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 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.
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.
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High demand for waterborne coatings has also been driving the architectural coatings market for the past few years. Additionally, growing manufacturing activities in automotive, chemical, and other commercial industries in Asia-Pacific have been influencing the market for the past few years. However, the health and environmental concerns regarding the release of VOC content to the environment are hampering the growth of the solvent borne coatings technology.
The top three growing paints & coatings market are elastomeric, polyurea, and UV coatings. The global market size for elastomeric coating is estimated to be USD 6.79 billion in 2016 and is projected to witness a CAGR of 15.19% to reach USD 13.68 billion by 2021. 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. Increase in demand for elastomeric coatings across various applications of construction industries is driving the global elastomeric 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.
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