The global paints and coatings market is deeply ingrained with social culture and trends. It is a market that will shoot to US$176.5 billion in 2020, after a CAGR of 5.5% from 2014 to 2020 and an initial value of US$121.9 billion in 2013.
An Introduction to Paints and Coatings
Paint is always present in a liquid form. It should be liquefiable or a mastic composition which loses a certain amount of its fluid state when applied over a surface in a thin layer. The three objectives of paints are to protect, add visual appeal and provide texture to the object they cover. The average array of paints contains either watercolors or artificial paints.
Coatings are a covering that is applied to an object to decorate or to protect it. A coating can be applied to a surface to protect the object partially or completely. An example of a coating would be a product label on objects, where one side of the label contains information about the object, and the other side contains decorative imagery. The most common forms of coating are paper, foil, fabric, and even sheet stock. The primary aim of a coating is to increase the attractiveness of the product.
Paints and Coatings Market Segmentation
The paints and coatings market is usually categorized using end users and geography. According to end users, the market is segregated into decorative, architectural, marine, and industrial. Another sub category that is made includes water based and solvent based decorative and architectural paints. Industrial paints and coatings can also be segregated into solvent based, UV based, and water based paints.
By geography, the four overall regions meant to be described are North America, Asia Pacific, Europe, and the Rest of the World. The greatest demand of all the regions is held by Asia Pacific, followed by Europe and North America. The main reason why the paints and coatings market has been flourishing in developing countries is the booming rate of construction for commercial and residential purposes. This factor is further emphasized by a growing population and a growing number of families with disposable incomes. A rapidly expanding automobile market is also a point of responsibility for the growth of the paints and coatings market. China overtook the U.S. as the leading consumer in cars and vehicles in 2010. The nation has been one of the largest contributors for the market’s growth. China has also increased focus construction activities.
The European Paints and Coatings Market
Housing Active stated that construction activities in the European Union grew only 1.4% in 2011 while the region was beginning to recover from the economic meltdown. The public component of non-residential construction fell by 25% in 2011. Growth was shown by civil engineering rehabilitation and maintenance activities by 0.7% and 1.5% respectively. On the other hand, the non-construction segment’s private component rose 1.5% in 2011. The paints and coatings market suffered greatly due to this declining growth rate in the European Union.
Although the global paints and coatings market consists of a fairly decent rate of competition, current activities show that a strong measure of consolidation has been undertaken to survive. A large number of mergers and acquisitions have taken place in the recent past. Through these activities, some of the top companies that remain include PPG Industries, AkzoNobel N.V., RPM International, The Sherwin-Williams Company, Kansai Paint Company, and Valspar Corporation.
It is a mostly positive picture for the paints and coatings market in the Asia Pacific region, and a rather bleak one in Europe. Companies are migrating to emerging nations to obtain a share of their market, while consolidations efforts help keep product portfolios diverse enough.
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