The Global Paints and Coatings Market is
anticipated to reach USD 286.54 billion by 2026 according to a new study
published by Polaris Market Research.
Global paints & coatings
industry is expected to grow significantly over the forecast period from 2018
to 2026 owing to numerous advancements that is driven by a strong rebound in
worldwide building, construction, manufacturing primarily in Western Europe,
North America and Japan are projected to augment demand for architectural
paints & coatings. Demand from automobile, chemical, general industrial
manufacturing etc. 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 & coatings.
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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
appearance are projected to be the major factors driving the demand for paints
& 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 maximizing efficiencies, enhancing appearance and meeting
environmental regulations..
Some of leading industry
participants include Akzonobel N.V., BASF Coatings GmbH, Kelly-Moore
Paints, Indigo Paints Pvt Ltd, Vista Paints Corporation, Diamond Vogel Paints,
Sacal Inetrnational Group Ltd., Tiger Coatings GmbH & Co. Kg, Dunn-Edwards
Corporation, Beckers Group, Masco Corporation, S K Kaken Co., Ltd, Shalimar
Paints, Berger Paints India Limited, Hempel A/S, Tikkurila OYJ, Valspar
Corporation, RPM International Inc, Kansai Paints Co., Ltd., Asian Paints
Limited, Nippon Paint Holdings Co., Ltd., Jotun A/S, Axalta Coating System LLC,
Sherwin-Williams Company and PPG Industries.
The present trends of paints &
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 & 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, color, 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 maximizing 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.
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