The basic secondary raw materials of a latex paint include the solvent, resin, pigment, extenders, and additives. The solvent carries the solid components of the paint and evaporates upon application to form a solid dry film at the surface. Solvents basically determine whether the paint is latex or oil-based, with latex having a mostly water solvent and oil-based having a mineral spirits solvent. The resin, also known as the binder, is the main component of the solid dry film left after the solvent evaporates. The resin must stick to the surface, bind to the pigment, and have the physical properties necessary for the intended surface such as gloss, abrasion resistance, hardness, and flexibility. Pigments determine the paint’s color and opacity and can be organic or inorganic.
Latex paint is an opportunistic market as product innovation is the basic requirement for continued usage of the product. Water based paints have significantly evolved over the years and are currently being used as an alternative to solvent-borne technology. Also, with the advancement in the end-user industries, product launch and innovation in the coatings sector are gaining pace. Consolidation of coating manufacturers has accelerated since the past decade. Usage of nano- dispersed pigments, special additives for appearance, and advancements in polymer technology are some of the key trends in the market, which are expected to produce upcoming opportunities in the future
Latex Paints to Attract Focus from Construction and Automotive Segment in 2019
- Architectural, automotive OEM and automotive finishing coatings are important sectors within the Canadian painting and coating sector. These three segments represent almost 70% of the market value.
- Stringent environmental regulations in North America are expected to drive demand for waterborne coatings that is expected to enhance market growth over the forecast period
- Transportation segment accounted for the second largest share of more than 22% in the year 2018 following the construction segment
- Latex paints in OEM play an important role in determining the outer appearance of automobiles
- These paints act as cationic products and among various covering layers of paint on metal components, majorly offer corrosion protection, and also protect the vehicles from minor scratches and stone chipping
Various latex paint manufacturers include BASF, Axalta Coating Systems, PPG Industries, Kansai Paint, KCC Corporation, Sherwin-Williams Company, Valspar Corporation, Berger Paints, Cabot Corporation, Nippon Paint, Clariant, NOROO Paints and Coatings, KAPCI Coatings, Alsa Refinish, Color Communication, Diamond Vogel, and Lubrizol Corporation. Integration has been observed by various companies including AkzoNobel, Bayer AG, and Nippon Paint. Bayer AG provides environmental friendly systems that can reduce emissions up to 90%, thereby reducing volatile air emissions by 99%. End users such as construction industries, automotive and automotive aftermarket shops and manufacturing industries utilize latex paints.
Key segments of the North America latex paints market
Type Overview, 2015-2025 (USD Million)
Application Overview, 2015-2025 (USD Million)
Country Overview, 2015-2025 (USD Million)
- North America