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The global paints and coatings industry is driven by the rapid growth of the end use industries. With rising population and urbanization, the architecture industry is blooming which is bolstering the paints and coatings market. The shipbuilding and pipeline sectors are also increasing their use of powder coating. Powder coating is also finding its use as plastic pipe in many industries like textile and electronics industries. Acrylic is emerging as the leading resin type segment in the paints and coatings market. This is because of its superior characteristics like high weather resistance, better visual finish, and absorption of ultraviolet rays. Acrylic paints have versatile use, inexpensive price, and are among the least toxic. Acrylic only needs water for thinning and dries quickly. They also have good cohesive strength and anti-corrosion property. All these advantages are fuelling the rapid growth of this paint and coating sector.
The new technological advancements have propelled the paints and coatings industry. The awareness for environment and government regulations have pushed for the new products with minimal ecological damage. PPG Industries Inc. (NYSE: PPG) is one of the key players in paints and coatings industry. On November 23, 2020, PPG announced a new powder coating geared towards wood and wood-composite products. The new powder coating claims to contain no toxic materials while effectively providing a longer life and better appearance to the goods applied. It is also supposed to have low carbon footprint and no volatile organic compound (VOC) emissions. The sustainable and non-polluting products brought by new innovative technologies is expected to provide impetus to the growth of the industry.
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The major players in the global paints and coatings market are PPG Industries Inc., Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., BASF SE, The Sherwin-Williams Company, RPM International Inc, and Beckers Group, among others. e comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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