August 22, 2022 10:50 ET | Source: Straits Research Straits Research
New York, United States, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Paints and coatings improve the surface's toughness and aesthetics when used for decoration. They protect the surface from corrosive substances, weather, rust, and chemical exposure. They are frequently employed in the building and construction industry to protect structures from outside harm. Cationic electrocoating materials are increasingly used in high-tech coatings to cover all the nooks and crannies of intricate metal parts and stop corrosion. High-performance ceramic prolongs the life of both automobile and aircraft turbine engines.
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Rapid Expansion of the Construction Industry and Demand for Eco-friendly Coatings Drives the Global Market
Architectural paints allow for lower-VOC, odorless paints with increased scrub resistance. They are available in various textures, from matte to semi-gloss sheens. Increased building activity and government funding for various public infrastructure projects will likely support the market. The growing adoption of cloud computing and collaborative building information modeling is another factor driving the expansion of the construction industry (BIM). The industry has grown significantly, resulting in a sizable demand for its products in many industries, including residential and commercial construction.
Using low-VOC and environmentally friendly technologies, such as water-based, powder coatings, and UV curable coatings, are gaining popularity in paints and coatings. The change is credited with implementing strict VOC emission regulations in numerous regions. Water-based paints and coatings are gaining popularity among manufacturers because they are more cost-effective than their solvent-based counterparts. Powder coatings and high solids are gaining popularity because their low VOC content makes them more environmentally friendly than solvent-based coatings. Consequently, it is anticipated that environmentally friendly coatings will propel the paints and coatings market during the forecast period.
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Increasing Applications of Fluoropolymers in the Building and Construction Industry Creates Tremendous Opportunities
The building and construction industry uses fluoropolymers, such as polyvinylidene difluoride (PVDF), for industrial and architectural coatings. PVDF is primarily used in architectural applications where long-term maintenance of excellent appearance and substrate protection is required. PVDF is the most widely used fluoropolymer because it can be formulated into solvent dispersion coatings and has sufficient solubility in ester and ketone solvents. This application of fluoropolymers can create market expansion opportunities.
Regarding revenue and volume, Asia Pacific held the largest market share and will likely maintain that position throughout the forecast period. This can be attributed to the growth of the automotive and building industries in China, Japan, and India. Because of its dominant position and anticipated significant market share growth, Europe is primarily responsible for the rising demand from the automotive industry. Due to its higher disposable income and accessibility to raw materials.
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Competitive Players in the global paints and coatings market
Global Paints and Coatings Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/paints-and-coatings-market/toc
Increasing Demand for Strontium in Paints and Coatings Sector to Drive the Market Growth
Paints & Coatings Segment is expected to Witness a Potential Growth during the Forecast Period 2019-2026
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