Paints & Coatings market is estimated over 47 million tons in 2017 with Asia-Pacific leading the global demand with 48% consumption. China alone accounts for one-third of the global paints & coatings demand. Other important regions include North America and Western Europe accounting for 33% of the global demand. Asia pacific will remain the leading consumer of paints & coatings during forecast period and will further increase its global dominance. Decorative coatings account for a major share with 45% global consumption followed by industrial & protective coating. In terms of base material used, water based coatings dominate the paints & coatings market with 51% global consumption. Solvent based coatings are also major part of paints & coatings industry accounting for around 45% of the global paints & coatings market. Powder based and other types constitute 4% of the global market. In forecast period, the solvent based coatings are expected to grow at a slower rate on account of strict environmental regulations regarding emission of volatile organic compounds (VOC s) in developed as well as developing countries. On the other hand water and powder based paints & coatings are expected to grow at a CAGR of 4-5% during the forecast period globally.
Paints and Coatings are manufactured using raw materials such as polymer resins, pigments & fillers, additives and solvents. In terms of raw material type required, resins account for around 45% followed by pigments and fillers with 30% of the global paints and coatings demand. Resins used for production of paints and coatings are acrylic, urethane, alkyd and epoxy which acts as a binder in paints industry. Solvent comprises around 20% and constitutes alcohols, esters, ketones, glycols and glycol ethers. Oxygenated solvents have higher demand in paints and coatings formulations with more than 50% demand in paints and coatings products. Sub segments of additives used in paints & coatings include rheology modifiers, surfactants, biocides, foam control and others.
Major types of paints and coatings included the Prismane Consulting s Global Paints & Coatings- 2019 World Analysis are decorative coatings, industrial coatings, marine coatings, polyurethane coatings, powder coatings, wood coating, optical coating and textile coatings. Protective coatings are used in diverse industrial markets to protect metal, concrete structures, surfaces from tough environmental conditions and exposure to other chemicals including acids, alkalis, and solvents. Primary function of these coatings is to protect the substrate against corrosion and erosion. Besides this, some of the coatings also offer excellent aesthetic appearance to the substrates.Thermal insulation coatings have been growing at a faster pace and are applied to different surfaces to form a protective finishing and provide resistance to heat. It has low conductivity towards heat which reduces heat loss in various equipments, thus improving their performance. Developments in manufacturing, automobile, industrial sectors and nanotechnology are expected to influence the market positively. Moreover, increase in demand from aerospace, defence, marine and transportation sector will also support the growth of paints & coatings. Increasing production of automobiles in Asia-Pacific region has driven the overall paints and coating market in the region.
This report has been prepared focusing Powder Coatings and covers worldwide view of Powder Coatings, along with historical perspective, forecast and strategic recommendations.
Need help
How can we help you?
Reach us with your research requirements and we shall provide the optimum solution to suit your needs.