The demand within global paints and coatings market is set to trace anascending trajectory in the years to follow, finds Transparency Market Research(TMR). The use of paints in a plenitude of industries such as automobiles,aerospace, and construction has facilitated the inflow of voluminous revenuesinto this market. Besides, chemical analysis and experimentation has undergonepalpable improvements over the past decade. This trend has helped indiscovering new uses and potential applications of paints and coatings.Therefore, the global paints and coatings market is expected to churn out freshrevenues in the years to follow.
Transparency Market Research (TMR) finds that the global paints andcoatings market would expand at a modest CAGR of 5.2% over the period between2018 and 2026. The total value of the global paints and coatings market stoodat US$ 149.79 Bn in 2017. The growth of the global paints and coatings marketlargely relies on advancements in key industries such as transport,automobiles, packaging, healthcare, and manufacturing. Improvements in chemicalanalysis and testing have also aided the growth of the global market.
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Advancements in Construction Planning
Holistic consistent growth of the constructions industry is integral formaintaining the graph of development in urban centers. Furthermore, the wave ofurbanization and industrialization has necessitated the use of prudenttechniques and durable materials within the constructions industry. Therefore,the global paints and coatings market is expected to become a haven of keyopportunities in the coming times. Various types of solvents, includinghigh-solid and water-based solvents, are currently available in the market. Thepopularity of these products shall an era of growth across the global paintsand coatings market. The industrial sector is the largest consumer of paintsand coatings, and the stellar size of the former has aided market growth.
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Growth of Aerospace Sector
The defense and aerospace industry is amongst the most valued assets ofa regional territory. Therefore, government entities invest voluminous revenuestowards developing this industry. This trend has garnered the attention of themarket vendors who are aiming to tap into the requirements of the defense andaerospace industry. Automobile manufacturing also involves the use of paintsand coatings, whilst the healthcare industry is gradually turning into a formidableconsumer of these products. Therefore, the growth potential of the globalpaints and coatings market cannot be underestimated. The marine industry isanother key area that the market vendors within the paints and coatings marketcan capitalise upon.
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Some of the leading vendors in the global paints and coatings market areBASF SE, Sherwin-Williams Company, Axalta Coating Systems, Valspar, PPGIndustries, Akzo Nobel N.V, KCC Corporation, Nippon Paint Holdings, and JotunA/S. It would be interesting to analyse the business strategies of vendorsoperating in the global paints and coatings market.
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