|Global Digital Transformation in Paints and Coatings, 2019|
|Digital Technology is Driving Enormous Change|
In 2018, paint and coating manufacturers were putting digital technology to use in only a limited number of digital domains. Since then, the use of digital technology by these coatings companies has accelerated, and today, all leading formulators now have digital initiatives across multiple domains. A recent analysis by Frost & Sullivan has predicted that new digital business models such as data monetization and coatings-as-a-service will completely transform the way the paints and coatings industry operates in the next 10 years.
“In an industry as highly competitive as paints and coatings, product innovation is an important area of differentiation,” said Brian Balmer, Industry Director, Chemicals, Materials and Nutrition at Frost & Sullivan. “Digital transformation will significantly enhance innovation in this sector, enabling manufacturers to deliver much more than just a tin of paint to customers in the near future.”
Frost & Sullivan’s latest research, Global Digital Transformation in Paints and Coatings, 2019, tracks the digital transformation of the global paints and coatings industry and seeks to identify future opportunities for further use of this technology. The report also explores the technologies enabling this digital transformation, the current activity among coating formulators and raw material suppliers in the various digital domains, and future scenarios for coatings in an increasingly digital world.