Paints and coatings are the liquids, or liquefiable compounds that are applied on various substrates/surfaces for the enhancement of protection levels against various environmental threats such as corrosion, water seepage and various other elements. These substances do not just provide protection; rather they are also available in different color ranges which help in the enhancement of the appeal of the surface they are used upon. Due to the availability of various technologies for production of these compounds, each of them provides different textural feel which is another unique features that is associated with these products.
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The main factors behind the growth of the market are:
The market is segmented on the basis of resin type as acrylic, epoxy resin, alkyd, polyurethane, polyester, others; technology as water-based technology, solvent-based technology, high solids, powder coating, others; application is segmented into architectural application, industrial application.
Some of the recent market developments are as follows:
“According to Data Bridge Market Research, global paints and coatings market is expected to reach USD 233.15 billion by 2026, growing at a substantial CAGR during the forecast period of 2019 to 2026”
Some of the major players operating in the market are The Sherwin-Williams Company, BASF SE, Axalta Coating Systems, PPG Industries, Valspar, Akzo Nobel N.V, Nippon Paint Holdings, KCC Corporation, Jotun A/S, Asian Paints Limited, BASF SE, Berger Paints India Ltd., RPM International Inc., Kansai Paints Co. Ltd., Masco Corporation, Fujikura Kasei Co. Ltd., Kc Corporation Ltd and Noroo Paint Co. LTD. among others.
With the large-scale development of shipbuilding and piping infrastructure globally, the wide-range of adoption for powder-based coatings has been enhanced. The effectiveness of powder-based coatings technology in the protection of shipbuilding and piping infrastructures is due to the fact that it reduces the application time and provides similar protection from corrosion for the different substrates.
Global Paints and Coatings Market – Industry Trends and Forecast to 2026