Paint Market is projected to reach USD 235.06 Billion by 2029 : Cognitive Market Research

As per Cognitive Market Research analysis, the paint market size is projected to grow from USD 160.03 Bn in the year 2021 to USD 235.06 Bn by 2029 at a CAGR of 5% from 2021-2029.
Paint is essentially a coating or covering material applied on metallic or non-metallic surfaces for decorative or protective purposes. Paint has some good qualities such as good hiding power, color, resistance, easy application, and economical in cost. Paints are prepared by intimately mixing various components in proper proportions. Paint typically consists of pigment, resin, solvent and additives. The market for Paint is expanding primarily due to the growing vehicle production. That is over seven times the total number of passenger automobiles manufactured in the United Kingdom and the United States. This boosts the demand for paints. Nevertheless, challenges related to paints may impede market expansion. The market will develop as a result of the expanding use of paints in architecture and construction. For many years, paint has been employed in the construction of buildings. As a result, the paint market will have a tremendous chance to expand.

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Regional Analysis of the Paint Market:
• APAC region dominates the paint market due to the increasing usage of paints in numerous industries. The growing construction and automotive industry in counties like India, China, Japan, and others are boosting the demand for paints across the region. In addition, the market has enormous development potential due to the simple availability of raw materials and less strict regulations governing VOC emissions than those in North America and Europe.

Top players involved in the Paint Market:
- Some of these players include
• PPG Industries Inc.
• Axalta Coating Systems
• Kansai (Kansai Paint Co., Ltd.)
• Jotun
• Asian Paints Ltd.
• the Sherwin-Williams Company
• Jotu
• AkzoNobe
• Nippon Paint Holdings Co.
• RPM International Inc.
• BASF
• Others.

Current Trends of Manufacturers:
• In April 2022, AkzoNobel India has launched 'Dulux Simply Refresh' range. The new line "Dulux Simply Refresh" combines the finest of AkzoNobel's worldwide knowledge with a full selection of high-quality DIY items. Dulux Simply Refresh is an invitation to Indian customers to modify numerous surfaces (wood, metal, or walls) at once, with just one coat of paint, but without the headaches connected with a standard paint or repair work.

• In April 2022, Astral, a manufacturer of PVC pipes and plastic goods, paid Rs 194 crore for a majority 51% holding in Gem Paints, enabling the Ahmedabad-based company to diversify its product line into the paints industry. It is intended to demerge Gem Paints' operational painting operations into a fully-owned subsidiary called Esha Paints.

• In June 2022, AkzoNobel has acquired Kansai Paint's paints and coatings business in Africa. After agreeing to purchase Kansai Paint's paints and coatings operations in the area, AkzoNobel will further expand its presence in Africa. The completion, which is contingent on regulatory permissions, is anticipated to occur in 2023. The Plascon brand, which has a history in South Africa dating back more than 100 years, is a part of the transaction. They are the oldest paint companies in the area, along with our own Dulux brand. Coatings for wood and coil, protective, and automotive surfaces are also included in the proposed transaction.

Segment Analysis:
• Based on the resin, acrylic segment is estimated to hold a prominent share. This is attributed to the numerous usages of acrylic paints. Acrylic paints are used in hobbies such as trains, cars, houses, DIY projects, and human models. Based on product, paint market is dominated by the waterborne segment owing to its usage convenience. On the basis of application, architecture dominated the paint market due to the rising construction activities.

Related Report:
• Paint Coating additives Market - https://www.cognitivemarketresearch.com/paint-coating-additives-market-report
• Automotive refinish coating Market - https://www.cognitivemarketresearch.com/automotive-refinish-coating-market-report
• Acrylic paint Market - https://www.cognitivemarketresearch.com/acrylic-paint-market-report
• Synthetic and Bio based Coatings Market - https://www.cognitivemarketresearch.com/synthetic-and-bio-based-coatings-market-report

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Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.

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