The rapid pace of industrial development, growing number of end-use industries, and increasing interest of the global population in architecture are driving the global paints and coatings market.
There is a large untapped market for the construction industry in the developing countries which has been increasing every year owing to the ever increasing global population. These factors are creating demand for construction materials, including paints and coatings. The growing population and per capita income has been fuelling the demand for consumer goods and automotives, which in turn is boosting industrialization. The use of metals has also increased to a great degree in the last decade. Paints and coatings are mainly used to protect machines and equipment from rusting and corrosion in industries. As for consumer goods, they serve the purpose of keeping corrosion at bay and make products look better. Architectural and decorative paints and coatings are used mainly applied on interior and exterior walls of houses and corporate buildings. Based on their formulation, there are basically two types of architectural and decorative paints and coatings: water-based and solvent-based. Based on type, architectural and decorative paints and coatings paints are mainly classified into emulsions and distempers. Distempers are costlier than emulsions and account for lesser market share as compared to emulsions.
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Industrial paints and coatings are used by several industries, including machinery manufacturing, automotive, and consumer goods. Based on their formulation, industrial paints and coatings can be segmented into four categories: water-based, solvent-based, powder, and UV-based.
The increasing global population and the growing number of nuclear families escalate the demand for new houses every year, which in turn creates demand for paints and coatings. The increasing market for consumer goods and automobiles is also propelling the growth of the paints and coatings market.
The global paints and coatings industry has moderate degree of competition; however, the industry is moving towards consolidation through large number of mergers and acquisitions taking place in the recent years. Some of the major paints and coatings companies include AkzoNobel N.V., PPG Industries, The Sherwin-Williams Company, RPM International, Valspar Corporation, and Kansai Paint Company.
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