Paints and coatings find application various industrial
verticals. They are primarily used to protect machines and equipment from
corrosion and rusting. Besides this, they are used in consumer goods for
greater aesthetic appeal. Thus, with increasing industrialization and
burgeoning sales of consumer goods, demand for paints and coatings is expected
to follow a notable growth trajectory.
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Primary functions of paints include coloring, protecting,
and providing texture to objects. Paints can be natural or artificial, solvent-based
or water-based, and are available in different colors. Coatings are coverings applied
to objects to protect or add aesthetic value to them. They can be applied to
cover objects completely or partially.
Paint and Coating Manufacturers to Focus on
Development of Specialized Paints
Paint and coating manufacturers are paying greater attention
to development of specialized paints that can offer various advantages such as
low-VOC content and improved texture. Surging demand for cooling paints due to
rising global temperature is prompting manufacturers to focus on temperature
regulation capabilities of their products. For instance, streets in Los Angeles
have been painted with gray-colored cooling paints. The paint, called CoolSeal,
was originally developed to camouflage heat created by airstrips from spy
satellites overhead. CoolSeal is better at reflecting solar rays and thus, is
able to reduce temperatures at ground level.
Market Insights
Increasing population worldwide, coupled with growing
number of nuclear families, is stoking the demand for new houses every year.
This can have a positive impact on the growth of the global paints and coatings
market. Robust growth of end-use industries, including automotive, consumer
goods, marine, and aerospace is likely to help the market gain significant
impetus. On the other hand, volatile prices of crude oil and stringent
regulatory norms can keep the market from realizing its utmost potential.
Competitive Landscape
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