LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global paints and coatings market report. This market research report also lists 12 other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
According to the research analysis, the global paints and coatings market is highly competitive with the presence of both regional and global players. The growth in the building and construction sector has spurred the demand for paints and coatings, globally. The focus on R&D, customization of product offerings, expansion strategies, and engagement of existing customers to draw in potential customers has increased in the market. The customers are seeking innovative and efficient solutions while being price sensitive. Global and local players are trying to hold their position in the market by enhancing their product offerings, and increasing customer reach through marketing and advertising strategies.
“Players are also voluntarily and proactively moving toward lowering VOC concentrations and lending a helping hand to regulatory bodies for carbon emission control initiatives. The competitors are aggressive when it comes to offering alternate products that are based on novel technologies and processes. Many vendors also offer customized solutions that enable consumers to choose from a vast range of product offerings,” says Hitesh Bhatia, a lead paints, coatings, and pigments research analyst from Technavio.
The report also states that compliance with the environmental standards is a crucial factor for the global paints and coatings market. End-users are demanding green and efficient products due to the enforcement of strict regulations. Vendors are voluntarily shifting toward technologies and products that produce less carbon footprint during their life cycle. This also improves their brand image and reduces the possibility of incurring high penalties, thereby preventing negative publicity.
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Technavio market research analysts identify the following key vendors:
Akzo Nobel is one of the top manufacturers and suppliers of paints, specialty chemicals, and performance coatings worldwide. The company caters to industries such as aerospace, architecture, automotive, chemical, domestic applications, electronics, furniture, lifestyle, marine, mining, oil and gas, packaging, power, vehicle refinishes, water, and wood coatings with 51 different brands of paints and coatings.
BASF offers pigments, pigment preparations, dispersions, resins, and additives to meet the demanding applications of the paints and coatings industry. These are raw materials used in the formulation of architectural coatings, automotive and commercial vehicle coatings, and industrial coatings. Additionally, the company also offers coatings for the automotive industry and body shops, coatings systems for wind turbines, foil coatings for furniture, coil coatings for the construction and appliance industries, coatings for industrial applications, and decorative paints.
Jotun offers performance coatings under four major segments which comprise of the decorative paints, marine coatings, protective coatings, and powder coatings segments. It also offers interior and exterior paints under the decorative paints segments. It caters to various industries including the appliances, furniture, building components, pipelines industries, and ship building industries.
PPG Industries is a chemical manufacturing company which is involved in the manufacture and distribution of coatings, specialty materials, and glass products for customers worldwide. It provides paints, decorative and protective coatings, and glass-related solutions for customers in the consumer goods, industrial, construction, and transportation industries. The company markets its products through a channel of distribution centers, home centers, and independent dealers.
The Sherwin-Williams Company
The Sherwin-Williams Company is engaged in the development, manufacture, distribution, and sale of paints and coatings and allied products. It caters to the requirements of professional, industrial, commercial, and retail consumers. The company has four major business segments and has products in five major categories.
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