Research and Markets has announced the addition of the "Global Paint and Coating Market 2011-2015" report to their offering.
One of the key factors contributing to this market growth is the increase in civil and construction activities across the globe. The Global Paint and Coating market has also been witnessing the development of eco-friendly paint. However, the lack of effective product differentiation could pose a challenge to the growth of this market.
Key vendors dominating this space include Akzo Nobel NV, PPG Industries Inc., and Sherwin-Williams Co.
Other vendors mentioned in the report are BASF SE, E. I. du Pont de Nemours and Co., Nippon Paint Co. Ltd, The Valspar Corp., and Kansai Paint Co. Ltd.
Commenting on the report, an analyst from TechNavio's Engineering team said: ''In the last few years, there has been a rapid increase in competition among the paint and coating vendors in the market. Vendors are forced to reduce the price of their paints and coatings because of the lack of effective product differentiation. Consequently, there is an increase in price wars among the players in the market. This is also because of the large variety of vendors and their varying pricing strategies aimed at capturing significant shares in the market. Furthermore, vendors are focusing on the development of economically-priced products in an attempt to tap the price-driven market sectors.''
According to the report, one of the main drivers is the increase in civil construction activities across the globe. Several building promoters develop modular infrastructural buildings with a flush fine interior and elevation surface finish.
Further, the report discusses that one of the main challenges in the market is the lack of effective product differentiation.