Global Paints and Coatings Market Witnesses Strongest Demand in Asia Pacific Owing to Rising Construction Activities in the Region

Driven by the surging demand in the construction industry, the global market for paints and coatings is anticipated to grow exponentially between 2013 and 2019. In 2012, the market reported a valuation of US$100.3 bn, as per a recent analysis by Transparency Market Research. According to the report, the market is likely to reach US$143.9 bn by the end of 2019. If these valuations hold true, the global paints and coatings market will exhibit a CAGR of 5.4% between 2013 and 2019.

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. 

Research: http://www.transparencymarketresearch.com/Paints-coatings-market.html

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.

The Arrival of Self-healing Paints and Coatings is a Game Changer. Here’s Why.

The paints and coatings industry finds itself compelled to devise new products in response to the rising demand for self-healing materials in various applications. The growth of the paints and coatings market is projected to be positive over the next few years, and will be crucially defined by an increasing degree of competition in the self-healing paints and coatings space.

According to Transparency Market Research, the global paints and coatings market, which had an estimated valuation of US$100.3 bn as of 2012, is projected to report a CAGR of 5.4% between 2013 and 2019 to rise to US$143.9 bn by 2019. In order to sustain this projected growth rate, companies will need to focus resolutely on innovation, especially in areas such as self-healing paints and coatings and nano coatings.

TMR’s analysts state that the use of paints and coatings was the highest in the residential sector in 2012, surpassing demand from other end-users such as the automotive, medical devices, and aviation industries.

What’s Driving Demand for Self-healing Paints and Coatings?

Any damage to painted or coated surfaces translates to additional expense by means of maintenance. In many instances, it also means time spent on undertaking repair and maintenance activities. Both industrial and individual customers are constantly seeking ways to reduce the time and money that scratches to a painted surface demand. 

This in the first place was what laid the foundation for the development of self-healing paints and coatings. These essentially refer to coatings made using materials that can fill and seal gaps and cracks when exposed to specific temperatures.

Identifying and Filling Gaps in Self-healing Paints and Coatings Market

Although there has been some progress in the development of self-healing paints and coatings, it has been limited in nature. For instance, the majority of self-mending coatings available on the market until now have been able to self-repair only fine cracks and scratches, and only once.

The need for paints and coatings that can self-repair repeated scratches or cracks on the surface had remained unaddressed on the commercial market for the most part. That’s reassuringly being changed now with the launch of a range of self-healing paints and coatings that can be used in a myriad of industries even in the event of repeated damage to the surface. An example would be the LK Polymer Admix from Oceanit – a new product that carries self-repair attributes even in the case of repeated damage. Likewise, Nissan launched self-healing paint for automobiles in 2014, clearing the ground for fresh competition in the self-healing paints and coatings sector.

That smart paints and coatings have stirred a great degree of interest among automotive companies can be deduced from the fact that the number of patents granted for such technology are rising dramatically, with some estimates pegging this number at over 300,000 as of 2015 end. Although for the time self-healing paints and coatings continue to remain somewhat of a luxury product, continued research will bring them into the mainstream soon.

Browse Industry Research Press release on  Paints and Coatings: http://www.transparencymarketresearch.com/pressrelease/global-Paints-coatings-market.htm