CELLULOSE PAINTS MARKET ANALYSIS -(2019-2027)
The global cellulose paints market size is expected to witness a substantial rise in the near future, and register a significant CAGR over the forecast period (2019 - 2027).
Market Overview
Cellulose paint mixture is composed of certain ingredients, materials and fillers, such as short oil alkyd resin which is added as a binder, bentonite, talc, and calcite as fillers, pigment powder for colour, acetone, solvent derivatives, and isobutyl acetate among others. Cellulose paints are typically sold as colourless primers that do not contain pigment. However, pigment adds colour to the paint and can be used to effectively hide anything beneath the coating. The binder is another important ingredient after pigment which ensures that the latter actually sticks to the substrate. Moreover, the binder adds durability and strength to cellulose paints, and determines the flexibility and hardness that the coating will take upon drying. The other ingredients such as solvent, dispenser, and carrier can be added to thin the paint which usually has a paste like consistency before solvents are added to it. Lastly, a range of additives can be added to the paint to heighten its characteristics.
Market Dynamics
Cellulose paint has a wide range of applications ranging from professional to handy jobs. Cellulose paints are most commonly used for painting car panels, window frames, picture frames, doors, storefronts, and building frames among others. There is a high demand for cellulose paints in applications that require shorter drying time. The paint contains thinners that begin evaporating immediately after application in what is called ‘air drying’. However, unlike acrylic paints or enamel paints which require around 2 coats to achieve an efficient finish, cellulose paints require approximately 4 to 5 coats to achieve a proper finish. The growth of the cellulose paints market is driven by demand from the automotive and construction industries. Moreover, growing presence of key manufacturers such as AkzoNobel, BASF SE, and Eastman Chemical Company, is expected to support the market growth during the forecast period. Increasing demand for products containing non-toxic, low volatile organic compounds is projected to propel demand for cellulose paints among end user industries. The rapidly expanding automotive, industrial, and construction sectors around the world is another factor that is expected to facilitate growth of the global cellulose paints market. Furthermore, focus on product innovation to compete better with alternative products is projected to propel growth of the market in the near future. However, availability of cheaper, and more sustainable alternatives is expected to restrain demand for cellulose paints over the forecast period.
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Market Outlook
The global cellulose paints market is segmented into North America, Europe, Asia Pacific, and Latin America. Asia Pacific has dominated the cellulose paints market over the past few years, and the trend is expected to continue over the forecast period, owing to increasing focus by key players such as BASF SE on expanding their presence to untapped markets in the region. Moreover, presence of emerging economies such as China and India is expected to propel demand for cellulose paints in the region. North America is expected to account for the second largest market share owing to growing demand for low VOC coatings, as well as increasing number of research and development activities in the region to meet the demand for non-toxic and environmentally sustainable products.
Key Players
Key players such as PPG Asian Paints, BASF SE, The Dow Chemical Company, AkzoNobel N.V., and Eastman Chemical Company are operating in the global cellulose paints market.
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