Paints & Coatings Market to Grow at a CAGR of 5.2% from 2022 to 2031

𝐏𝐚𝐢𝐧𝐭𝐬 & 𝐂𝐨𝐚𝐭𝐢𝐧𝐠𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝟐𝟎𝟑𝟏

The global paints & coatings market was valued at US$ 181.89 Bn in 2021
It is estimated to grow at a CAGR of 5.2% from 2022 to 2031
The global paints & coatings market is expected to reach US$ 369.85 Bn by the end of 2031

𝐑𝐞𝐚𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 -https://www.transparencymarketresearch.com/Paints-coatings-market.html

𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 𝐨𝐟 𝐏𝐚𝐢𝐧𝐭𝐬 & 𝐂𝐨𝐚𝐭𝐢𝐧𝐠𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

Paints & coatings are substances applied on a substrate to decorate and protect the surface. Paints & coatings improve the durability and esthetics of the surface when used for decorative purposes. They also protect the surface from adverse environmental conditions, weathering, rust, and exposure to chemicals. Paints & coatings also provide specific properties such as anti-fouling, flame retardancy, and anti-microbial properties in certain applications. The building & construction industry in Asia Pacific has been expanding significantly owing to the economic growth and the resultant improvement in the standard of living of the people in developing countries of the region. This is boosting the demand for paints & coatings in Asia Pacific. The global paints & coatings market is significantly driven by the extensive usage of paints & coatings in construction, automotive & transportation, and healthcare industries.

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭-𝐟𝐫𝐢𝐞𝐧𝐝𝐥𝐲 𝐂𝐨𝐚𝐭𝐢𝐧𝐠 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬 𝐭𝐨 𝐃𝐫𝐢𝐯𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭

The paints & coatings industry is witnessing a trend of usage of low-VOC and environment-friendly technologies such as water-based coatings, powder coatings, and UV curable coatings. The shift is attributed to the enactment of stringent regulations on VOC emissions in several regions, especially North America and Europe.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1172

Awareness about VOC emissions is rising in Asia Pacific. This is anticipated to boost the demand for low VOC water-based coatings during the forecast period. Rise in awareness about the impact of coating products on the environment and human health; and increase in focus on sustainable alternative technologies are augmenting the demand for water-based paints & coatings. Manufacturers are focusing on water-based paints & coatings, as they are cost-effective alternatives to traditionally used solvent-based paints & coatings. Solvent-based paints & coatings are also marked by rising feedstock prices and supply instability. Water-based coatings are extensively employed as architectural coatings. Technologies such as powder coatings and high solids are also gaining momentum due to their low VOC content, which makes them environment-friendly vis-à-vis solvent-based coatings. Thus, the usage of environment-friendly coating products is expected to propel the paints & coating market during the forecast period.

𝐑𝐢𝐬𝐞 𝐢𝐧 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐀𝐜𝐭𝐢𝐯𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐏𝐮𝐛𝐥𝐢𝐜 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐏𝐫𝐨𝐣𝐞𝐜𝐭𝐬 𝐭𝐨 𝐀𝐮𝐠𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭

The building & construction industry is projected to grow at a rapid pace in the next few years due to the rise in urbanization and population. Urbanization and changing lifestyles are expected to drive the global construction industry in the next few years. Growth in population and improvement in economic conditions have boosted the expenditure on housing and infrastructure development across the globe. Paints & coatings are widely used to decorate and protect infrastructure and buildings. Interior and exterior house paint, floor paint, epoxy floor paint, primers, sealers, varnishes, and stains are some of the architectural enhancements used to improve the esthetics of a home.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=1172

Architectural paints are low-VOC, odorless, and scrub-resistant, and are available in various textures, ranging from semi-gloss to high-gloss sheens. The market is expected to grow due to the increase in construction activities and government investment in various public infrastructure projects. Furthermore, advanced technologies are being adopted across the building industry. These factors are estimated to drive the paints & coatings market during the forecast period.

𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐀𝐝𝐨𝐩𝐭𝐢𝐨𝐧 𝐨𝐟 𝐀𝐜𝐫𝐲𝐥𝐢𝐜 𝐑𝐞𝐬𝐢𝐧𝐬 𝐢𝐧 𝐒𝐨𝐥𝐯𝐞𝐧𝐭-𝐛𝐚𝐬𝐞𝐝 𝐚𝐧𝐝 𝐖𝐚𝐭𝐞𝐫-𝐛𝐚𝐬𝐞𝐝 𝐅𝐨𝐫𝐦𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬

Based on resin, the global paints & coatings market has been classified into acrylic, polyurethane, polyester, alkyds, epoxy, and others. The acrylic segment is estimated to hold prominent share of the global market during the forecast period. The acrylic segment held 40.3% share of the market in 2021. It is estimated to expand at a growth rate of 5.2% during the forecast period. Acrylic resins can be used in solvent-based and water-based formulations; hence, they are widely used in architectural coatings, industrial coatings, and protective coatings.

The polyurethane segment is expected to maintain the status quo and expand at a growth rate of more than 6.0% during the forecast period. Polyurethane coatings are durable and impart excellent weather resistance, gloss, and color retention to surfaces. Therefore, they are widely used in topcoats of automotive coatings. Polyurethane coatings are also used in wood finishes, marine coatings, architectural coatings, and other high-performance applications. They can be used as one-, two-, or three-part formulations. Moreover, they are compatible with water-based coating systems.

𝐋𝐨𝐰 𝐕𝐎𝐂 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 𝐢𝐧 𝐖𝐚𝐭𝐞𝐫-𝐛𝐚𝐬𝐞𝐝 𝐂𝐨𝐚𝐭𝐢𝐧𝐠𝐬 𝐭𝐨 𝐁𝐨𝐨𝐬𝐭 𝐖𝐚𝐭𝐞𝐫-𝐛𝐚𝐬𝐞𝐝 𝐒𝐞𝐠𝐦𝐞𝐧𝐭

In terms of technology, the paints & coatings market has been split into water-based, solvent-based, hot melt, powder, and others. The water-based segment dominated the global paints & coatings market with 45.2% share in 2021. Furthermore, the segment is estimated to grow at a CAGR of 5.8% during the forecast period. Water-based coating is an eco-friendly surface treatment that uses water as a solvent to disperse the resin employed to form the coating or paint. These coatings are widely used due to their low VOC (volatile organic compound) content (less than 3.5 pounds per gallon of water). Water-based coatings have better surface coverage compared to solvent-based coatings. However, they offer slightly poor adhesion to substrates vis-à-vis solvent-based coatings.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=1172

𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐚𝐢𝐧𝐭𝐬 & 𝐂𝐨𝐚𝐭𝐢𝐧𝐠𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

The global paints & coatings market is consolidated, with a small number of large-scale vendors controlling majority of the share. Most of the firms are investing significantly in comprehensive research & development activities, primarily to introduce environment-friendly products. Expansion of product portfolios and mergers and acquisitions are the major strategies adopted by key players. Akzo Nobel N.V., BASF SE, The Sherwin Williams Company, PPG Industries, Inc., Axalta Coating System, RPM International Inc., KCC Corporation, Berger Paints India Limited, Nippon Paints Holdings Co., Ltd, The Valspar Corporation, Jotun A/S, Hempel A/S, Asian Paints Limited, Kansai paint Co., Ltd., Dow Corning, Helios Group, Masco Corporation, TIKKURILAOYJ, Diamond Vogel, and Beckers Group are the leading players in the paints & coatings market.

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭

Rohit Bhisey
Transparency Market Research Inc.
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