Paints and Coating Market to Prosper Globally With Rising Demand

Any liquid, liquefiable or mastic composition is a paint which when applied to a substrate in a thin layer will proselyte the solid film. It helps to protect the object, colour it and it provides texture to objects. Rather than aesthetic properties, an industrial coating is a paint which is well defined by its protectiveness quality, although it can provide both as well. For corrosion control of steel structures, industrial coatings are mostly used. Corrosion control on steel structure like offshore platforms, underground pipelines, bridges, etc.

The market of paints and coatings are segmented on the basis of resin type, technology, application and region. On the basis of resin type the market is further segmented into polyurethanes, acrylic, polyesters, epoxy, alkyd and others. On the basis of technology the market is segmented into water based, solvent based, high solids and powder. On the basis of application the market is segmented into agriculture and industrial. On the basis of region the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America.

Asia has accounted for the largest region in paints and coating market with majority of market share. Increasing infrastructure development in India and China had led the Asia to gain largest market share. With a significant market share, America has been accounted as second largest region in paints and coatings market followed by Europe.

The industries that manufacture paints and coatings are expected to grow well in future because they are used to solve many industrial problems. Industrial paints comprises of mix pigments, solvents and binders into paint. For concrete and masonry, coating such as stains, varnishes, lacquers, enamels, shellacs and water repellent coating are established. Putties, paints and varnish removers, paint brush cleaner and frit are the products of manufacture allied paints.

Till 2022, it is forecasted that the global paints and coating market will reach great heights of success registering the maximum market revenue of about USD 400+ billion. One of the important drivers of paint and coating industry is considered to be the high demand in end user industries. Many industries of paints and coatings have seen a rapid increase in its consumption. Automotive, construction and manufacturing industries are the places where paints and coatings are majorly used. In building and construction, decorative paints and coatings are used. On the other hand, protective paints and coatings are used in automotive, major appliance and industrial equipment industries. Therefore, with multiplying applications of paints and coatings in several activities, the cumulative market is foreseen to improve year by year recording great profits.

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