Evolution Of Paints And Coatings Market And Components Over The Years

Besides increasing the shelf life of the substrate (product) by enhancing their resistance towards physical damages and side by side improving their aesthetics, paints and coatings are also known to add a bit of smoothness and sleekness to the substrates. They are a blend of chemical compounds, of which the fillers and binders are the homogenously dispersed base material. Binder is responsible for the formation of the film that functions as a matrix to hold together the imparting color pigments. However, it used to be composed of natural components in the earlier days, as opposed to the synthetic polymer materials or resins that are commonly used nowadays essentially vinyl, epoxies, alkyds urethanes and polyester. To improve the quality of the paints and coatings, contemporary binders are mixed with additives and solvents which are expected to improve and control the respective colors and viscosity. Manufacturers in this market produce paints, stains, varnishes, shellacs and lacquers.

The cost of raw materials directly influences the costing values of paints and coatings; they require more than 350 numbers of materials. Mercury, titanium oxide, lead, phthaline anhydride, soyabean oil, linseed and castor are few of the raw materials used for manufacturing them. These materials cover up for more than 50% of the total costs. Petroleum derivatives provide most of the products needed for the production. Therefore, fluctuations in the price of crude oil can consequently affect the costs of production for paints and coatings. The price of raw materials, import policies, supply chain, technology and distribution channels shake the balance of pricing for paintings and coatings.

Approach towards Environmentally-safe Paints and Coatings

There is an increase in stipulations for environmentally-safe paints and coatings, while simultaneously, there is a rising demand for anti-corrosive paints also, which can be mainly credited to the automotive and aerospace sector. The marine sector has also seen a significant upsurge in demand for corrosion-resistant paints as it has proven to be beneficial for reducing rotting of boats. Therefore, these sectors are the external factors that are driving the growth of the industrial paints and coatings market. There is a growing interest in lower VOC alternatives because of the availability of solvent-free paints and coatings. However, environmental factors may affect the market globally. The forces that are restraining the market growth are mainly the environmental regulations and the ineffective supply chain distribution of the products.

The rising awareness fuels the current developments in the technology of paintings and coatings industry for the environment conservations alongside the growing public concern for their health safety. The main sources of harmful VOC emissions occur during their production. Therefore, the manufacturers are more inclined towards adopting ecologically sustainable products. The two categories of sustainable products are:

• Eco-Friendly organic paints
• Eco-friendly conversion paints and coatings

Future Insights

The Asia-Pacific region is forecasted to be the largest contributor to the paints and coatings market within the next decade due to its humongous construction market that is expected to widen further. The construction industry is majorly driven by the South and Southeast Asian nations like China, India, Singapore, and Malaysia. The public and private individuals majorly regulate the industries from this market. So, the increased investments by government and individual in the construction sector are boosting the paints and coatings market in Asia-Pacific to be at the top. Even the most unpredictable sector for real estate has shown potential in the last five years and consists of more than 1/3^rd of the production in the worldwide construction industry.

Hence, the booming construction market in the Asia Pacific, ever increasing rate of the automotive industry, increased number of demands from the aerospace & marine sectors and growing personalized preferences for inhibiting the accumulation of fungal growth, rust, damp, etc. are influencing the global paints and coatings market growth.