Paints & Coatings Fillers Market: Introduction
The global paints & coatings fillers market was
valued at ~US$ 2.8 Bn in 2018 and is
anticipated to expand at a CAGR of ~5% from 2019 to 2027. End
user industries of paints & coatings fillers, such as construction and
automotive, have been expanding since the past few years. The construction
industry is a key consumer of paints & coatings fillers.
Key Drivers of Paints & Coatings Fillers Market
Industrial coatings are usually thin films applied to steel, concrete,
and other materials to augment specific properties such as corrosion
resistance, wear resistance, and conductivity. These coatings contain fillers
such as barium sulfate, calcium carbonate, clay & kaolin, glass powder,
mica, and silica. These fillers are used primarily to improve the performance
characteristics of these coatings.
Presence of some of the fastest-growing economies, such as China, India,
and South Korea, and rising demand for industrial coatings in the automotive
industry play a vital role in driving the demand for industrial coatings in
Asia Pacific. This, in turn, is boosting the paints & coatings fillers
market in the region.
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Expansion of Paints & Coatings Industry to
Create Growth Opportunities
According to the World Paint & Coatings Industry Association
(WPCIA), the paints & coatings market expanded by 4.9% to US$
164.9 Bn in 2018. Europe and North America are mature
regions for coatings. They represent 21% and 16% of
the global volume, respectively. Macroeconomic factors, such as GDP growth,
rise in purchasing power and disposable income, urbanization, and improvements
in economic conditions of developing countries positively impact the paints
& coatings market. This, in turn, boosts the paints & coatings fillers
market.
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Stringent Government Regulations to
Hamper Paints & Coatings Fillers Market
Strict government monitoring and interference in the production of
barite in major countries, such as China and India, has adversely affected the
global barite industry. This has led to severe shortage of barite in the
marketplace, as barite is primarily used in paints & coatings fillers.
Governments of countries across the world have implemented stringent
regulations with regard to the environmental impact of mining. Companies need
to adhere to the U.S. Environmental Protection Act (EPA) in order to obtain
leases and licenses from governments. Fillers used in paints & coatings
fillers are primarily derived by mining. This is likely to hamper the growth of
the paints & coatings filler market.
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Asia Pacific to Lead Paints & Coatings
Fillers Market
In terms of volume, Asia Pacific held a leading share of the global
paints & coatings fillers market in 2018. Major car
manufacturers, such as Chevrolet, Daimler, Jeep, Audi, Volvo, and Kia, have
either established their automotive manufacturing facilities or are planning to
start new facilities in Asia Pacific in the near future.
China, India, the Philippines, and Vietnam are emerging markets for automobiles,
with several automobile manufacturers establishing their manufacturing and
assembly plants in these countries. This can be ascribed to the availability of
labor at low cost, favorable raw material prices, and rise in urban population
in these countries. Consequently, the demand for paints & coatings fillers
is estimated to rise during the forecasted period. This, in turn, is likely to
drive the market for paints & coatings fillers during the forecast period.
Demand for Architectural Coatings to Rise with
Increase in Construction Activities
Architectural coatings was the dominant application segment of the
paints & coatings fillers market in 2018. The
architectural coatings segment of the paints & coatings fillers market is
anticipated to expand at a significant pace during the forecast period. The
architectural coatings segment held 55.3% share of the paints
& coatings fillers market in 2018. Its share is anticipated to
increase to 55.9% by the end of the forecast period. Rise in
construction activities across the world is fueling the segment. This is
estimated to boost the paints & coatings filler market in the near future.
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Major Developments in Paints & Coatings
Fillers Market
Prominent players operating in the global paints & coatings fillers
market are Imerys, Omya AG, and Mineral Technologies.
·
On January
4, 2017, Imerys acquired Damolin, a Denmark-based producer of
mineral-based solutions. Damolin has more than 30 years’ mineral reserves of
moler, a highly absorbing and lightweight mineral.
·
In April
2018, Gebrüder Dorfner GmbH & Co. acquired Arizona Cultured
Stone Products, Inc., a manufacturer of decorative organic fillers made
from polyester-resin granulates. Through the acquisition, Gebrüder
Dorfner GmbH & Co aims to expand its international activities and
strengthen the strategic business of composite materials.
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