Energy cost saving and protection from corrosion under insulation are the main drivers for the insulation coatings 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.
Insulation, ceramic, automotive, medical, silicone, fluoropolymer, and
epoxy coating market. The global paints & coatings market is growing
owing to the increasing demand from the building & construction industry.
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.
The market will also be driven by
a strong rebound in building construction across the world, particularly in
North America, Europe, and Japan, which will fuel increased demand for
architectural paints. Under elastomeric coatings, various resin types are
considered such as acrylic, polyurethane, silicone, butyl, and others. The
acrylic elastomeric coatings segment dominated the global elastomeric coating
market with a market size of USD 3.36 billion in 2015, which is projected to
reach USD 8.21 billion by 2021, at a CAGR of 16.32% during the forecast period.
The global market size for
polyurea coatings is estimated to be USD 5.34 billion in 2016 and is projected
to witness a CAGR of 10.57% to reach USD 8.93 billion by 2021. The ongoing
developments in coatings technology have enhanced the application performance
of polyurea coatings with improved properties such as fast curing (even at low
temperature), chemical resistance, insensitivity to moistness, and other
improved physical & mechanical properties.
Escalating requirement for
improving performance, durability, and ease-of-use of products are the key
factors contributing to the growth of polyurea coatings market. This is
attributed to the increased consumption of consumer goods and technological
& infrastructural developments.
The global market size for UV
coatings is estimated to be USD 5.34 billion in 2016 and is projected to
witness a CAGR of 10.57% to reach USD 8.39 billion by 2021. The UV curable
coatings market is witnessing high growth which is expected to continue in the
near future.
It is majorly driven by the
highly growing manufacturing industry in Asia-Pacific and intense efforts at
country level to promote environment-friendly products. Presently, Asia-Pacific
and Europe are the major consumers of UV curable coatings.
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.
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Reference:
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