Paint is a coloured ingredient which is spread over a surface and then dries to leave a thin decorative or protective coating. It is used to describe a number of substances that consist of a pigment suspended in a liquid or paste form such as oil or water. With a brush, a roller, or a spray gun, paint is applied in a thin coat to various surfaces such as wood, metal, or stone. Although, the primary purpose of a paint is to protect the surface to which it is applied, it also provides decoration. Today, paints are used for interior and exterior building painting, automobiles, planes, appliances, furniture, and many other places where protection and appeal are desired.
The market can be divided into three broad segments, namely architectural segment that depends heavily on the performance of the building & construction sector, industrial paints and coatings segment that is closely related to the automotive, major appliances and industrial equipment sectors and specialty paints and coatings which includes a wide array of divergent coatings such as automotive refinish coatings, industrial maintenance coatings, traffic marking paints and marine paints.
The global paints and coatings market is set to experience favorable growth driven by factors such as increasing construction spending, rapid urbanization, increasing household consumption expenditure and accelerating economic growth. The major trends observed in this market include increasing preference for professional contractors, technological advancements and increasing consolidation of market players. However, the growth of this market is constrained by challenges such as increasing raw material prices and stringent environmental regulations.
The report “Global Paints & Coatings Market: Industry Analysis & Outlook (2018-2022)” analyses the development of this market, with focus on North America, Latin America and Asia Pacific markets. The major trends, growth drivers as well as issues being faced by the market are discussed in detail in this report. The four major players: PPG Industries Inc., Sherwin-Williams, AkzoNobel and Axalta Coating Systems are being profiled along with their key financials and strategies for growth.