A new upcoming study of Fairfield
Market Research suggests that out of the annual global production of paints and
coatings roughly equating 40 MT in 2018, over 50% was contributed by Asia
Pacific. While China led the global paints and coatings market,
most of the demand came in from the industrial application areas, followed by
the unprecedented infrastructural developments afoot in the country. Industrial
application areas and a consistently growing number of consumer industries will
continue to uphold the demand for paints and coatings. Moreover, the incessant
progress of the architectural sector will heavily contribute to the market
build-up. The report indicates that the building and construction industry
holds a sizeable potential market that remains untapped, particularly across
the fast-developing economies in Asia Pacific.
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Widespread Use of
Metals in Industrial Application Areas Boosts Paints and Coatings Demand
With increasing
use of metals or metal-based materials in consumer electronics, industrial
equipment, and other machinery, the role of paints and coatings has grown
manifolds. Besides protection of these electronic goods, and equipment from
corrosion and mar to endure their life, paints and coatings serve to enhance
their aesthetic attributes. While industrial paints and coatings have been
popularly utilised for industrial applications, decorative and architectural
paints and coatings are also garnering traction over the past decade. Architectural
paints are extensively applied on residential as well as non-residential wall
interiors and exteriors. Decorative paints and coatings are especially gaining
strong ground as the interior designing sector continues to witness solid
growth.
Restricted Use of
VOCs and HAPs Reshapes Demand Patterns for Paints and Coatings
In the wake of
evolving end user demands, the paints and coatings industry has been witnessing
the emergence of various technological advancements. Technologies such as
nano-coating and -painting, anticorrosive protective coating, and low- or
zero-volatile organic compounds (VOC) paint and coating enable manufacturers to
cater to a diverse range of requirements from end-use industries. Some of the
innovative paint and coating formulations also comprise metal, or ceramic
components that impart final products a superior functional attribute and add
value.
Moreover, greater
inclination of end users towards environmentally sustainable products that have
less odour than conventional paints and coatings is trending the market over
the recent past. Low-hazardous air pollutant (HAP) products are rapidly gaining
ground in addition to low- or zero-VOC paints and coatings. This changing face
of industry is attributable to a paradigm shift towards sustainability, energy
efficiency, and lowered environmental footprint. As stringency of energy
conservation regulations such as National Emissions Standards for Hazardous Air
Pollutants (NESHAP) increases and green building technologies pick up pace, the
demand for eco-friendly paints and coatings will most likely propel. In
comparison with the paints industry, the coatings industry has been among the
most heavily regulated segments.
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Regulatory
Standards Continue to Dictate Innovation Strategies of Key Market Players
PPG, AkzoNobel
N.V., and The Sherwin-Williams are some of the top-performing companies in the
global paints and coatings market. Many companies are indulging in new product
developments in compliance with Leadership in Energy and Environmental Design (LEED)
specifications, targeting deeper penetration in both residential and commercial
sectors. In addition to industrial equipment and machinery, and automobiles and
auto components, manufacturers are likely to explore opportunities in
applications like refinishing, and traffic and highway markings. Marine
industry is also expected to offer a multitude of revenue generation
opportunities to paints and coatings companies. Volatility of the raw material
and solvent pricing will remain an important factor influencing profit margins
of manufacturers.
On the other
side, some players are striving to surpass traditional distribution channels by
adopting a shift to digitalisation. Growing preference for direct-to-consumer
approach has benefitted new online start-ups like Backdrop, and Clare to
initiate the digital transformation of the industry that was ripe for a
disruption. Despite a large number of coatings manufacturers, the market sees a
majority of them emphasizing strong regional foothold. A mere 10 or so
international coatings brands are currently investing in high-potential markets
in Asia’s fast-developing economies such as India, and China.
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