key factors fuelling the market for paints and coatings in these regions.
The paints and coatings market is predicted to gain momentum due to a great number of mergers and acquisitions expected to happen in the near future. The key players operating in the market include AkzoNobel N.V, PPG Industries, RPM International, Kansai Paint Company, Valspar Corporation, and The Sherwin-Williams Company.
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