Environmental Concerns Inciting Innovation in Paints And Coatings Market

According to a newly compiled market research report by IndustryArc, the global paints and coatings market size was $127.855 billion as of 2018, and the future is highly profitable too. The report is titled “Paints and Coatings Market: By Formulation (High Solids, Water Borne, and Others); By Component (One Component and Two Component); By Resin (Alkyd, Epoxy, and Others); By Application (Decorative/Architectural, Automotive OEM, and Others); & By Geography - Forecast (2018-2023).” 

Industrial coating is an underrated concept that impacts everything we see around us. Nearly every product we come across undergoes coating or painting in order to become more visually appealing, and get protected from corrosion, and wear. American Coating Association, a Washington based organization, reported that the U.S paints and coatings market revenue in 2017 was valued at $23.4 billion, and grossed a remarkable production of 1.28 billion gallons.

The report researched by our analysts covers a plethora of topics related to paints and coatings market size, market revenue, disruptive market trends, and market analysis. Paints and coatings market is remarkably increasing across its end use industries, with prominent ones being architectural, automotive, industrial, and wood. According to our analysts, the forecast period of 2019-2025 is expected to be a fruitful one and the paints and coating market value will expand at a healthy CAGR of 4.69%. 

Paints and coatings market has acquired a cardinal position in several industries, and plays an irreplaceable role. On account of its ability to considerably impact how a product looks visually, and improves operational facilities of a product by protecting it from wear and tear, thereby enhancing its longevity, the paints and coatings market is now holding a paramount position in consistently growing industries like automotive, industrial appliances and equipment, woodwork industries, and others. Global competitors have taken advantage of this ever-increasing market demand, and profited massively from it. They are not only innovating in terms of product quality and customer satisfaction, but also in sustainable areas like coming up with more environment friendly products, and negligible usage of chemicals like hematite, and manganese oxide.

According to our analysts, some of the companies that are leading are PPG Industries Inc., AkzoNobel NV, Asian Paints Ltd, Sherwin Williams, RPM International, and Nippon Paints (Nipsea Group.)

This Amsterdam based company is the world’s largest in terms of production of industrial coating products. AkzoNobel NV’s reported revenue in the year 2017 was 14.575 million euros. The leading paints and coatings market company is focusing on coatings that help keep buildings cool in order to conserve energy, and make sure that carbon footprint is negligible. In order to attain excellent product quality along with maintaining sustainability, AkzoNobel NV hosts Paint the Future Startup challenge that invites innovators, investors, and experts all around the world to come up with ideas, and share it on a common platform. 

Right after AkzoNobel NV, PPG Industries Inc. is the world’s second largest paints and coatings market company in terms of overall production of paints and coatings. PPG Industries constantly innovates in the field of industrial coatings, and focuses on a sustainable approach. Their recorded revenue for the last quarter of the year 2018 stood at $3.65 billion, and the entire year’s revenue was recorded at a remarkable $15.37 billion. Every year, they release a Sustainability report which helps customers in understanding the viability of a product, and how it impacts our environment and surroundings. One of the innovative products that PPG has come up with is an anti-fingerprint coating that does not get any smudges even if held with hands repeatedly. 

Asian Paints Ltd is one of the most prominent paints and coatings market companies present in the Asia Pacific region that exports its products all over the world. During the 1970s, Asian Paints was India’s largest producer and manufacturer in the painting sector. Since Asian Paints is prominent in the APAC region, it is now focusing on attracting a larger customer base by focusing on products that are in alignment with Feng-shui techniques. Vastu and Feng-shui are important concepts for people in this region, and acts as an excellent market strategy for people in India and China. Asian Paints consistently ranks in the top 10 painting companies in India, and was ranked as one of the world’s most innovative companies by Forbes with a reported group revenue of around $2.5 billion in June 2018. 

United States based company RPM International is known throughout the world for its export of paints, coatings, sealants, air barriers, and roofing materials. RPM International believes in profiting from those economies which are thriving in the industrial sectors some of which include China, India, etc. Every year, RPM conducts a strategic acquisition program that enables shareholders and investors to have a better look at RPM’s consolidated earnings. This helps them in acquiring potential clients, and shareholders, thereby increasing their market value. RPM’s market revenue stood at $1.36 billion which was a considerable improvement from its previous years’ revenue. 

The global paints and coatings market is undergoing massive changes on account of its impact on the environment, and the amount to which it can be exploited by the industrial world. Responsible companies are making sure that they innovate and come up with products that are sustainable for the environment. It is ensured by them that the products do not contain any Volatile Organic Compounds (VOCs) and hazardous air pollutants. 

The demand for industrial coatings is colossal owing to the fact that it is an economical solution for preventing corrosion, and ensuring that products have a longer life. Companies also continue to capitalize on this and expand their networks by opening stores accessible to the general population. Sherwin-Williams, a US-based market giant has capitalized well on this demand. Almost 90% of the US population lives within a 50 mile radius of a Sherwin-Williams store, and has helped build a symbiotic relationship between the customer and the company. 

Paints and coatings market will continue to witness growth as its product is an inevitable part of any industry. It not only prevents a product against wettability, corrosion, or resistance but considerably improves the look of a product. The industry is now introducing environment-friendly products like powder coating that are set to take over the entire paints and coatings market in the next fifty years.