The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
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The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Ever since paint was first used in the Stone Age, the paints and coatings market has come a long way. The paints and coatings market, to be successful and flourishing, relies heavily on innovation and never-ending technological advancement. The latest advancements in the paints and coating industry preparation and application are pushing the boundaries further- preparing to use paint in bigger and better ways. From focus on innovating paints to control temperature to using nanotechnology, over the years, the paints and coatings market has witnessed a surge of technological advancements and innovations. Raw material and paint and coatings manufacturers are continually working on developing ‘intelligent paints’.
Color Trends in Fashion to Define Paints and Coating Pigments Innovation
One area, also the most important, where consumers are directly tied to the paints and coatings technology is- Color. According to industry experts, color trends, particularly in fashion, have a direct impact on the color popularity and influence the paints and coatings companies. Besides just affecting the styling efforts of that particular pigment as well as coating compositions, paints and coatings companies then aim to create the varied effects seen with new color trends in fashion and other more obviously consumer focused end-markets.
Manufacturers aim towards ‘Zero VOC’
With access to immense information, consumers are now interested in the potential environmental and health impacts of the chemicals used to make paints and coatings. This is driving manufacturers to innovate paints and coatings having less or zero chemicals and some of the recent innovations incorporate paint being made from organic or recycled materials. For instance, 50% of the top architectural paint companies in North America have [near] zero VOC emission.
Brick-and-mortar businesses are now transforming into click-and-mortar; online customer behavior used for product personalization
Many company owned web-applications exist for smart phones which are continually being used as a strong platform to log a request for painting, registering complaints or even gathering insights about consumer behavior. The rise of E-markets is one of the major trends observed in the decorative paints market, which gives customers the ease to order product from their home. This trend has been captured by key players in the paints and coatings market-who are now leveraging advanced web analytics and personalization technology to understand the online behavior to present the right type of paints to the consumers- in line with their preferences.
- Akzo Nobel N.V.
- The Sherwin-Williams Company
- PPG Industries Inc.
- BASF SE
- Becker Group
- E.I. du Pont de Nemours and Company
- Axalta Coating Systems Ltd
- RPM International Inc.
- Kansai Paint Co. Ltd
- KCC Corporation
- Koninklijke DSM N.V.
- Datacor, Inc.
- Jotun Group
- Henkel AG & Co. KGaAS
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