Published by Lucía Fernández
The global paint and coatings industry is a major subset of the international chemical industry. Coatings refer broadly to any type of covering that is applied to an object’s surface for functional or decorative reasons, or both. Paints are a subset of coatings that are also used as a protective coating or as a decorative, colorful coating, or both. The global market volume of paint and coatings amounted to nearly ten billion gallons in 2019. In 2020, the global paint and coatings industry was estimated to be valued at some 158 billion dollars. Market growth is mainly driven by increasing demand in the construction industry, with the automotive, general industrial, coil, wood, aerospace, railing, and packaging coatings markets also driving demand growth.
Asia is the world’s leading paint and coatings market
The Asia-Pacific region constitutes the largest global paint and coatings market, with the region’s market value amounting to an estimated 77 billion U.S. dollars for this industry in 2019. The region’s commanding share of the market is expected to expand even further, driven by the continued population growth and urbanization in China and India. Architectural paints are one of the major demand areas of the global paints and coatings industry, which are used for decorative and protective purposes for various residential, commercial, industrial, and government buildings.
Coatings as a technological solution
Research and development in the coatings industry for a variety of very specific applications is very active as there are many different types of surfaces in the world that need to be optimized or protected in some way. To name just a few applications, nanocoatings, hydrophilic (water attracting) coatings, hydrophobic (water repellent) coatings, and antimicrobial coatings are all sub-segments of the industry.
Post time: Nov-18-2021
