The
global paints and coatings market value
in 2017 was calculated as $186.7 billion,
and it is expected to reach $262.5 billion by 2023, witnessing a revenue CAGR
of 6.0% during the forecast period (2018–2023). The key factors driving the
growth of the market are increasing construction activities, expanding automotive industry, and rising demand from the
oil and gas industry.
Paints
and coatings play an important role in decorating any house, office,
restaurant, hotel, or automobile. These also provide texture in addition to
corrosion and abrasion resistance to the substrate. Further, these enhance the
durability and adhesive properties of the material on which they are applied. The
paints and coatings market is huge, and thus, for the proper understanding
of its growth, it is segmented by resin
type, formulation, application, and region.
Talking
about the resin type, the paints, and coatings market is divided into epoxy,
acrylic, polyester, polyurethane, and others (nitrocellulose lacquer, nylon, and
polycarbonates). Out of these, the sales volume of polyurethane are projected
to have the fastest CAGR (5.9%) in the market during the forecast period. The
reason for this is that it offers beauty and strength to buildings and other structures;
therefore, it is a preferred choice for a majority of commercial and
residential interior projects. With a rise in construction activities (commercial
and residential), the demand for polyurethane is also expected to increase.
The construction sector is expanding rapidly in countries,
such as China, India, the U.S., and the U.K., on account of the rise in
population and export of construction material. This is resulting in
large-scale investments for the construction of hotels, retail centers,
apartments, offices, and civic infrastructure. An example of investments in civic
infrastructure would be the initiation of the Infrastructure and Capital
Investment Plan 2016–2021. Under this, the Irish government has invested a
huge amount for infrastructural development in the transport, residential,
energy, and healthcare sectors.
Asia-Pacific
(APAC) is anticipated to be the fastest growing market
or coatings and paints during the forecast period with a sales volume and value
CAGR of 7.2% and 8.3%, respectively. In this region,
stringent air pollution regulations are expected to drive the adoption of eco-friendly
coating resins and formulations. In addition, the growing construction industry
due to increasing government and private spending is projected to accelerate the
paints and coatings market growth.
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For instance, in 2017 in China, construction activities grew
by 10.0% compared to 2016, while in Europe,
the growth rate was 3.5% during the same period. Such growth in the
construction industry in both Europe and APAC
is boosting the paints and coatings
market. The oil and gas industry is also playing an important role in the
domain advance. Epoxy coatings give pipes thermal stability, chemical
resistance, and corrosion protection. Similarly, the demand for paints and
coatings is also increasing due to the rise in automobile production.
Therefore, it is not just due to aesthetic reasons that
paints and coatings are being increasingly sold, but also because of the
numerous advantages associated with these.
Source: P&S Intelligence
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