Global Market Analysis Report of Chemicals and Materials Industry: Paints and Coatings Market size

Wednesday, 4 November 2020

Paints and Coatings Market Size, Share, Regional Demand, Growth and Forecast to 2023

The construction industry has been registering significant growth across the globe, owing to the surging population in countries including the U.S., India, China, and the U.K. Moreover, the growing number of overseas buyers have also been responsible for the expansion of the construction sector. This is further resulting in the huge investments in hotels, residential apartments, civic infrastructure, and retail centers. Ascribed to this growing construction industry, the demand for paints & coatings has been rising as well.

Paints & coatings are important products that are applied on physical infrastructure to provide it with a finishing touch. These products are used for enhancing the aesthetics appeal of buildings, however, they also protect buildings from wear & tear and different weather conditions. Owing to such advantages, the global paints & coatings market is expected to advance at a significant pace during the forecast period. Owing to technological advancements, several new kinds of products are now available in the market for suiting different needs.

Take for example smart coatings, which have the ability to transform their properties according to the stimuli that is being provided by the external environment, such as temperature and electric field. These coatings are increasingly gaining popularity in a number of applications, such as the restoration of historical buildings. Smart coatings further offer advantages including the capability to mask the damage done to an aircraft engine and the ability to be used as a composite for making lightweight aircraft.

The paints & coatings market is predicted to generate a revenue of $262.5 billion by 2023, increasing from $186.7 billion in 2017, progressing at a 6.0% CAGR during the forecast period (2018–2023). When resin type is taken into consideration, the market is divided into epoxy, polyurethane, polyester, acrylic, and others (which include polycarbonates, nylon, and nitrocellulose lacquer). Out of all these, the acrylic division dominated the market in the past, accounting for a sales volume share of more than 40.0% in 2017.

These resins are highly soluble, elastic, versatile, non-toxic, and water-resistant, owing to which, their demand has been rising at a rapid pace. The polyurethane division is expected to register the highest CAGR of 5.9% during the forecast period. These resins make structures and buildings aesthetically appealing and strong, which is why, they are quickly becoming a preferred choice for commercial and residential interior projects. The expansion of the construction industry is further predicted to drive the demand for these paints & coatings in the coming years.

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When formulation is considered, the paints & coatings market is categorized into powder, water-based, UV coatings, and solvent-based. Among these, the UV coatings category is projected to register the highest CAGR of 7.3% during the forecast period, in terms of sales volume. These coatings provide various advantages over their counterparts, such as reduced environmental impact, rapid cure speed, zero pot life issues, and low energy costs.

Hence, the market is being driven by the growth of the construction industry and rising demand for smart coatings.

Manish Baghel 0

Tuesday, 31 March 2020

Paints and Coatings Market size 23:58

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%.

Get a sample copy of the market report: https://www.psmarketresearch.com/market-analysis/paints-and-coatings-market/report-sample

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.

Manish Baghel 0