Paint is any liquid, liquefiable, or mastic composition which when applied to any object in a thin layer, turns or convert to solid film. Paints are commonly used to protect, color and to provide texture to the objects. Paints are available in many colors and types such as watercolor or artificial. Coating is referred to a covering which is applied to the objects with the purpose of decorating or protecting the objects. Coating can be applied to cover the objects partially or completely. Product label on drinks bottles where one side depicts the function of the product and other side has decorative coating in the form of word or images to make the bottles attractive is the best example in current era. Major Industries use thin film coating such as paper, fabric, film, foil or sheet stock to the objects to make it attractive.
Based on end-use, the paints and coatings market is segmented into three categories: architectural and decorative; industrial; and marine. Architectural and decorative paints and coatings can be further segmented into water-based and solvent-based. Similarly, industrial paints and coatings can be further classified into water-based, solvent-based, powder, and UV-based.
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Asia-Pacific leads the global paints and coatings market followed by Europe and North America. In developing countries of Asia-Pacific, Latin America, Eastern Europe and the Middle East, construction of new residential and commercial buildings is at boom and is expected to increase in coming future. Increasing population, growing urbanization and increase in average disposable income are some of the major drivers for the paints and coatings market.
According to Housing Active, a U.K.-based magazine, publishing in construction and housing domains, the European Union construction market grew a mere 1.4% in 2011 compared to that in 2010 when the economic crisis in the region was at its peak. For the same year, the public component of non-residential construction declined by 2.5%, while civil engineering and rehabilitation and maintenance activities grew by 0.7% and 1.5% respectively. The private component of the non-residential construction segment increased by 1.5% in 2011 compared to 2010. This decline in the construction industry was one of the key reasons for the declined growth rate of the paints and coatings industry in the region.
Asia Pacific was the largest market for paints and coatings in 2013. The increasing population, growing need for houses, and consumer goods and automotives are driving the paints and coatings market in the region. In 2010, China surpassed the U.S. to become the largest passenger car market globally. China has also been focusing on its housing and construction sector due its increasing population. The Chinese government has been inviting public-private partnerships in the recent years for several commercial construction projects in the country.
The real estate sector has taken a huge leap forward in India in the last decade on account of increasing per capita income in the country. The increasing urbanization and entry of multinational companies in the region has increased corporate construction activities. However, there remains a large untapped market for all these consumer needs which is expected to grow by 2020 and boost the paints and coatings industry in the region. The change of government in India in 2014 has attracted many neighboring countries to develop trade relations with the country, which is expected to positively boost the commerce in the sub-continent. This is expected to propel the growth rate of paints and coatings industry in India between 2014 and 2020.
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Apart from the large Asian economies, the smaller ones are also witnessing a spurt in construction activities. According to the Australia and New Zealand Banking Group Limited (ANZ), the implementation of a 10-year economic plan (2011 – 20) in Malaysia known as Economic Transformation Program (ETP) has increased construction activities wherein the private sectors and foreign investors are backed by the government. Similarly, in Philippines, the government announced its public-private partnership strategy in 2010 to facilitate development projects both at local and national levels. In Thailand, after becoming the prime minister, Yingluck Shinawatra announced plans to develop infrastructure in seven years time with an investment of USD 67 billion in 2011.
The global paints and coatings industry has moderate degree of competition; however, the industry is moving towards consolidation through large number of mergers and acquisitions taking place in the recent years. Some of the major paints and coatings companies include AkzoNobel N.V., PPG Industries, The Sherwin-Williams Company, RPM International, Valspar Corporation, and Kansai Paint Company.