Transparency Market Research (TMR) has announced the release of a new report on the global paints and coatings market. The report, titled “Paints and Coatings Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, states that the market, which had a valuation of US$100.3 billion in 2012, will reach US$143.9 billion in 2019. This amounts to a 5.4% CAGR from 2013 to 2019.To offer a holistic view of the global paints and coatings market, the TMR report covers an impact analysis of factors that will impact the overall market on a global and regional level during the forecast period.The report states that the paints and coatings market has been growing exponentially due to rapid industrialization and steady recovery of the global economy. The expanding building and construction sector and demand for paints and coatings from other industry verticals is accentuating growth of the global paints and coatings market.
Paints and coatings serve two functions, viz. protection and decoration. The substances work to increase surface resistance from weathering and rust, increase the durability of structures, and enhance their aesthetic appeal. The huge demand for water-borne coatings from these industries has amplified the growth of the overall paints and coatings market. In 2012, water-borne coatings registered the highest demand and accounted for 40% of the total demand from the overall market in the same year. This was mainly due to increasing demand for water-borne coatings from the residential, aviation, commercial, and automotive sectors.Additionally, in Asia Pacific, economic growth, rapid urbanization, and growing manufacturing activities collectively account for driving demand for paints and coatings. However, discharge of harmful volatile organic compounds (VOC) from paints and coatings, which are associated with health and environmental concerns, is anticipated to inhibit the growth of this market, adds the report.
However, increasing application base of nanocoatings, development of green coatings, and the expanding paints and coatings market in the Middle East and North Africa will boost the growth prospects for the global paints and coatings market in the next couple of years.The paints and coatings industry is divided into three different markets, namely architecture/decorative, industrial OEM, and special purpose coatings.According to the report, residential spaces accounted for the highest demand for paints and coatings in 2012. This is because paints and coatings are extensively used in residential dwellings such as apartments, independent houses, and bungalows for architectural, protection, and decoration purposes.
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The commercial and industrial sectors also account for huge demand for paints and coatings. Of the two, the commercial application segment emerged as the largest end user of the market and the hierarchy is expected to continue in coming years.Some of the major participants in the global paints and coatings market are PPG Industries, BASF SE, AkzoNobel N.V., RPG International Inc., Sherwin-Williams Company, The Valspar Corporation, and Axalta Coatings System. The major players are profiled for attributes such as company overview, business strategy, financial overview, and SWOT analysis.