The global market for paints and coatings is characterized by a high level of competition due to the presence of a large number of market players. The market players are expected to introduce innovative business strategies to gain supremacy in the market. There is tremendous scope for growth for all the market players because the products in the market for paints and coatings are used across a wide array of industries. Furthermore, the market players have shown a history of perpetual growth, development, and introduction of better products. Hence, it is safe to state that all of the market players could coexist while reaping substantial market share from their respective consumer bases. Mergers and acquisitions are expected to be a key strategy of established market players who want to take the next step in the revenue game. Moreover, strategic alliances are also anticipated to play an instrumental role in fortifying the position of the market players. Some of the key players in the market are RPG International Inc.,
Axalta Coatings System, AkzoNobel N.V., PPG Industries, Sherwin-Williams Company, The Valspar Corporation, and BASF SE. These market players have shown commendable progress over the past years and are expected to keep treading on a path of growth and development.
Transparency Market Research prophesies the growth of the global market for paints and coatings over the period between 2013 and 2019. The market was valued at US$100.3 bn in 2012 and is projected to elevate to a robust value of US$143.9 bn in 2019. The market would inflate at a sturdy CAGR of 5.40% over the period between 2013 and 2019. The constructions industry has been the key end-use industry for the global market for paints and coatings.
Rapid Urbanization to Aid Market Growth
In the contemporary times, several industries including constructions and aerospace have gained momentum. The entire world is struck by a wave of urbanization wherein infrastructural developments are happening at a swift pace. These infrastructural developments have directly influenced the constructions industry with new buildings, estates, and establishments becoming a part of cities and regions. As the constructions industry grows, the demand for paints and coatings for a range of purposes also takes a positive leap. Paints and coatings are not just helpful for enhancing the aesthetics of buildings and houses but are also used for protecting the infrastructure. Furthermore, the aviation and automotive industries have also emerged as ardent users of paints and coatings, which has also propelled demand within the global market.
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Expanding Product Portfolio Escalates Demand
The growth rate of the global market for paints and coatings has reached new heights due to the introduction of new products by the market players. Various types of paints and coatings used for protection and decoration of infrastructure have emerged in recent times. Green coatings, useful for protecting the environment, have been the key highlight of the ever-expanding product portfolio of the paints and coatings market. Besides this, nano-coatings have also become an important product that is used across a wide range of industries. It is anticipated that the market players would keep introducing new products in the market to woo the customers.