Published on : Aug 05, 2016
ALBANY, New York, August 05, 2016: Paints and coatings find application in the architectural segment, several industries, and the vehicles market. In the vehicles market, the demand for paints and coatings is expected to increase primarily due to the increasing demand for commercial vehicles and lightweight passenger vehicles. As per a new research report added by ResearchMoz.us to its database, the demand for paints and coatings is also expected to increase in the housing and construction industry. The report, titled ‘Global Paints & Coatings Market: Industry Analysis & Outlook (2016-2020),’ defines paints and coatings and gives a brief analysis of their use across various industries.
Market dynamics such as key drivers, restraints, trends, and challenges are also studied in the report by the analysts. The production of lightweight vehicles is expected to increase globally in the coming years. This is the major factor driving the global paints and coatings market. The growing urbanization and rising expenditure on housing and commercial construction will further propel the demand for paints and coatings. The global construction industry has been on the rise since the recent years. This has created demand for paints and coatings across the globe. With more construction projects in the pipeline, the demand for paints and coatings is expected to increase further.
On the other hand, environmental rules and regulations are expected to hamper the growth of the global paints and coatings market. As paints and coatings contain volatile materials that hamper the environment, the use of organic paints is expected to increase. Governments in various nations have issued new regulations regarding the use of environment-friendly paints and coatings to minimize pollution from the waste. This is the primary factor expected to hamper the sales of paints and coatings in the coming years. The instability in prices of petroleum-derived raw materials will also restrict the demand for paints and coatings used for construction projects.
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However, factors such as the rising demand for new residential and commercial construction in Asia and falling prices of construction materials are expected to benefit the market for paints and coatings. The global paints and coatings market is expected to attract many local players and startups. Considering the quality of material, preference for professional contractors is predicted to increase, helping the leading players maintain their dominance in the global market. The rising use of green coatings and nano-coatings can create future growth opportunities for the manufacturers of paints and coatings.
The report also studies various types of paints and coatings offered by leading players in the global market. Specialty coatings, architectural coatings, and industrial coatings are the primary types of coatings studied in the report. Among the various types of paints in the global market, water-based paints and solvent-based paints are in more demand than other types of paints in the global construction industry. Falling crude oil prices have helped manufacturers introduce new varieties of paints and coatings to fulfill the rising global demand.
AkzoNobel, PPG Industries, Sherwin-Williams, and Axalta Coating Systems are a few of the companies listed in the report on the global paints and coatings market.
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