Paints, Coatings Fillers Market to Register 5% CAGR Between 2019-2027: Transparency Market Research

The global paints & coatings fillers market was valued at ~$ 2.8 billion 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.

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.

The 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.

According to the World Paint & Coatings Industry Association (WPCIA), the paints & coatings market expanded by 4.9% to $ 164.9 billion 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.

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 a 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.

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 an 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.

Architectural coatings were 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 a 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. A 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.