Paints and Coatings Market: The rising call for high performance coatings is one of the main driver

Author: Kishore 2895

The paint and coatings industry is predicted to reach $ 179.7 billion by 2025, with a 4.3 % annual compound rate during the forecast period.

Paints and coatings are glossy and decorative finishes, which enhance the aesthetic appeal of the surface of the metal component, equipment, walls, or the like. They also serve to offer resistance to corrosion and abrasion and to improve the durability of the product surface. Initially, a liquid or putty composition, paint, or coating becomes a solid film when applied as a thin layer on a substrate. Paints and coatings are widely employed throughout the world for functional and decorativepurposes.

Market drivers and restraints:

The rising call for high performance coatings is one of the main drivers of expansion in the global paint and coatings industry. The expansion of the application spectrum of these coatings is predicted to lead to strong expansion in the coming years. While, with more complexity in the marine industry, various applications require aqua coatings and require new product formulations for application specific products. The rising transportation industry is predicted to offer vital expansion opportunities for coating products. Escalating construction and construction activity is predicted to drive the expansion of architectural coatings, thereby escalating the expansion of the paint and coatings industry. Water-based coatings take longer to dry and cure than solvent-based coatings. Additionally, water-based coatings have excellent flow properties that change with moisture, affecting the application of the coating. With high humidity, water does not evaporate easily, leading to poor hardening and reduced performance. Water-based coatings are also sensitive to freezing conditions. Many water-based coatings cannot be employed after freezing.

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Report segmented as:

By resin type:

  • Acrylic
  • Epoxy
  • Polyurethane
  • Alkyd
  • Polyester
  • Fluoropolymer
  • polyetheretherketone (PEEK)
  • polyaryl etherketone (PAEK)
  • polyether ketone (PEK)
  • others

By performance range:

  • commodity
  • engineering
  • high-performance range

By application:

  • architectural
  • industrial

Geographical analysis:

Asia Pacific was the largest paint and coatings industry in 2019, by volume. The increase in population in the region, accompanied by higher spending in the industrial sector and infrastructure development in the developing industrys of China, India and Indonesia, is predicted to make this region an ideal destination for the paint industry. and coatings. China is considered one of the largest nations in terms of shipping and shipbuilding. Powder coating technology continually improves for the pipeline industry. In addition to the shipbuilding industry, the use of plastic tubes is escalating in the electronics, chemicals, textiles, petrochemicals, pharmaceuticals, healthcare and urban construction sectors. This is an attractive opportunity for the powder coating industry to invest in these sectors, especially in developing Asia Pacific nations and South America.

Important market players:

Some of the significant players working in the worldwide paints & coating industry include PPG Industries (US), Akzonobel N.V. (Netherlands), Jotun (Norway), The Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd (Japan), Asian Paints (India), KANSAI PAINT CO., LTD (Japan), RPM International INC (US), Axalta Coating Systems Ltd. (US), Solvay SA (Belgium), BASE SE (Germany), Shalimar Paints (India), Diamond Vogel (US), Indigo Paints Pvt. Ltd (India), Berger Paints India Limited (India), Beckers Group (Maryland), Tiger Coatings GmbH & Co. Kg (Austria), Hempel A/S (Denmark), and Kelly-Moore Paints (US).

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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