Paints Market - Outlook and Forecast Market Scope
Paint is defined as a pigmented liquid with a liquefiable nature that substrates into a thin layer and converts to a solid film upon the surface where it is applied. Paint functions as both protecting the article and decorating it, with a certain color or texture. The main objective of paint is to protect, impart color, provide texture, and enhance the aesthetics of the substrate on which it is applied. Basically, paint is a pigmented opaque material that is used to it can hide the surface to which it is applied. Common types of paint formulae that are available in markets are water-based formulae and oil-based formulae. It is a combination of pigments with appropriate thinners or oil and usually, it is applied by spraying or brushing to the surface.
|Unit||Value (USD Million)|
|Key Companies Profiled||Sherwin-Williams (United States), PPG Industries (United States), AkzoNobel (Netherlands), Nippon Paint Holdings Co. (Singapore), RPM International Inc (United States), Axalta Coating Systems (United States), BASF SE (Germany), Kansai Paint Co. Ltd. (Japan), Asian Paints Limited (India) and Jotun (Norway)|
The paints market is fragmented market due to the presence of various players. The players are focused on developing innovative technologies and advancements in the paint industry such as the introduction of Eco-friendly paints, and 3D paint visualization among others. Involvement in progressive practice strategies for developing advanced painting tools will enhance the market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Sherwin-Williams (United States), PPG Industries (United States), AkzoNobel (Netherlands), Nippon Paint Holdings Co. (Singapore), RPM International Inc (United States), Axalta Coating Systems (United States), BASF SE (Germany), Kansai Paint Co. Ltd. (Japan), Asian Paints Limited (India) and Jotun (Norway) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Paints Market - Outlook and Forecast market by Type , by Application (Architectural and Industrial) and Region with country level break-up.
On the basis of geography, the market of Paints Market - Outlook and Forecast has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesIn April 2022, Sherwin-Williams Company announced the acquisition of the European industrial coatings business of Sika AG. The acquired business will become part of the Company's Performance Coatings Group operating segment. This acquisition aimed to strengthen the company’s product portfolio.
In May 2022, PPG Industries announced the opening of a new architectural paint and coatings color automation laboratory in Milan, Italy. The opening aimed to provide a facility that will significantly increase the speed of developing paint color formulations. This strategy enhanced the company’s long-term commitment to enhancing research capabilities.
National Emission Standards for Hazardous Air Pollutants (NESHAP): Paints and Allied Products Manufacturing. It is an Environmental Protection Agency (EPA) standard, applicable within the United States to the emissions of hazardous air pollutants produced by corporations, institutions, and Agencies at all levels of government. and For paints and coatings, labeling rules are discussed in Title 16, Part 1500.14 of the Code of Federal Regulations (CFR) and 16 CFR 1500.129, which are additional requirements for consumer products containing certain hazardous substances.
Influencing Trend:Rising Customer Preferences for Paint and Coatings Options
Market Growth Drivers:Growing Demand for Decorative Paints is correlated with Growth in Housing, Construction, and Chemical Sectors, Rapid Urbanization and Industrialization in Emerging Countries and Growing Disposable Income in Emerging Countries
Challenges:Rising Entry of New Competitors and Displacement of Migrant Workers
Restraints:Stringent governmental and environmental regulations
Opportunities:Focus on the Development of Various Innovative Manufacturing Processes and Technologies and Growing Government Investments in Public Infrastructure Projects and Increasing Construction Activities
Key Target AudiencePaint Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory Bodies, Research Organizations and End-Use Industries