The global paints & coatings market was valued at USD 141.58 Billion in 2015 and is projected to reach USD 190.51 Billion by 2021, at a CAGR of 5.07% from 2016 to 2021. It is primarily driven by the increasing use of waterborne coatings for performance and environmental reasons. The global paints & coatings market is growing owing to the increasing demand from the building & construction industry. High demand for waterborne coatings has also been driving the architectural coatings market for the past few years. Additionally, growing manufacturing activities such as automotive, chemical, and other commercial industries in Asia-Pacific have been influencing the market for the past few years. The top 10 high growth paints & coatings markets considered for the study are elastomeric, polyurea, UV, insulation, ceramic, automotive, medical, silicone, fluoropolymer, and epoxy coatings.

The elastomeric coatings segment accounted for the largest share of paints & coatings market and is projected to register the highest CAGR of 15.19% between 2016 and 2021, to reach a market size of USD 13.51 Million by 2021. North America is the largest market for elastomeric coatings, whereas Asia-Pacific is the fastest-growing market for the same. There has been a steady growth in the Asia-Pacific market since the last 2-3 years because of increasing employment rate as well as improving economy and construction sector.

The global market size for polyurea coatings is estimated to be USD 5.34 Billion in 2016 and is projected to witness a CAGR of 10.57% to reach USD 8.93 Billion by 2021. The UV curable coatings market is witnessing high growth which is expected to continue in the near future. It is majorly driven by the highly growing manufacturing industry in Asia-Pacific and intense efforts at country level to promote environment-friendly products. Presently, Asia-Pacific and Europe are the major consumers of UV curable coatings.

The global market size for insulation coating is estimated to be USD 5.66 Billion in 2016 and is projected to witness a CAGR of 7.99% to reach USD 8.29 Billion by 2021. Energy cost saving and protection from corrosion under insulation are the main drivers for the insulation coatings market. Increased use in the building & construction industry, especially in the emerging markets, is one of the key drivers of the insulation coatings market.

The global market size for ceramic coatings is estimated to be USD 7.57 Billion in 2016 and is projected to witness a CAGR of 7.50% to reach USD 10.87 Billion by 2021. One of the biggest advantages of ceramic coatings is their ability to provide heat barrier potential, durability, and toughness to components in extreme environments. The growing automotive and automotive components market in China and India is one of the major drivers for high demand of ceramic coatings in the Asia-Pacific region. Due to various applications in the automotive sector and the requirement to create heat-resistant systems, ceramic coatings have gained high importance.

Though the paints & coatings market is gaining importance, factors such as the health and environmental concerns faced due to the release of VOC content in the environment are likely to hamper the growth of the solvent-borne paints & coatings segment, subsequently hindering the growth of paints & coatings market. Apart from strict regulations, substantial capital and time is invested in the testing phase of paints & coatings, which can act as a constraint for the newer players.

Companies such The Dow Chemical Company (U.S.), AkzoNobel N.V. (Netherlands), The Sherwin-Williams Company (U.S.), BASF SE (Germany), PPG Industries (U.S.), Jotun A/S (Norway), Nippon Paint (Japan), Axalta Coating Systems (U.S.), Asian Paints (India), Progressive Painting, Inc. (U.S.), and others are the key players in the global paints & coatings market.

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