Paints and coatings prevent the material from various factors such as corrosion, rust, and exposure to industrial chemicals. Protective coatings prevent the corrosion of metals/alloys by acting as a barrier between the harmful agents/compounds and the layer of metal/alloys. New infrastructure projects, such as bridges and water treatment facilities along with the growth of commercial/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, facilitating easy assembly, and many more.
Paints and coatings are majorly used in architectural sectors, as the construction sector is growing in the developing regions. Architectural industry consists of 41% share in paints and coatings in terms of volume, followed by automotive and marines with 11% and 11% respectively.
The new innovations and development in paints and coatings have opened a wide door of opportunities, from a large variety of colors to different specific properties. Paints and coatings is diverging its market from small to large products, as the colorful world is always in demand. Acrylic resins reserve maximum number of shares as it is highly consumed in paints and coatings. It occupies about 28% share in overall paints and coatings market.
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Geographically, the APAC region is the largest and fastest growing region for the Paints and Coatings market as the emerging economies such as China and India are experiencing huge demand for paints and coatings. Increased consumer preference for high-priced paints and coatings in countries such as China, India, and South Korea is also responsible for the historical growth rates. Government housing schemes and affordable house building programs in Thailand, Indonesia, and Malaysia also provide impetus to the market during times of economic slowdown and natural disasters. Other factors such as the emergence of the service sector in Myanmar and increased tourism activities in other Southeast Asian countries such as Thailand, Cambodia, and Laos have helped the growth of the retail market for decorative paints and coatings.
Paints and coatings are creating their path to rise in the market in parallel with the growth of the construction industries. The recent R&D activities by the chemical industries to produce new innovative paints as well as coatings are replacing the synthetic means, which were more toxic. Chemical industries are now manufacturing paints and coatings adhering to government regulations and standards so that their new innovations will be much profitable and also help to increase their market growth.
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