Growth of Automotive and Construction Industries Boosting Paints and Coatings Market
The robust gain in building construction activity due to the strong economic growth of emerging economies is poised to boost the sales of architectural paint. New infrastructure projects, such as bridges and water treatment facilities along with the growth of commercial and industrial businesses are driving the need for coatings used for asset protection. Industrial grade coatings fulfill various functional needs of metals such as protecting them against rust oxidation and corrosion, minimizing friction, protecting them from chemicals, and facilitating easy assembly. Suppliers from developing regions are benefited from bright outlooks for manufacturing and infrastructure spending, which will spur sales of industrial paints and coatings used in the production.
Paints and Coatings Market (2018 - 2023)”
Volatile organic compounds (VOCs) that emit toxins at room temperature as the paint starts to dry. This emission can potentially cause serious health issues including dizziness, headaches, and at times kidney damage. VOCs are harmful to the ozone layer too. Recent innovations in the paints and coatings market have led to the development of low VOC paints, which exhibit additional attributes such as low odor, clean air, safer technology, and washable finish. Paints with substantial lead content are applicable in industrial purposes as well as the military and defense sector owing to the benefits of rapid drying, improved durability, retention of fresh appearance, and resistance against moisture that causes corrosion. To protect boat surfaces from marine organism caused corrosion, hulls and other parts utilize antifouling properties of advanced paints and coatings.
As the technology advances and pioneers pave a way to enhanced products that are no harm for humans, the trend in the paint and coatings market is expected to be the innovation in the direction of eco-friendly ingredients as the main component, benefitting both consumers and employees. According to the latest business intelligence report from IndustryARC, the global paints and coatings market is estimated to grow at a CAGR of 4.69% during the forecast period 2018–2023. As per the analyst of the report, “The demand for furniture across emerging economies is on a surge too. Consequently, the demand for durable waterborne coatings for white pigmented furniture is escalating as they protect the white furniture from dirt and stains. On the other hand, traditional furniture coatings such as drying resins end up with high levels of chemical resistance, which can affect the quality of furniture over time.”
Paints and coatings are used in commercial and industrial businesses for decoration and protection of surface from stains, corrosion, and other chemical reaction. The growth of new infrastructure projects and manufacturing goods are the major driver for the growth of the market. Volatile organic compound can cause serious damages to the human body but the market is coming up with derivatives containing a low concentration of VOCs. Many companies are turning normal paint into environment-friendly paint to improve the health and environment of their employer and consumers.