Paints & Coatings Market- A Pool of Opportunity

The current coatings and paints have the numerous compounds, which are uniquely fabricated to fulfill the varied necessities of thousands of applications. There are a wide variety of paints available in the market such as, environmentally sound latex paints to chemically complex ranges. The paints and coatings market has initiated from the early man coloring found on the cave walls.

The paint and coating industry evolved a lot during 1700-1867. The first recorded paint mill was found in America and it was established in Boston in the year 1700 by a person name Thomas Child. In the mid-late duration of 1800s, paint factories began rising up in the population. Furthermore, as soon as there was an impact of the world war, paint manufacturers started replacing lead pigments in the paints.

Now, in the 21st century coating and paints may go unnoticed by the consumer, but they play valuable roles in rendering high quality durable goods, food stuff, housing, furniture, etc. Let us first understand the basic difference between the paint and the coatings.

Paint vs coating

The main purpose of painting something is to improve the aesthetic and it can be applied on the variety of surfaces. The result of applying paint on any kind of surface is to make it look nicer, vibrant, cleaner, and seem newer.

While coating is for fulfilling the purpose what paint cannot do. The coating is done to get the following results: –

  1. Anti-microbial resistance
  2. Flexibility and elasticity
  3. Waterproofing
  4. Water shedding
  5. Breathability
  6. Self-cleansing
  7. Rust and corrosion containment and prevention

A paint cannot be a coating while a paint can be a coating. There are various types of paint and coatings. One can choose for the accurate type according to their requirement.

Types of the paint: –

  1. Oil Paint

Oil paints are generally applied as a undercoat, primer, and a finish coat. The use of the oil paints is for the following purposes: –

  • Used on the metals, wells, stained surfaces
  • Recommended for the trim work
  • Used in the non-humid areas
  • Best for the metallic and wooden surfaces
  • Emulsion Paint

These are the water-based paints with fast drying characteristics. These are popular for their alkali resistant property, strong color retention abilities, rich in texture, etc. Some of the prominent benefits of the emulsion paints are-

  • Mould and mildew resistance
  • Easy to apply on the exterior walls
  • Offers a range of wall finishes like glossy matt
  • Emulsion painted walls are very easy to clean
  • Low on volatile organic compounds, which makes it a non-toxic choice
  • Enamel paint

These are the expensive choice. The enamel paint is usually glossy and used for coating surfaces. The benefits of the enamel pain-

  • Perfect for humid and wet spaces
  • Best for the walls which need protection
  • Popular for the woodwork, metal work and window work
  • Long lasting choice for certain wood surfaces
  • Bituminous paint

Along with common paint, there are several types of industrial paints which are used to coat pipes, iron, woods, and external work. The benefits of the bituminous paint-

  • This paints provide a protective, water-proof, weather proof, chemical and corrosion resistant layer
  • Helps in providing rust resistance for metal application
  • Ideal for exteriors such a shafts, ladder etc
  • Aluminum paint  

The aluminum paint is a kind of paint which is made by mixing aluminum particles.

  • This type of paint is used for hot water tanks, masonry, oil storage etc
  • These are used for metals and woods
  • These are popular for being corrosion resistant and electricity

Type of the coatings

  1. Polyurethane coatings

These are enhanced with specialty additives. They consist polyurethane coating products which are characterized by exceptional resistance to the corrosion.

  • Epoxy coating systems

Epoxies define a large group of coating products. They have an excellent film building, mechanical and chemical properties.

  • Alkyd coatings

These can be applied to prepared substrates in numerous environment. Moreover, they are mostly used for decorative purposes.

  • Polyester coating

These type of coating are applied with the spray gun as a free flowing and dried powder. The process involves coating metal in powder form.

Paints and coatings market analysis-

The paint and coatings market was valued at USD 185 billion in the year 2021. This is further projected to reach USD 230 billion by the year 2030, growing at a CAGR of 3% from 2023 to 2030.

Leading Companies-

The leading companies for the paint & coatings market are as follows-

  1. PPG Industries, Inc
  2. Axalta Coatings Systems
  3. Nippon and Kansai
  4. AkzoNobel
  5. Kwality Paints and Coatings Pvt. Ltd
  6. Kansai Nerolac Paints Limited
  7. Nippon Paint Holdings Co., Ltd

Wrapping Up,

The paints and coating market is expected to render numerous lucrative opportunities. Research Nester has recently published a research report incorporating all the important parameters. Knowing all the parameters would always lead to strong decision making capability.

On account of increasing demand for consumer goods with expanding end-user industries, the paints and coatings market is expected to grow with a CAGR of 5.3% over the forecast period i.e. 2019-2027. Their growing demand can be attributed to rising per capita income of the increasing population across the globe. Rapid industrialization and commercialization accompanied with increasing number of various-end-user industries is estimated to impact the growth of the market positively during the forecast period.

Increasing use of metals since the past decade and growing advancements to make metals corrosion-resistant as well as to provide UV resistance to some types of metals and materials will further boost the market shares across the globe. Growing OEM sector with rising number of developing economies will drive the market robustly over the forecast period.On the basis of regional platform, the global paints and coatings market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America is expected to hold the highest shares in the overall paints and coatings market on the back of presence of bigger market players across the region. Europe is attributed to induce a positive growth in the market on account of steady demand for paints and coatings in marine and defense sector.

Asia Pacific is anticipated to follow North America and display the highest growth on the back of widespread urbanization in the region along with massive infrastructure developments across the countries such as, India, China, Malaysia and others during the forecast period.