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The Paints and Coatings industry consists of liquid and powder based paints, varnishes and related products used for protective and decorative, industrial, architectural, automotive and specialty purposes.
The market excludes inks, thinners and raw materials, such as pigments and solvents.
The architectural & decorative segment consists of products used in homes and buildings, such as interior and exterior paints, primers, sealers, and varnishes.
The industrial segment comprises products that are factory-applied to manufactured goods as part of the production process.
The specialty segment consists of aerosol paints, marine paints, high-performance maintenance coatings, and automotive refinish paints.
A coating is a covering that is applied to the surface of an object, usually referred to as the substrate. The purpose of applying the coating may be decorative, functional, or both. The coating itself may be an all-over coating, completely covering the substrate, or it may only cover parts of the substrate. An example of all of these types of coating is a product label on many drinks bottles- one side has an all-over functional coating (the adhesive) and the other side has one or more decorative coatings in an appropriate pattern (the printing) to form the words and images.
Paints and lacquers are coatings that mostly have dual uses of protecting the substrate and being decorative, although some artists paints are only for decoration, and the paint on large industrial pipes is presumably only for the function of preventing corrosion.