Colors of Creativity: Unleashing the Potential of the Paints and Coatings Market for Aesthetic and Protective Purposes

Persistence Market Research's most recent analysis indicates that the worldwide paints and coatings market will be valued at US$ 160.054 billion in 2023 and will grow at a CAGR of 5.1% between 2023 and 2033. By the conclusion of the projected period, the market is anticipated to reach a valuation of US$ 263.205 Billion.

The demand for paints and coatings is anticipated to increase over the next few years as a result of expanding industrial development and a notable increase in construction activity in areas like Asia Pacific, North America, and Europe. It is anticipated that nations in the Asia Pacific, including China, India, and ASEAN, will prioritise doubling their infrastructure and building spending.

Key manufacturers are focusing on reducing their carbon footprint to increase sustainability in their products. They are investing substantial amounts in research & development to provide paint and coating products that emit low volatile organic compounds, by providing bio-based and eco-friendly paints and coatings.

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Companies are also investing in technologies that will keep them ahead of the competition.

AkzoNoble invested in Qlayers, which deals in coating application technologies. The company offers automated solutions that are safer, consistent, and faster than manual coating processes.
Opportunities for key players in the market include provision of services along with paint and coating products and special focus on remodel/ repaint businesses.

Some other factors driving sales of paints and coatings include surge in low-cost urban housing projects, increased infrastructural construction across regions, and the introduction of innovative formulation technologies in this space.

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Key Takeaways from Market Study

The Asia Pacific region is expected to dominate the market throughout the forecast period.
Growing demand is being witnessed for protective coatings in the industrial sector.
India's paints and coatings sector has been witnessing a gradual shift in terms of consumer preferences from traditional whitewash to quality paints for indoor and outdoor applications.
Overall, the market is experiencing a healthy competitive environment across the globe, where key players are focusing on increasing their regional share.
The global market for paints and coatings is set to expand over 1.6X across the 2021 to 2031 forecast period.

Top Key Players

PPG Industries
Sherwin-Williams Company
Axalta Coating Systems
Valspar Corporation
NEI Corporation
Cabot Corporation
RPM International Inc.
K Diamond Vogel
NIC Industries, Inc.
Akzo Nobel N.V
Hempel A/S
Steuler-KCH GmbH.
Henkel Group
Terraco Group
Fosroc
Belzona International Ltd
DAW SE
Jotun
Nippon Paint Holdings Co., Ltd.

Paints & Coatings Market Segmentation

By Technology:

Architectural Paints and Coatings
Pure Acrylic
Styrene Acrylic
Vinyl Acrylic
Polyester
Alkyd
Epoxy
Polyurethane
Others
Industrial Paints and Coatings
Styrene Acrylic
Vinyl Acrylic
Polyester
Alkyd
Epoxy
Polyurethane
Others

By Base Type:

Architectural Paints and Coatings
Water
Solvent
Powder
Industrial Paints and Coatings
Water
Solvent
Powder

By Application:

Architectural Paints and Coatings
Interior
Exterior
Industrial Paints and Coatings
Wood
Automotive
Metal
General Industrial
Traffic Paints
Paper
Protective Coatings
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa

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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductors and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.

This release was published on openPR.