The global paints and coatings market is basically driven by growing consumption of paints and coatings in automotive, construction, and “in general” application sectors. The economies of the Asia-Pacific like India, China are witnessing rapid industrialization and urbanization. This factor is expected to fuel the paints and coatings market herein, thereby holding the hopes high in the forecast period.
New-fangled formulation technologies are facilitating low-VOC content coats, anti-corrosive protection, and nanocoatings. As such, metals/ceramics have been introduced in several kinds of formulations. Nanotechnology has rendered products resistant to mar wear and scratch and also the ones exhibiting self-healing or UV protective properties.
As per PMR, the global paints and coatings market is expected to witness a staggering CAGR in the forecast period.
Key Takeaways from the Paints and Coatings Market
- Call for eco-friendly products drives the “waterborne” sector. It holds the largest market share. Poorly ventilated and confined spaces ask for paints and coatings that are water-based. Such coatings do dry at a faster rate in comparison with solvent-based products.
- By material, “acrylic” sector rules the roost. The exceptional weathering and stabilization properties on the part of acrylic products could be attributed to this. The peculiarities of acrylic resins include UV/weather resistance, optical clarity, thermoplastic nature, and proper dimensional stability.
- By application, the “decorative and architectural” sector grabs the major market share due to demand from the U.K., Germany, China, India, and the US.
- The Asia-Pacific is the torchbearer, accounts for more than 30% of the total market share. The automotive sector and growing construction activities herein drive the growth.
How is the paints and coatings market Structured?
The market participants are planning their strategies based on distribution network, geographical presence, and product portfolio. They include The Sherwin Williams Company, Akzo Nobel N.V., PPG Industries, Inc., Axalta Coating Systems, LLC, RPM International, Inc., Henkel AG & Company, KGaA, and BASF SE. Also, on the inorganic expansion front, Akzo Nobel N.V., in Nov 2019, did acquire Mapaero Coatings for strengthening its foothold in the aerospace coatings.
Effect of Covid-19 on the Paints and Coatings Market
The outbreak of Covid-19 has suspended the operations in the paints and coatings market in the wake of partial/total lockdowns inflicted all across. The market has declined since Mar 2020. This scenario is expected to continue till mid-2021 (till Covid—19 vaccine is in place). The aftermath scenario could be pretty interesting, with players working towards manufacturing of anti-viral/anti-bacterial paints and coatings.
“Though the market has slowed down amidst Covid-19 crisis, post-Covid-19 era is bound to bring it back on track with novel additions like paints and coatings resistant against viruses/bacteria”.
Paints and Coatings Market: Conclusion
Though the paints and coatings market has got a good scope overall due to its presence across almost every vertical, the patch called “Covid-19” needs to pass. Once that is done, things could be looked upon newly.