Global Decorative Paints and Coatings Market 2017-2021
About Decorative Paints and Coatings
Paints and coatings are utilized for various functional benefits, such as conduction, light absorption, insulation, anti-skid property, and reflection. Paints and coatings have some definite applications in buildings, cars, household appliances, ships, airplanes, microchips, and computers. The key components of paints include resins, solvents, pigments, and additives.
Technavio’s analysts forecast the global decorative paints and coating market to grow at a CAGR of 5.53% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global decorative paints and coating market for 2017-2021. To calculate the market size, the report considers the revenue from various applications, technology, resin type.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Decorative Paints and Coatings Market 2017-2021
Technavio recognizes the following companies as the key players in the global decorative paints and coating market: AkzoNobel, The Sherwin-Williams Company, PPG Industries, Asian Paints, and Kansai Paints
Other Prominent Vendors in the market are: Arkema, BASF, Benjamin Moore, Berger Paints, Cromology, Dunn-Edwards, NOROO Paint & Coatings, Nuplex Industries, Ring International, and Tikkurila.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing consumption of nanocoating. The usage of materials, such as nanoparticles, in water-based decorative paints and coatings, is a new concept in the market. The use of nanocoating in different industries, such as automotive and construction, helps in minimizing material use, optimizing energy consumption, reducing wastage, and improving the product performance. Nanocoating consists of a water-soluble base, which helps in stabilizing the products, such as automotive parts and wood coatings usages.”
According to the report, one of the major drivers for this market is Increase in construction activities. The construction industry, including residential, commercial, non-residential, and infrastructure construction, is growing, and thereby, leading the decorative paints and coatings market. Some major factors driving the construction industry are urbanization, increasing per capita income, increasing purchasing power, rising standard of living, and renovations. These power the construction industry in flourishing and benefiting the decorative paints and coatings market.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in raw material cost. The fluctuating cost of raw materials used in the manufacture of decorative paints and coatings is a major challenge for the global decorative paints and coatings market. Major resin binders used in the manufacture of decorative paints and coatings are acrylic, epoxy, polyester, and polyurethane, which are petroleum derivatives. Thus, prices of these resins are dependent on prices of crude oil. Hence, fluctuations in prices of crude oil affect the manufacturing of decorative paints and coating.
AkzoNobel, The Sherwin-Williams Company, PPG Industries, Asian Paints, Kansai Paints, Arkema, BASF, Benjamin Moore, Berger Paints, Cromology, Dunn-Edwards, NOROO Paint & Coatings, Nuplex Industries, Ring International, and Tikkurila.