NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global paints and coatings market is projected to reach $262.5 billion by 2023, the market growth is driven by the increasing demand for painting and coating solutions from the automotive, electronic, and construction industries.
Based on resin type, the paints and coatings market is categorized into acrylic, polyester, polyurethane, epoxy, and others (nylon, nitrocellulose lacquer, and polycarbonates). Among these, the volume sales of polyurethane are expected to exhibit the fastest growth in the market, witnessing a CAGR of 5.9% during the forecast period. Polyurethane offers strength and beauty to buildings and structures and are hence, the ideal choice for all residential and commercial interior projects. Hence, with the expanding construction activities, the demand for polyurethane is also expected to increase.
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On the basis of formulation, the paints and coatings market is categorized into water-based, solvent-based, powder coatings, and UV coatings. During the forecast period, the volume sales of UV coatings is expected to witness the highest growth in the market, with 7.3% CAGR. These coatings have certain advantages over other types, such as reduced environmental impact, zero pot life issues, rapid cure speed, and low energy costs. Thus, these properties of this formulation type is leading to its increased demand in industries such as aerospace, wood work, and shipping.
In terms of application, the paints and coatings market is segmented into architectural and decorative, industrial, and marine. During the forecast period, the volume sales of painting and coating are expected to witness the highest growth for industrial application, with a CAGR of 5.5%. Increasing demand for painting and coating solutions from industries such as consumer goods, automotive, and machine manufacturing is driving the market growth.
APAC is expected to be the fastest growing paints and coatings market during the forecast period, with respective volume and value CAGRs of 7.2% and 8.3%. The growth of the market in the region is driven by air pollution regulations, which is expected to be a driving force behind the adoption of new coating resins and formulations. Furthermore, the expanding construction industry in countries such as China and India coupled with increasing government and private spending on commercial and residential construction applications, is expected to lead to an increase in construction activities, which in turn is likely to boost the market growth.
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The introduction of nanotechnology has played a significant role in the industry. Apart from developing zero or low VOC content formulations, industry players are also focusing on developing nano paints and coatings that will have superior characteristics. This includes the introduction of ceramic or metals in various types of formulations. The integration carried out can be in the form of granules, free powder or particles, which are then inserted in the finished product matrix. Hence, these advancements in technology and introduction of new products are expected to augment the growth of the paints and coatings market.
Some of the major players operating in the global paints and coatings market are Akzo Nobel N. V., PPG Industries Inc., The Sherwin-Williams Company, Berger Paints India Limited, Shalimar Paints Limited, Kansai Paint Co. Ltd., BASFR SE, RPM International Inc., Jotun A/S, Axalta Coating Systems Ltd., and Masco Corporation.
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