Paints and coatings find application various industrial verticals. They are primarily used to protect machines and equipment from corrosion and rusting. Besides this, they are used in consumer goods for greater aesthetic appeal. Thus, with increasing industrialization and burgeoning sales of consumer goods, demand for paints and coatings is expected to follow a notable growth trajectory.
Primary functions of paints include coloring, protecting, and providing texture to objects. Paints can be natural or artificial, solvent-based or water-based, and are available in different colors. Coatings are coverings applied to objects to protect or add aesthetic value to them. They can be applied to cover objects completely or partially.
Paint and Coating Manufacturers to Focus on Development of Specialized Paints
Paint and coating manufacturers are paying greater attention to development of specialized paints that can offer various advantages such as low-VOC content and improved texture. Surging demand for cooling paints due to rising global temperature is prompting manufacturers to focus on temperature regulation capabilities of their products. For instance, streets in Los Angeles have been painted with gray-colored cooling paints. The paint, called CoolSeal, was originally developed to camouflage heat created by airstrips from spy satellites overhead. CoolSeal is better at reflecting solar rays and thus, is able to reduce temperatures at ground level.
Market Insights
Increasing population worldwide, coupled with growing number of nuclear families, is stoking the demand for new houses every year. This can have a positive impact on the growth of the global paints and coatings market. Robust growth of end-use industries, including automotive, consumer goods, marine, and aerospace is likely to help the market gain significant impetus. On the other hand, volatile prices of crude oil and stringent regulatory norms can keep the market from realizing its utmost potential.
Competitive Landscape
Acquisition is anticipated to be one of the key growth strategies for majority of prominent players in the market. Due to rising concerns pertaining to harmful emissions, a large number of companies are pouring funds into development of organic paints and coatings, finds Grand View Research Inc. Some of the key companies in the market are PPG Industries, BASF SE, Axalta Coating System, AkzoNobel, and Nippon Paint Holdings.
In-Depth research report on Paints And Coatings Market:
http://www.grandviewresearch.com/industry-analysis/paints-coatings-market
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