Paints and Coatings Market to Witness Steady Expansion During 2021-2025

Posted by aartimurkute on August 2nd, 2021

A new upcoming study of Fairfield Market Research suggests that out of the annual global production of paints and coatings roughly equating 40 MT in 2018, over 50% was contributed by Asia Pacific. While China led the global paints and coatings market, most of the demand came in from the industrial application areas, followed by the unprecedented infrastructural developments afoot in the country. Industrial application areas and a consistently growing number of consumer industries will continue to uphold the demand for paints and coatings. Moreover, the incessant progress of the architectural sector will heavily contribute to the market build-up. The report indicates that the building and construction industry holds a sizeable potential market that remains untapped, particularly across the fast-developing economies in Asia Pacific. 

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 Widespread Use of Metals in Industrial Application Areas Boosts Paints and Coatings Demand

With increasing use of metals or metal-based materials in consumer electronics, industrial equipment, and other machinery, the role of paints and coatings has grown manifolds. Besides protection of these electronic goods, and equipment from corrosion and mar to endure their life, paints and coatings serve to enhance their aesthetic attributes. While industrial paints and coatings have been popularly utilised for industrial applications, decorative and architectural paints and coatings are also garnering traction over the past decade. Architectural paints are extensively applied on residential as well as non-residential wall interiors and exteriors. Decorative paints and coatings are especially gaining strong ground as the interior designing sector continues to witness solid growth. 

Restricted Use of VOCs and HAPs Reshapes Demand Patterns for Paints and Coatings

In the wake of evolving end user demands, the paints and coatings industry has been witnessing the emergence of various technological advancements. Technologies such as nano-coating and -painting, anticorrosive protective coating, and low- or zero-volatile organic compounds (VOC) paint and coating enable manufacturers to cater to a diverse range of requirements from end-use industries. Some of the innovative paint and coating formulations also comprise metal, or ceramic components that impart final products a superior functional attribute and add value.

Moreover, greater inclination of end users towards environmentally sustainable products that have less odour than conventional paints and coatings is trending the market over the recent past. Low-hazardous air pollutant (HAP) products are rapidly gaining ground in addition to low- or zero-VOC paints and coatings. This changing face of industry is attributable to a paradigm shift towards sustainability, energy efficiency, and lowered environmental footprint. As stringency of energy conservation regulations such as National Emissions Standards for Hazardous Air Pollutants (NESHAP) increases and green building technologies pick up pace, the demand for eco-friendly paints and coatings will most likely propel. In comparison with the paints industry, the coatings industry has been among the most heavily regulated segments. 

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 Regulatory Standards Continue to Dictate Innovation Strategies of Key Market Players

PPG, AkzoNobel N.V., and The Sherwin-Williams are some of the top-performing companies in the global paints and coatings market. Many companies are indulging in new product developments in compliance with Leadership in Energy and Environmental Design (LEED) specifications, targeting deeper penetration in both residential and commercial sectors. In addition to industrial equipment and machinery, and automobiles and auto components, manufacturers are likely to explore opportunities in applications like refinishing, and traffic and highway markings. Marine industry is also expected to offer a multitude of revenue generation opportunities to paints and coatings companies. Volatility of the raw material and solvent pricing will remain an important factor influencing profit margins of manufacturers. 

On the other side, some players are striving to surpass traditional distribution channels by adopting a shift to digitalisation. Growing preference for direct-to-consumer approach has benefitted new online start-ups like Backdrop, and Clare to initiate the digital transformation of the industry that was ripe for a disruption. Despite a large number of coatings manufacturers, the market sees a majority of them emphasizing strong regional foothold. A mere 10 or so international coatings brands are currently investing in high-potential markets in Asia’s fast-developing economies such as India, and China.

 

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