How is Nanotechnology Fuelling Surge in Global Paints and Coatings Market?
The rapid growth of the construction industry in countries
such as India, China, the U.K., and the U.S., due to the soaring population and
increasing number of overseas buyers, and the resultant boom in large-scale
investments for the construction of residential apartments, retail centers,
hotels, and civic infrastructure, have resulted in a huge demand for paints and
coatings. For instance, construction activities in China and Europe increased
by 10.0% and 3.5% in the past few years, which, in turn, fuelled the demand for
such construction materials.
Paints and coatings are widely used throughout the world in
decorative and numerous other kinds of activities. This is mainly due to the
fact that a paint or a coating easily converts into a solid film, after being
applied as a thin layer on a substrate. The global paints and coatings market is expected to attain a value of $262.5 billion by 2023, which would
be a significant raise from the $186.7 billion revenue it saw in 2017. The
market is predicted to register stable growth during the forecast period (2018–2023),
with a CAGR of 6.0%.
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The emergence of nanotechnology is one of the biggest factors
contributing toward the rising demand for paints and coatings across the globe.
Owing to their many superior characteristics, such as water and rust
resistance, high flexibility, corrosion resistance, longevity, and ultraviolet
(UV) ray resistance, companies are now focusing more on using nano paints and
coatings for manufacturing and construction activities. The other major factors
propelling the demand for paints and coatings are the expanding automotive
industry and increasing consumption of these materials in the oil and gas
industry.
Paints and coatings are widely used in architectural and
decorative, marine, and industrial applications. Out of these, the highest
amount of these materials was consumed for architectural and decorative purposes
in 2017. This is attributed to the rising requirement for paint and coating
solutions in the construction of residential buildings, which has increased
significantly due to the surge in the global population. According to the Global
Construction 2030 report by PwC, the worldwide construction industry would grow
by 85% to reach $15.5 trillion by 2030, thus creating a consistent requirement
for paints and coatings.
Smart coatings are finding wide application in the aerospace
sector, owing to their ability to be used as composites for the construction of
aircrafts and hide the damage caused by the jet engine. Additionally, they are
being increasingly used in various commercial applications, such as in the renovation
of historical structures, therefore are witnessing a rising demand around the
world. In simple terms, smart coatings refer to those materials that have the
ability to change their characteristics according to the stimuli received from
the environment, such as temperature and electric field.
Globally, the paints and coatings market was observed
to be the largest in APAC during 2013–2017. This is primarily ascribed to the
ballooning renovation and repair activities for residential and commercial
buildings, shopping malls, and schools in the region. Moreover, the increase in
both government and foreign investments the region is boosting the demand for
paints and coatings. According to the India Brand Equity Foundation (IBEF),
investors from overseas are showing a growing interest in construction
activities in India, which is catapulting the demand for paints and coatings.
Therefore, the consumption of paints and coatings, on account
of the flourishing construction sector due to the increasing infrastructure development
across the world, is set to consistently grow in the coming years.
