Paints and Coatings Industry Will Reach USD 238.8 Billion by 2030 | CAGR 4.80%

Paints and coatings are beneficial to the substrate because they may beautify and protect a surface. They improve the surface's durability when utilized for decoration. They also protect the surface against corrosive substances, corrosion, and chemical exposure.

Paints and coatings can also provide specific features, such as flame retardancy, anti-fouling, and anti-microbial properties, for certain purposes. By 2030, the market for paints and coatings is predicted to grow to USD 238.8 billion, according to P&S Intelligence.

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The expansion is attributed to an increase in product utilization in the building, general industrial, and automobile industries. This is because it is anticipated that emerging nations' quick urbanization and industrialization will spur demand for products for a variety of uses.

The creation of nanotechnology has completely changed how paints and coatings are made. Key companies have used this technique to manufacture nano paints and coatings with superior properties like water/dirt repulsion, microbiological resistance, and scratch resistance in addition to generating zero- or low-VOC formulations.

Additionally, as a result of this, ceramics and metals have been added to various formulations in the form of free powders, granules, and particles, which are subsequently mixed into the matrix of the finished product.

Some recently discovered nanotechnology-based formulations even transmit electricity, provide UV protection, and have self-healing capabilities. In addition to these, they have great resistance to corrosion and rust. Because of this, it is anticipated that the adoption of such cutting-edge technology would present growth prospects for firms operating in the paints and coatings industry.

Water-borne coatings are expected to have the highest share in 2022, accounting for around 47%, thanks to their expanding application in the printing inks, furniture, plastic, automotive, and furniture industries.

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Due to the cost-effectiveness and excellent adhesion capabilities of these materials, the demand for these versions will also continue to expand, which will benefit various vehicle and furniture makers.

The powder category will expand at a 6% annual pace. Because powder coat coatings are resistant to corrosion, chemicals, abrasion, and detergents, the primary application areas for these alternatives are important vehicle, engine, and industrial machinery parts.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.