Paints & Coatings Market- Recent Developments

?Paint is any liquid mixture that converts into solid film after application to a surface in a thin layer. A coating is a covering that is applied to a surface for decorative and protective properties. It includes all organic and inorganic coatings such as enamels, varnishes, emulsions, and bituminous coatings.?Paints and coatings?are used in architectural and industrial applications such as general industrial, protective, automotive refinish, automotive OEM, industrial wood, and marine, among others.

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The key players profiled in the Paints & Coatings market report are?AkzoNobel?N.V,?BASF SE,?THE SHERWIN-WILLIAMS MANUFACTURING COMPANY?Company,?PPG?industries,?Axalta Coating Systems Germany GmbH?System,?Kansai Nerolac Paints Ltd?,?DOW CORNING LIMITED,?Hellos Group,?Masco Corporation,?TIKKURILAOYJ,?Diamond Vogel,?Backers Group,?RPM International Inc.?Inc,?KKC Corporation,?Berger Paints India?Limited,?NIPPON PAINTS?Holdings Co., Ltd,?The Valspar Corporation,?Jotun/S,?Asian Paints?Limited?and others

Recent Developments

• On May 25, 2022, BASF at the Coatings Technology Center in Mangalore, India, expanded its Automotive Coatings Application Center. It is a crucial component of the current R&D facilities for automotive coatings solutions at BASF. In Asia Pacific, BASF also runs Automotive Coatings Application Centers in Totsuka, Japan; Bang Pu, Thailand; and Shanghai, China.
• Kansai Paint and Akzo Nobel came to an agreement on June 1st, 2022, for Akzo Nobel to purchase its paints and coatings operations.
• In July 2021, AkzoNobel N.V. and Mercedes-Benz extended their partnership agreement for another four years. This means the company will continue to provide vehicle refinish products including automotive and specialty coatings, and services in China and a preferred partner in Indonesia.
• In March 2021, Qlayers coating technology offers a fully automated solution to safer, more consistent, and faster than manual manual coating processes used now in the industry. By eliminating overspray, it’s a sustainable solution that saves cost. This technology is helping customers in applying anti-corrosive coating systems and others.

Based on technology, the waterborne segment is estimated to account for the largest share during the forecast period. Waterborne paints and coatings are used majorly in architectural applications and are also used in automotive, general industrial, protective, wood, marine, packaging, coil, and other industries, due to their low toxicity and flammability and also due to low VOC levels and HAP emissions. The waterborne paints and coatings market is expected to grow owing to the high growth of the architectural industry, which is anticipated to witness good growth, mainly in the developing countries.

Based on resins, acrylic is estimated to account for the largest share during the forecast period. Acrylic coatings can be used in organic solvent-borne, waterborne, powder, or radiation-curable formulations. They are mainly used in architectural, or decorative, finishes, and industrial goods. Increasing use of acrylic coatings in automotive OEM basecoats applications followed by the use of acrylic latexes in the automotive refinish market in North America and Western Europe are driving the demand for acrylic-based paints and coatings.

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The APAC paints and coatings market is projected to register the highest CAGR during the forecast period. China is estimated to be the largest paints and coatings market in APAC. Countries such as China and India are likely to lead the growth in this region. Established paints and coatings manufacturers in North America and Europe are further expanding their presence in the APAC region through acquisitions and strategic partnerships to tap the emerging opportunities in this region.

The paints and coatings market in China, India, Indonesia, and South Africa is expected to grow rapidly due to the growth in end-use industries. Favorable opportunities in these countries are expected to support the growth of the paints and coatings market in the coming years. Major players such as AkzoNobel N.V. (Netherlands), PPG Industries (US), and The Sherwin-Williams Company (US), have framed their strategies to penetrate and create bases in these emerging markets.

Moreover, major companies are focusing on strengthening their R&D facilities to provide eco-friendly products. These products are manufactured adhering to regulations implemented by associations and governments. All such developments are expected to lead to the sustainable development of players in the paints and coatings market over the next five years.