Rising investments in construction industry drive paints & coatings market

Rising investments in construction industry to drive paints & coatings market

11:45 AM, 8th August 2019
paints & coatings market

LONDON, UK: According to a recent report by The Business Research Company, the paints and coatings market is expected to reach a value of nearly $314.54 billion by 2022, significantly growing at a CAGR of 8.9% during the forecast period. The growth in the paints and coatings manufacturing market is due to increase in increasing infrastructure and rising investments in the construction industry. However, the market for paints and coatings is expected to face certain restraints from several factors such as rising safety concerns during manufacturing.

The paints and coatings manufacturing market consist of the sales of paints and coating by entities (organizations, sole traders or partnerships) that mix pigments, solvents, and binders into paints and other coatings, such as stains, varnishes, lacquers, enamels, shellacs, and water-repellent coatings for concrete and masonry, and/or produce allied paint products, such as putties, paint and varnish removers, paint brush cleaners, and frit.

The global paints and coatings market is further segmented based on type and geography:

By Type - The paints and coatings market is segmented into water borne coatings, solvent based coatings, powder coatings, others - paints and coatings. Among these segments, the water borne coatings market accounts for the largest share in the global paints and coatings manufacturing market.

By Geography - The global paints and coatings manufacturing is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific accounted for the largest region in the global paints and coatings market.

Smart coatings and high-performance coating technologies are being adopted by companies to enhance efficiencies of coating compounds. Nano coatings, are a type of smart coating which has extremely tiny particles and unique characteristics such as flexibility, resistance to corrosion and micro bacterial growth. Fluoropolymer coating is known for its high-performance properties such as long-life cycle and high cost efficiency. With increase in economic growth and low interest rate environment, the scope and potential for the global paints and coatings market is expected to significantly rise in the forecast period.

Major players in the paints and coatings market include PPG Industries Inc, The Sherwin-Williams Company, AkzoNobel N.V, Dow Chemical, RPM International Inc.

Source: The Business Research Company

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