The latest procurement market intelligence study by SpendEdge on the supply market for steel drums in the paints and coating market helps companies in the chemical industry to gain detailed insights on the preferred procurement models, major service providers, demand-supply shifts, category spend analysis, competitive analysis, and pricing and costing overview.
Growth trends in the paints, coatings, and specialty materials market
The rise in construction activities and the establishment of stringent environmental laws is driving the global market for paints and coatings. Specialty chemicals find specialized applications, especially for industry-specific requirements. New environmental standards will reduce the consumption of VOC paints and coatings and boost the demand for polymers and plastic additives, agrochemicals, construction chemicals, electronic chemicals, industrial and institutional cleaners, and surfactants. The manufacturers in the market are focusing on developing environmentally friendly, low VOC paints and coatings that will not only comply with the stringent environmental laws but also cater to the ever-changing consumer tastes and preferences.
Technological advancement and product innovation led to the launch of nanocoatings in the global chemical market. Nanocoatings are advanced coatings used in the construction industry to protect buildings from moisture, UV radiation, and microbes. It helps minimize material use, minimize waste, optimize energy consumption, and improve the product performance. The vast acceptance of nanocoatings is driving vendors to introduce other products that are solvent-based or water-based and addresses environmental concerns.
Understanding the supplier landscape
Gaining insights on service providers, cost-saving opportunities, category requirements, and procurement pain points will help companies understand the complex supplier landscape in the paints and coatings market. Category market intelligence study provides an overview of the supply market and competitive analysis, helping companies to design procurement models as per the current trends. A holistic overview of the industry will allow enterprises to formulate better pricing policies and structure delivery models.
Expanding businesses to niche markets
Many organizations are focusing on expanding their business to emerging APAC markets such as India and China. Industrial development, availability of cheap labor, and low production costs is attributing to the growth of this market in the APAC region. Additionally, urbanization is fueling the development of residential and non-residential projects and boosting the demand for paints, coatings, and specialty materials in the market.
What solutions SpendEdge offer to businesses
The team of procurement experts at SpendEdge provide a category market intelligence study that meets requirements specific to the needs of the business and offer market opportunity assessment for suppliers in the paints, coatings, and specialty materials industry over the next few years. Some of the solutions offered are listed below:
- Understand the client’s business requirements and offer solutions that meet the business objectives and develop robust strategies
- Provide a holistic overview of the category landscape; category spend analysis; cost components; demand-supply shifts; pricing and procurement best practices specific to the category under focus
- Identify the key suppliers and provide comprehensive competitive analysis
- Provide insights on the preferred procurement models
Read our complete case study titled – Supply Market Assessment of the Global Steel Drums Market for a Leading Paint Manufacturer
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