Rising Demand from Construction Sector to Spur Paints and Coatings Industry

10 September 2020: Paints and coatings comprise of organic or inorganic resins and are inseparable when it comes to industrial divisions. They are mainly used to impart decorative and glossy finish to the surface of products such as walls, equipment, metal components, etc. Paints and coatings are mainly applied on the surface to improve the performance as well as durability of the products. They offer high corrosion and abrasion-resistance along with excellent adhesion, which made them advantageous in large application spectrum. 

Waterborne Formulation Type to be a Prominent Sectors for the Paints and Coatings

On the basis of product type, the paints and coatings market is classified into various formulations such as solvent-borne, powder-based, high solids/radiation curing, waterborne, etc. The waterborne formulation product type is expected to be a prominent segment for the paints and coatings industry over the forthcoming period. This development is due to rising demand from numerous applications segments including automobile, furniture, and construction industries. 

The water-based polyurethane formulation is anticipated to develop as the fastest-growing type of water-based resins. This is on account of surging construction expenditure in developing countries of Asia Pacific and consumer inclination toward environmental friendly products. The high usage of these formulations is owing to the solvent-like characteristics of water with no side effects as that of synthetic counterparts. 

The solvent-based formulations are the conventional ones for the production of the finished compositions. Toluene, aliphatic hydrocarbons, xylene, lacquer thinner, etc. are some of the most used solvents in the industry. The solvent-based product has experienced a paradigm shift owing to harmful effects on the environment as of volatile carbon-based complexes in petrochemical solvents. 

The demand for solvent-based coats has changed in the established economies mainly in North America and Europe on account of strict environmental rules and acts for hazardous chemicals. China is the foremost consumer of solvent-borne paints owing to surged in commercial/industrial construction and automotive segments. Key companies are now inclined to shift their consumption from old paints to the green composition at a comparatively higher price. 

Market Insights

In December 2016, acquisition of BASF’s industrial coats by AkzoNobel was one of the key initiatives in the market. BASF had introduced an organic pacifying polymer-based paint that decreases emissions of titanium oxide without recompensing the performance of the product in January 2016.

Leading players effective in the paints and coatings market include PPG Industries; BASF SE; AkzoNobel; Sherwin-Williams Company; Valspar Corporation; Axalta Coating System; Kansai Paint; Nippon Paint Holdings; Jotun Group; and RPM International Inc.