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Paints and coatings market:  growing exponentially

Paints and coatings market: growing exponentially



New advances drive strong demand

The global paints and coatings industry is expected to grow significantly owing to numerous advancements driven by a strong rebound in worldwide manufacturing, building and construction

March 2020

The global paints and coatings market is anticipated to reach $286.54 billion by 2026, according to a new study published by Polaris Market Research in Coatings World.

The global paints and coatings industry is expected to grow significantly over the forecast period from 2018 to 2026 owing to numerous advancements that are driven by a strong rebound in worldwide manufacturing, building and construction primarily in Western Europe, North America and Japan are projected to augment demand for architectural paints and coatings.

Demand from automobile, chemical and general industrial manufacturing will also grow at a higher pace in comparison to its counterparts that will benefit from an improved outlook of higher vehicle production annually along with increasing industrial activities that encompass the use of paints and coatings, the report noted.

Increasing demand for these products in automobiles owing to its growing popularity of protecting the architectural or non-architectural surfaces from extreme heat, acid rain, dust, UV radiations, etc. along with its inherent characteristics of enhancing the appearance is projected to be the major factors driving the demand for paints and coatings. These products used for paint or coat surfaces of buildings, automobiles, pipelines, wood, packaging products, marine vessels or any surface are capable of producing long-lasting surfaces in satisfying customers’ needs along with maximising efficiencies, enhancing the appearance and meeting environmental regulations, it said.

The present trends of paints and coatings and its application process are aggravated by its shrinking cost of manufacturing, delivering buyer satisfaction by means of corrosion protection and enhancing aesthetic features, along with mitigating environmental concerns.

Tremendous quantity of consideration has already been put into the current used paints and coating systems, and they carry a level of sophistication that has been satisfying most customers globally. The advent of the new smart coatings and paints has almost alleviated the problem of corrosion, appearance and durability of components wherever these are applied making them perfectly acceptable for lifetime. The emergence of two-layer topcoats worldwide and the gloss, colour, and chip resistance offered by these products remains functional in its first seven to ten years of use. These advantages associated with the products are the primary reasons anticipated to drive the market.

These products confront to almost every limitless environmental assaults. Targeting specific customers’ expectations, along with maximising the efficiencies and compiling environmental regulations with the new processes, are expected to augment demands for these products.

Asia Pacific was the largest regional market in 2017 and it is expected to emerge as the fastest growing regional industry. The region is anticipated to account for the maximum share of the overall worldwide market in terms of consumption. The robust increase in product demand from the Chinese economy and the emerging markets of the region including India, Vietnam, Thailand, and Indonesia are the major trends.

 

MARINE COATINGS MARKET

Meanwhile, increasing demand for marine coatings from the shipbuilding industry in emerging economies such as China, India, and Brazil, is expected to fuel the growth of the marine coatings market across the globe.

According to the report “Marine Coatings Market by Resin (Epoxy, Alkyd, Polyurethane), Product Type (Anti-Corrosion Coatings, Antifouling Coatings), Application (Cargo Ships, Passenger Ships, Boats), Region – Global Forecast to 2022,” by MarketsandMarkets, the marine coatings market is projected to grow from $3.31 billion in 2017 to $3.93 billion by 2022, at a CAGR of 3.5 per cent during the forecast period from 2017 to 2022.

Among resins, the polyurethane segment of the marine coatings market is projected to grow at the highest CAGR from 2017 to 2022, in terms of value. Polyurethane resins are versatile and environment-friendly. They are available with different degrees of rigidity and solid content.

Polyurethane resins offer superior properties such as high corrosion resistance, abrasion resistance, impact strength, and low-temperature flexibility, which make them suitable for various marine coating applications.

Based on application, the cargo ships segment accounted for the largest share of the marine coatings market in 2016, in terms of value. The cargo ships are specifically structured to carry large quantities of cargoes compressed in different types of containers. In addition, the cost of transportation through water is substantially lesser as compared to other modes of transportation. These factors are expected to increase the demand for cargo ships, thereby leading to increased demand for marine coatings, the report noted.

The marine coatings market has been studied in North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific marine coatings market is projected to grow at the highest CAGR during the forecast period, in terms of value.

The growth of the market in the Asia Pacific region can be attributed to increased demand for marine coatings from various countries such as China, India, and South Korea. Various countries of the Asia Pacific region have expanded their ship manufacturing base, which, in turn, has led to the growth of the Asia Pacific marine coatings market.




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