Over the years, the paints and coatings market has been exhibiting a steady rate of growth. This rate of advancement is propelled by the rising opportunities witnessed by the markets in the emerging economies of Asia Pacific, particularly in countries such as India and China.
Asia Pacific Dominates Global Paints and Coatings Market
Regionally, Asia Pacific led the global paints and coatings market in 2012, accounting for a share of 39%. The rapid expansion of manufacturing and construction activities will aid the growth of the paints and coatings market in the region. The market will also gain from the increasing application scope of nanocoatings and green coatings in North Africa and the Middle East in the coming years.
The enterprises operating in the paints and coatings market will also witness lucrative opportunities in Europe due to the increasing demand from the automotive and aviation end users. However, in the forthcoming years, Rest of the World is anticipated to exhibit the fastest CAGR. The rising demand for paints and coatings for diverse applications in the Middle East, South America, and Latin America will aid the expansion of the market in the region.
Prominent Enterprises in Market Endeavoring to Gain from Product Innovation
The most prominent names in the global paints and coatings industry are focusing on product innovation to gain a competitive edge in the market. Since the majority of these multinational companies such as Akzo Nobel, PPG, Kansai Paint, Chugoku Marine Paint, and Sherwin-Williams have production in developing regions, introducing novel technologies is touted as the most potent medium of increasing their consumer base.
For instance, Akzo Nobel in January 2014, launched new and improved architectural warranty systems for AAMA compliant category of architectural coatings. PPG had also introduced ELECTROCOLOR 3500 coatings around the same time. ELECTROCOLOR 3500 is a lightly-tinted clear coating designed specifically for application on metal surfaces of notebooks, smartphones, tablets, and other similar consumer electronics devices. Product innovation is therefore considered as key to staying ahead amidst cut-throat competition in the market.
Nanotechnology has also emerged as a new area of interest in the industry, with tens of thousands of patents already issued in favor of the prominent enterprises. Companies are promoting futuristic applications, such as nanotubes for electrically conductive coatings, and increasing the pace of thermosetting resins reaction and metals for conductive coatings in inks to expand their product offering.
In the forthcoming years, the implementation of more stringent air pollution regulations will encourage these companies to adopt new paints and coatings technologies to enjoy sustainable growth in the market.