Paints & Coatings Market to Reach USD 369.85 Bn by 2031; Industry Players- Sherwin-Williams Company, Axalta Coating Systems, etc

The demand within global paints and coatings market is set to trace an ascending trajectory in the years to follow, finds Transparency Market Research (TMR). The use of paints in a plenitude of industries such as automobiles, aerospace, and construction has facilitated the inflow of voluminous revenues into this market. Besides, chemical analysis and experimentation has undergone palpable improvements over the past decade. This trend has helped in discovering new uses and potential applications of paints and coatings. Therefore, the global paints and coatings market is expected to churn out fresh revenues in the years to follow.

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Transparency Market Research (TMR) finds that the global paints and coatings market would expand at a modest CAGR of 5.2% over the period between 2018 and 2026. The total value of the global paints and coatings market stood at US$ 149.79 Bn in 2017. The growth of the global paints and coatings market largely relies on advancements in key industries such as transport, automobiles, packaging, healthcare, and manufacturing. Improvements in chemical analysis and testing have also aided the growth of the global market.

Advancements in Construction Planning

Holistic consistent growth of the constructions industry is integral for maintaining the graph of development in urban centers. Furthermore, the wave of urbanization and industrialization has necessitated the use of prudent techniques and durable materials within the constructions industry. Therefore, the global paints and coatings market is expected to become a haven of key opportunities in the coming times. Various types of solvents, including high-solid and water-based solvents, are currently available in the market. The popularity of these products shall an era of growth across the global paints and coatings market. The industrial sector is the largest consumer of paints and coatings, and the stellar size of the former has aided market growth.

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Growth of Aerospace Sector

The defense and aerospace industry is amongst the most valued assets of a regional territory. Therefore, government entities invest voluminous revenues towards developing this industry. This trend has garnered the attention of the market vendors who are aiming to tap into the requirements of the defense and aerospace industry. Automobile manufacturing also involves the use of paints and coatings, whilst the healthcare industry is gradually turning into a formidable consumer of these products. Therefore, the growth potential of the global paints and coatings market cannot be underestimated. The marine industry is another key area that the market vendors within the paints and coatings market can capitalise upon.

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Some of the leading vendors in the global paints and coatings market are BASF SE, Sherwin-Williams Company, Axalta Coating Systems, Valspar, PPG Industries, Akzo Nobel N.V, KCC Corporation, Nippon Paint Holdings, and Jotun A/S. It would be interesting to analyse the business strategies of vendors operating in the global paints and coatings market.

The global paints and coatings market is segmented by:

Resin

Acrylic

Polyurethanes

Polyesters

Epoxy

Alkyd

Others (including Silicone, Polyvinyl Acetate (PVA), Polyester, and Fluropolymer)

Technology

Water-based

Solvent-based

High Solid

Powder

Others (including UV-cure and Moisture Cure)

Application

Automotive & Transportation

Aerospace

Building & Construction

Packaging

Healthcare & Medical Devices

Marine

Electrical & Electronics

Others (including Wood Working)

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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