Paint and Varnish Market Key Players, Trends, Growth
Opportunities and Industry Forecast till 2022
“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.”
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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