Top 10 High Growth Paints & Coatings Market Industry

According to the new market research report "Top 10 High Growth Paints & Coatings Market by Coating Type (Elastomeric, Polyurea, UV, Insulation, Ceramic, Automotive, Medical, Silicone, Fluoropolymer, and Epoxy Coatings) - Global Forecast to 2021", The global paints & coatings market size is projected to reach USD 190.51 Billion by 2021, at a CAGR of 5.07% from 2016 to 2021

Browse 106 market data tables and 53 figures spread through 198 pages and in-depth TOC on “Top 10 High Growth Paints & Coatings Market by Coating Type (Elastomeric, Polyurea, UV, Insulation, Ceramic, Automotive, Medical, Silicone, Fluoropolymer, and Epoxy Coatings) - Global Forecast"

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The growth of building & construction and automotive & transportation industries is driving the demand for paints & coatings globally. The paints & coatings market comprises several types of liquid and powder-based varnishes and paints. Paints & coatings serve two primary functions, namely, protection and decoration. Most of them are consumed in buildings & construction to protect and decorate various surfaces. They increase surface resistance from weathering and rust, thereby, increasing the durability of structures. Stringent government regulations for low toxicity are expected to be the winning imperatives for the players in the water-based elastomeric coating market.

Elastomeric coatings is the fastest-growing type of the top 10 paints & coatings market.

Elastomeric coating is a premium quality exterior elastomeric waterproofing coating which is used in residential, architectural, commercial, and light industrial applications on a variety of vertical masonry surfaces. The increasing employment rate and the improving economy are expected to drive the construction sector globally, eventually driving the elastomeric coating market. Government regulations such as EPA, REACH, and others to improve public infrastructure, coupled with the increase in manufacture of coatings, are driving the market for elastomeric coatings.

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Wall coatings is the largest and fastest growing segment of elastomeric coating market

Elastomeric coatings are preferred for exterior concrete/masonry wall applications due to their excellent waterproofing properties. Elastomeric coatings contain comparatively higher volume of solids (45-60%) than conventional paints, and are applied in films that typically attain a dry film thickness.

Elastomeric coating was initially designed as a waterproofing solution for stucco, which is a relatively rough surface that tends to crack. They are also well-suited for tilt-up or poured-in-place concrete and masonry wall surfaces. These coatings can tolerate some substrate movement; and their stretchiness (150%-400% or greater elongation without breaking throughout their service life) allows them to fill or bridge even moving hairline cracks.

Strong presence of manufacturers of paints & coatings for cool roofing is driving the top ten paints & coatings market in North America

Cool roofing is a major concern across the country. The U.S. Department of Energy (DOE) has mandated cool roofing for all its buildings and facilities. The North American government is setting similar goals, offering tax incentives and utility rebates to the manufacturers. A growing number of non-governmental organizations (NGOs) from the International Green Construction Code (IGCC) to Cool Roof Rating Council (CRRC) and the U.S. Green Building Council’s LEED program are also promoting and encouraging green building practices, including cool roofing, thereby driving the elastomeric coating market.

The global paints and coatings market was estimated to be USD 141.58 Billion in 2015, and is estimated to grow at a CAGR of 5.07% between 2016 and 2021. The top 10 high growth paints & coatings market considered in the report are elastomeric, polyurea, UV, insulation, ceramic, automotive, medical, silicone, fluoropolymer, and epoxy coatings. These high growth markets are mostly driven by the increase in global population with rise in income level, increasing demand for architectural paints owing to increased residential building activities in high-income countries, high performance, fast curing rate, and ability to resist against variant environmental condition. The companies are focused on entering new markets by launching technologically advanced and innovative coatings products for different technology systems. Some of the top 10 leading paints & coatings manufacturers are AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Axalta Coating Systems LLC (U.S.), BASF SE (Germany), Progressive Painting Inc. (U.S.), Jotun A/S (Norway), The Dow Chemical Company (U.S.), Nippon Paint (Japan), and Asian Paints Limited (India). These companies have adopted various organic and inorganic growth strategies to improve their businesses and maintain their global market shares.

The global paints & coatings market is witnessing a moderate growth rate with demand arising from the Asia-Pacific region, especially from China, India, and South Korea. There is an increasing demand for paints & coatings from private housing and commercial offices along with rising infrastructure output from all its key subsectors such as roads, rail, energy, and water and sewerage. AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), and The Sherwin-Williams Company (U.S.) are the major players in the paints & coatings market. Various strategies are adopted by players to increase their global presence in the paints & coatings market. In 2015, AkzoNobel expanded its industrial coatings site in Songijang (China) as it is one of the topmost growing markets. This resulted in doubling the annual production capacities. The expansion agreement helps the company in serving the continuing demand from consumer and construction markets. In 2014, AkzoNobel inaugurated a regional office in Chengdu (China) to capitalize on the rapidly increasing waterborne coatings market of Western China. In 2014, Sherwin-Williams joint ventured with Red Sea Housing Services Company (Saudi Arabia) to launch a premier paints company in Saudi Arabia. This joint venture is expected to help serve customers in the architectural, energy, and construction sectors in the region.