The global paints and coatings market has grown moderately over the past few years despite various uncertainties such as the economic slowdown of significant economies, the negative & positive influence of the low crude oil price, and fluctuations in the value of U.S. dollars. Despite the fact that many of these factors are beyond the control of coats & glaze formulators, paint manufacturers, raw material and end product distributors and marketers, the industry has continually responded exceptionally to these critical changes in market conditions. This has been possible due to the introduction of various innovative manufacturing processes and technologies that helped paint manufacturers to mitigate to numerous potential adverse impacts instantly and maximize their opportunities for carrying growth to the decorates & glaze products. The paints & coatings market is projected to grow from USD 160.54 Billion in 2017 to USD 209.36 Billion by 2022. Here are some trends in the industry that paint manufacturers must keep a close watch on:
Go green revolution
As a result of increased access to information online, a large number of consumers are now interested in the potential environmental and health impacts of the chemicals used to make paints and coatings. This is driving increased interest in the paint made from organic or recycled materials, and recycled packaging. For instance, In Canada, Rona Inc’s ECO Recycled Latex Paint is made from 90% recycled materials and certified by EcoLogo, one of the largest and best known eco-labeling programs in North America.
Joining the app bandwagon
Paint manufacturers are scrambling to build brand equity by catering to the growing number of consumers with smartphones. A popular example of players in the paints and coating market to have implemented this is a Swedish company Tikkurila. Their “mobile painting application” for its Alcro brand consists of four parts: “inspiration, product search, a list of retailers, and a project planner.” According to the company, it enables consumers to “choose colors, test paint, create a purchase list and share it.” Furthermore, in the UK, Dulux’s app allows consumers to find stockists and order paint testers for home delivery and also offers video “master classes.”
The introduction of nanotechnology has played a significant role in the paints and coatings industry. Apart from developing zero or low VOC content formulations, industry players have gained numerous advantages of this technology to establish nano paints and coatings with several characteristics. It includes the introduction of ceramic or metals in various types of formulations. The integration carried out can be in the form of free powder, granules, or particles which are then inserted in the finished product matrix. The recent innovations in nanotechnology have enabled paint manufacturers to develop products that can exhibit UV protective or self-healing properties, or even conduct electricity. Apart from these, these product display qualities such as high resistance to scratch, wear and tear, and corrosion.
Products that tell a story
Consumers have grown increasingly skeptical of traditional marketing and branding techniques, instead, they are looking at products that tell a “story.” Paint manufacturers can attempt to exploit these influences by emphasizing their own heritage. Popular paint manufacturers are using art and themes such as retro to lure more customers. The retro theme can also be used to imply superior quality. Furthermore, these products in the paints and coating market function as social signifiers, indicating one’s socio-economic status. Paint manufacturers are increasingly experimenting with ways in which they can capitalize on their budding tastes and preferences of customers.