Paints & Coatings market To Reach USD 179.4 billion by 2025 | Akzo Nobel N.V., Asian Paints, Axalta Coating Systems, BASF SE,

Paints and coatings are used as decorative as well as protective coatings. Most of the paints are used to increase surface resistance from harsh environmental conditions. They are classified as waterborne coatings, solvent-borne coatings powder coatings, and specialty coatings. Marine, automobiles, packaging, furniture, aerospace, rail and construction are some of the major end-user of paints and coatings.

The growing demand for paints and coatings from the automotive industry is projected to fuel the market growth. Increasing production of automobiles around the globe is creating demand for paints and coatings. Also, the various manufacturer is introducing paints to cater to rising demand from the automotive industry. Paint and coatings are applied to the component of the automobiles to create rust and corrosion-resistant component.Growth in the construction and building industry due to increasing investment by the government is expected to drive the market growth of the paints &coating. Rapid urbanization and industrialization around the globe coupled with the increasing population is also raising demand for building and infrastructure. Paints and coatings are widely used on the building to provide resistant to harsh weather conditions and rust. Thus, growth in the construction and building industry is expected to augment the market growth.

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Detailed Segmentation:

Global Paints and coatings Market, By Product Type:
High solids/radiation cure
Powder coating
Waterborne coatings
Solvent-borne coatings
Others

Global Paints and coatings Market, By Application:
Automotive & Aviation
Medical & healthcare
Residential
Commercial
Others

The fluctuating price of raw materials is expected to hinder the market growth of paints & coatings. Oil derivatives and titanium dioxide are major key raw materials used in the manufacturing of paints & coatings. The gap in supply and demand of the titanium dioxide has resultant in increase in the overall price of paints & coatings. Thus, hindering the market growth.

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Growing demand for green coatings from the building & construction industry is expected to offer lucrative opportunities to the market of paints &coatings. For instance, in March 2017, PPG launched a new bio-based wall paint for the professional and consumer market. The new paint is based on DSM’s revolutionary Discovery bio-based technology. The paint enhances the indoor air climate of homes, offices and schools by removing up to 70 percent of the harmful formaldehyde from the indoor air.

Increasing use of polyurethane as a raw material for the manufacturing of paints and coatings as it offers long-term resistance properties to corrosion and scratch is projected to bring new market opportunities. For example, water-based polyurethane formulations are gaining popularity across the construction industry due to their durability. Thus, the growing use of polyurethane as a raw materials is expected to foster market growth.

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