Industries Study Report

Global Paint and Varnish Market is expected to grow significantly in the forecast period owing to the increasing development worldwide. Paint is the coating applied on the walls or surfaces for decoration. The material is either available in oil-based or water-based form; it prevents corrosion and completely hides the applied surface. Varnishes are the transparent liquids that offer protective surface coating like paints. They do not completely hide the surface but add glossy finish to it. Varnish normally contain resin, thinner or solvent and drying oil.

The market is majorly influenced by the increasing automobile sector due to growing demand for vehicles and growth in construction industry due to increased spending power. Moreover, increasing urbanization in the developing as well as developed economies is positively affecting the paint and varnish market. However, stringent regulations for VOCs and other unsafe elements in varnishes and paints is encouraging the major players to make changes in their products, which will ultimately hamper market growth of the market.

Nevertheless, rise in consumer's awareness regarding the occurrence of VOCs and other unsafe elements in paints and varnishes is expected to increase the demand for other safer products. In the next decade, market is expected to witness major innovations since leading players are investing substantially in the development of cleaner and safer elements to be used in paints and varnishes.

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The market is categorized on the basis of type, application and geography. On the basis of type, market is divided into water borne, solvent borne and others. Water borne coatings are expected to hold larger share of market since they are widely used in several applications. Based on application, market is divided into industrial application, construction, transportation, consumer goods and others. Construction segment is expected to lead the market due to increasing developments on the global scale.

Geographically, market is segmented as North America, Europe, Asia Pacific and Middle East & Africa. Owing to the developments in emerging economies, Asia Pacific is predicted to lead paint and varnish market in the near future. The leading players in paint and varnish market comprise Axaltas (DuPont), Akzo Nobel, Al-Jazeera, Berger, BASF, Jotun, Hempel, RPM, National Paints, Sigma (PPG), Oasis Amercoat, Rose Paint, Paintco, Raghagan, Caparol (DAW), Ocean Paints and Sherwin-Williams.

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