The global paints & coatings market was worth US$ 60.5 Bn in the year 2021 and is expected to witness a CAGR of 5.1?tween 2021 and 2031.
Paints and coatings find large-scale application in wood, automotive & transportation, and construction vertical. Apart from protection of structures against external damage, the functionalities of paints & coatings include decorating non-residential and residential buildings & infrastructure, marine & automobile, industrial equipment, industrial wood, and likewise. Therefore, the microbial coatings market, anti-corrosion coating, wood coatings market, and heat resistance coating are expected to turn the things around in paints & coatings market in the forecast period.
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Consumption Analysis of Paints & Coatings
Paints & coatings do protect and preserve substrates on which they are applied, thereby helping in conservation of energy and material sources. The organizations prefer sustenance of the logistics while exercising their business operations. The emphasis is that on reduction of VOCs (volatile organic compounds) for facilitating waste minimization, process proficiency enhancement, and renewable materials. On these grounds, DSM makes way for Decovery – one of the plant-based resins for paint. It is reported to curtail carbon footprint by 34% as it replaces crude oil.
At the same time, the fact that smooth coatings are rendered impossible with thin coatings can’t be ruled out. It’s tough to control amount and speed at which powder gets applied to substrate. Thicker coatings have the advantage of hiding surface imperfections, whereas thinner coatings are subject to insufficient pre-treatment.
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How is the Paints and Coatings Market dispersed?
The global paints and coatings market, by technology, spans architectural paints and coatings (pure acrylic, styrene acrylic, vinyl acrylic, polyester, alkyd, epoxy, polyurethane, and others) and industrial paints and coatings (styrene acrylic, vinyl acrylic, polyester, alkyd, epoxy, polyurethane, and others). By base type, it’s architectural paints & coatings (water, solvent, and powder) and industrial paints and coatings (water, solvent, and powder). By application, it’s architectural paints and coatings (interior and exterior) and industrial paints and coatings (wood, automotive, metal, general industrial, traffic paints, paper, protective coatings, and others).
Out of these, acrylic holds the largest market share due to flexibility, adhesion, drying rate, and better relative resistance. The major application areas include architectural coatings related to exterior and interior walls, panels, and windows. Epoxy resins are preferred in floor coatings. This is where epoxy thinner (mixture of alcohols and solvents) comes into picture. Their usage could be attributed to low porosity, superlative chemical resistance, resistance against corrosion, anti-sagging, bond strength, durability, and strong adhesion. Water-borne paints & coatings dominate the market as they do not have VOC emissions, are easy to apply, and quick-dry. When it comes to harsh and humid environment, solvent-borne coatings comprising organic compounds are preferred.
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North America holds a significant market share. This could be reasoned with the US being subject to massive growth in automotive and construction sector. Also, remodelling/refurbishing structures is on the anvil. Europe is home to leading manufacturers of automobiles. The Asia-Pacific is expected to grow at the fastest rate in the paints and coatings market due to the countries like India and China witnessing an exponentiation in growth of infrastructure. LATAM is expected to be led by Brazil.
From the Competitors’ Desk
The key players in paints and coatings market include The Sherwin Williams Company, BASF SE, Henkel AG & Company, KGaA, RPM International, Inc., Axalta Coating Systems, LLC, and Akzo Nobel N.V. On the developments’ front, Kansai Plascon, in 2021, did launch the very first anti-mosquito paint in Lusaka with the objective of making Zambia free of malaria by the end of 2021.
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