High Consumption in Constructions Industry to Drive Paints and Coatings Market

The global paints and coatings market is extremely fragmented due to the presence of numerous companies. The competition among the players is expected to intensify over the next couple of years wing to the low degree of product differentiation among the producers of paints and coatings. To cater to the unmet needs of end users, the companies have extensively increased their production capacity. To gain a strong position in the market, the manufacturers are focusing on product innovation and sustainability. Some of the leading players in the market are RPG International, The Valspar Corporation, BASF SE, Axalta Coatings, Sherwin-Williams Company, PPG Industries, and AkzoNobel N.V. In terms of geography, Asia Pacific emerged dominant with regards to consumption in 2012. The market for paints and coatings in the Asia Pacific region is further expected to grow over the coming years. Europe is expected to witness an accelerated sales owing to the mounting demand for paints and coatings in the automotive and aviation industry. 

Market to Gain from Rising Demand from End Users

The two types of paints and coatings market are powder and liquid paints and varnishes. The two key functions of paints and coatings are protection and decoration. Based on product, the market has been segmented into high solids/radiation cure, powder coating, waterborne coatings, solvent-borne coatings, and specialty coatings. Amidst these, waterborne coatings are the most used coatings and paints across various industries. They are used in industries such as packaging, medical and healthcare, automotive and aviation, and buildings and constructions. Solvent borne coatings closely followed waterborne coatings in terms of use due its rising application in commercial and residential constructions and automotive and aviation industries. 

Construction Industry to Emerge as Prime Revenue Generator 

Regions such as Europe and Asia Pacific have witnessed significant growth in their respective construction industries. The growing need to accommodate the rising population has boosted the construction of new residential and commercial buildings, in turn driving the demand for paints and coatings. However, stringent regulations to control the amount of volatile compound used may hamper the growth of the market. The global paints and coatings market is expected to steadily rise over the forecast period. The market is anticipated to gain momentum and reach a valuation of US$143.9 bn by the end of 2019.