End-user preferences and regulatory requirements drive new growth opportunities, finds Frost & Sullivan's Visionary Science team
LONDON, May 17, 2017 /PRNewswire/ -- Growth in the European paints and coatings market continues to pick up pace. End-user preferences and regulatory requirements are shifting the market towards disruptive technologies such as Big Data and multifunctional/smart coatings, compelling coating companies to move beyond product manufacturing to become total solution providers.
"The development of smart/multifunctional coating systems and technologies, such as self-healing and anti-corrosion coatings are presenting tremendous growth and high-value opportunities for coating companies across specific industrial and infrastructural sectors like manufacturing and oil and gas," said Visionary Science Industry Director, Dr Brian Balmer.
Trends in the European Paints and Coatings Market, Forecast to 2021, new analysis from Frost & Sullivan's Future of Chemicals & Materials in Infrastructure & Mobility Growth Partnership Service programme, provides key drivers, restraints, technologies and growth opportunities across the European paints and coatings market with focus on architectural, automotive, protective and marine, powder coatings, and wood and furniture sectors.
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From a regional perspective, end users in Western Europe demand high performance and sustainable solutions, while customers in the Eastern European countries are price-sensitive and prefer relatively standard and cheaper solutions.
Other trends and developments driving growth in the European paints and coatings market include:
- Architectural coatings continue to be the biggest industry segment, with powder coatings as the fastest growing sub-segment due to the benefits it provides companies in terms of application costs, productivity, and reduced rejection rates.
- Partnerships between original equipment manufacturers and insurance companies will boost opportunities in the European automotive coatings segment.
- Better durability and versatility of polyurethane-dispersions (PUD) propel demand for indoor paints, wood flooring, exterior cladding, and roof coatings.
"The European paints and coatings market is still fragmented with a large number of regionally strong manufacturers," noted Dr Balmer. "This provides an opportunity for larger participants to merge with, or acquire, regionally stronger players to expand customer base, build scale of operations, or acquire new technology solutions."
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Trends in the European Paints and Coatings Market, Forecast to 2021
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SOURCE Frost & Sullivan