Paints and coatings
The global paints and coating market was valued at approximately USD 110 billion in 2014 and is expected to reach approximately USD 145 Billion by 2020, growing at a CAGR of around 5%. In terms of volume, the global paints and coating market was approximately 35.5 million tons in 2014.
Paints and coatings are used for the decoration and protection of buildings, automobiles, appliances, equipment, and so on. The decorative paints and coatings subsector depends heavily on the performance of the construction sector, whereas protective paints and coatings are linked more closely to automobiles, major appliance and industrial equipment.
Architectural coatings include interior and exterior house paints, primers, sealers, varnishes and stains. They are sold to contractors and the general public through retail and wholesale outlets as well as direct to large commercial accounts.
Industrial coatings include automotive paints, can coatings, coil coatings, furniture finishing and road-marking paints. Most of these products are sold direct to the end user.
The key product segments of the paints and coatings industry include:
- Solvent-borne.
- Waterborne.
- Radiation cured.
- Powder coatings.
The market was dominated by the waterborne segment, which accounted for around 40% of the total volume consumed in 2014. With increasing awareness among the end-users about environmental issues, demand for waterborne paints and coatings is expected to increase.
Building and construction accounted for a significant share of the total paints and coatings volume consumed in 2014, dominated by residential applications. Residential and commercial applications collectively accounted more than 55% of the market in 2014.
Strong growth in the construction industry across the world is likely to cause a surge in the demand for paints and coatings.
The global paints and coatings market is dominated by hte Asia Pacific region, which accounted for around 40% of the total volume consumed in 2014. Asia Pacific was followed by Europe and North America.
Some of the major players in the market include: AkzoNobel N.V., PPG Industries, Sherwin-Williams Company, Diamond Vogel Paints, Berger Paints, Asian Paints, Dow Corning, KCC Corporation, Axalta Coatings System, BASF SE, The Valspar Corporation, RPG International Inc and others.
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