'Green' Advances Coatings Market Growth
“Green” coatings are becoming an essential part of the consumer-based paints and coatings market, according to a recent report by P&S Market Research.
The report—Global Paints and Coatings Market Size, Share, Development, Growth and Forecast to 2020—indicates that consumers are buying more coatings products labeled as being green because of increasing concerns about global warming and a growing awareness of environmentally friendly products.
The global paints and coatings market is expected to grow from $128.2 billion in 2014 to $173 billion by 2020, reflecting a Compound Annual Growth Rate (CAGR) of 5.2 percent.
Industrial paints and coatings are predicted to grow the fastest in terms of value, the report indicates. That segment is projected to show a 4.3 percent CAGR in terms of volume and 5.6 percent in terms of value during the report period.
Drivers and Customers
It is the end user industries of paints and coatings that drive advancements in this market, the report says.
The automotive industry is a significant driver, according to the report. The high rate of car ownership in developed countries and advancements in road infrastructure and improving economies are credited with driving the use of paints and coatings in that segment.
Eastern Europe and Arab countries are showing a growth in personal car ownership. Germany boasts the highest number of commercial vehicles.
Protective and anticorrosion coatings applied to metals in automotive manufacturing, as well as the paints used with plastics in car interiors, are also market contributors.
Meanwhile, the increasing demand for low-VOC paints offers growth opportunities for the paints and coatings market in the consumer segment of the industry. Companies also use “Green” label marketing strategies—such as the low-VOC rating—to appeal to the growing number of consumers interested in environmentally friendly products.
Asia-Pacific is predicted to remain the top market during the study period. This region led the global paints and coatings market in 2014, in terms of value and volume, and is expected to grow at the fastest with a CAGR of 6.4 percent in terms of value and 5.2 percent in terms of volume.
It is the infrastructural development in the area that gives the Asia-Pacific market an advantage, the report says.
Japan, China and South Korea account for a high demand of marine coatings in this area as well. The demand in this market segment is expected to grow throughout the forecast period because of predicted increases in commercial and trade opportunities.
Architectural and decorative coatings account for a significant portion of the market in North America and Europe.
Key players in the market include PPG Industries Inc.; The Sherwin-Williams Company; RPM International Inc.; The Valspar Corporation; Akzo Nobel N.V.; Kainsai Paint Co. Ltd.; Axalta Coating Systems Ltd.; Henkel AG & Co. KGaA; BASF SE; and Asian Paints Limited, the forecast said.