Global Market Study on Paints and Coatings: Industrial Paints and Coatings to Witness Highest Growth by 2020
Paint is any liquid, liquefiable, or mastic composition which when applied to any object in a thin layer, turns or convert to solid film. Paints are commonly used to protect, color and to provide texture to the objects. Paints are available in many colors and types such as watercolor or artificial. Coating is referred to a covering which is applied to the objects with the purpose of decorating or protecting the objects. Coating can be applied to cover the objects partially or completely. Product label on drinks bottles where one side depicts the function of the product and other side has decorative coating in the form of word or images to make the bottles attractive is the best example in current era. Major Industries use thin film coating such as paper, fabric, film, foil or sheet stock to the objects to make it attractive.
Based on end-use, the paints and coatings market is segmented into three categories: architectural and decorative; industrial; and marine. Architectural and decorative paints and coatings can be further segmented into water-based and solvent-based. Similarly, industrial paints and coatings can be further classified into water-based, solvent-based, powder, and UV-based.
Asia-Pacific leads the global paints and coatings market followed by Europe and North America. In developing countries of Asia-Pacific, Latin America, Eastern Europe and the Middle East, construction of new residential and commercial buildings is at boom and is expected to increase in coming future. Increasing population, growing urbanization and increase in average disposable income are some of the major drivers for the paints and coatings market.
According to Housing Active, a U.K.-based magazine, publishing in construction and housing domains, the European Union construction market grew a mere 1.4% in 2011 compared to that in 2010 when the economic crisis in the region was at its peak. For the same year, the public component of non-residential construction declined by 2.5%, while civil engineering and rehabilitation and maintenance activities grew by 0.7% and 1.5% respectively. The private component of the non-residential construction segment increased by 1.5% in 2011 compared to 2010. This decline in the construction industry was one of the key reasons for the declined growth rate of the paints and coatings industry in the region.
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