Paints & Coatings Market Size, Share, Trends, and Industry Forecasts - Exclusive Report by MarketsandMarkets™
CHICAGO , July 22, 2022 /PRNewswire/ -- Paints & Coatings Market size is projected to grow from USD 184 Billion in 2021 to USD 212 Billion by 2026, at a CAGR of 2.9%, according to a new report by MarketsandMarkets™. Growing demand for Paints & Coatings due to the boost in environmental regulations for VOC-free coatings.
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Drivers: Environmental regulations boosting the demand for VOC-free coatings
New rules and regulations such as the Eco-product Certification Scheme (ECS) are set by the European Commission and other Federal government agencies. These regulations ensure a green and sustainable environment with minimum or zero harmful VOC emissions. Also, the regulations on lead control in household and Paints & Coatings were implemented in 2016, after the Quality Council of India (QCI), Pollution Control Board Authorities, and the National Referral Centre for Lead Projects in India (NRCLPI) strongly recommended to the Government of India (GOI) to fix lead content below 90 ppm for all decorative and household paints. These regulations encourage Paints & Coatings manufacturers to invest in bio-based raw materials within paints & coatings, making the Paints & Coatings more eco-friendly. In addition, government regulations in the US and Western Europe, especially concerning air pollution, will continue to drive the adoption of new, low-polluting coating technologies.
Restraints: Requirement of more drying time for waterborne coatings
There is more time required for drying and curing of waterborne coatings than that of the solventborne coatings. In addition, waterborne coatings have excellent flow properties that change with humidity, affecting the coating application. During high humidity, water does not easily evaporate, resulting in poor cure and a decrease in performance. Waterborne coatings are also sensitive to freezing conditions. Many waterborne coatings are not usable after freezing.
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Opportunities: Increasing applications of fluoropolymers in the building & construction industry
In the building & construction industry, fluoropolymers such as polyvinylidene difluoride (PVDF) are used in both industrial as well as architectural coatings. PVDF is used especially in architectural applications, where both excellent appearance and substrate protection have to be maintained for a long period. PVDF is the most preferred fluoropolymer since it has enough solvency in ester and ketone solvents and the same can be formulated into solvent dispersion coatings.
Challenges: Stringent and regulatory policies
With the increasing number of regulatory policies adopted by various governments, paints & coatings producers have to constantly improve their processes to comply with the new policies. Products that fail to meet the legal requirements are not allowed in the countries that have strict environmental regulations, especially in Western Europe and North America.
Unfortunately, some legislators continue to limit emission values based only on the concentration of VOC in the exhaust gasses. This can lead to approval for high mass emissions from processes which require high airflows as against low mass emissions, which need only very low airflows. The concentration approach also ignores the reduced atmospheric emissions when low-VOC coatings are used.
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Asia Pacific is the largest Paints & Coatings market during the forecast period.
Asia Pacific encompasses a diverse range of economies with different levels of economic development and multiple industries. The development of the market is mainly attributed to the high economic growth rate followed by heavy investment across industries, such as automotive, consumer goods & appliances, building & construction, and furniture. Key players are expanding their pa ints and coatings production in Asia Pacific, especially in China and India. The advantages of shifting production to the region are the low cost of production and the ability to better cater to the emerging local markets.
The key players profiled in the Paints & Coatings market report are AkzoNobel N.V. (Netherlands), PPG Industries (US), Sherwin-Williams (US), RPM International (US), and Nippon Paint (Japan).
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