Paints & Coatings Market worth $223.6 billion by 2027 | Key players The Sherwin-Williams Company, PPG Industries, AkzoNobel N.V., BASF Coating GMBH, Jotun A/s

According to recent market research the "Paints & Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl, Polyester), Technology(Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), End Use (Architectural, Industrial), & Region - Global Forecast to 2027", size is estimated at USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%, between 2022 and 2027. The rapid growth of the housing & construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income drive the paints & coatings market. Technological advancements in end-use industries such as automotive, marine, aerospace, wood, and general industrial also support growth. The paints and coating market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. China and India, among other countries, are leading the paints and coatings market globally.

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Waterborne paint, specifically, waterborne epoxy coatings provide a high-gloss finish with excellent corrosion protection products for the marine and agricultural segments. Waterborne coatings are based on emulsifying the binders, pigments, and additives with water. Single-component emulsion coatings are used to form films through the coalescence of the polymer particles as the water evaporates. Waterborne coatings are used widely in various end-use industries such as automotive, furniture, rail coatings, electrical & electronics, energy, and general industrial.

Acrylic is the most widely used resin due to its strength, stiffness, excellent solvent resistance, flexibility, impact resistance, and hardness. Paints & coatings contain polymeric materials for decorative and protective purposes. They improve surface properties, such as appearance, adhesion, and wetting, and provide resistance to corrosion and scratching. The coating process involves the application of paints & coatings to a substrate of one or more layers of functional materials, in the form of liquids, gases, or solids.

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The global paints and coatings market size is projected to grow from USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%. The demand for paints and coatings is primarily influenced by the demand trends in the building and construction, automotive, marine, packaging industry and in the growing economy. The companies have adopted various strategies, such as investment & expansion, merger & acquisition, new product launches, and joint ventures to increase their global presence and maintain sustained growth in the paints and coatings market.

The Asia Pacific is the fastest-growing paints & coatings market due to the rapid infrastructural activities in the region, triggered by the availability of raw materials, low-cost labor, Asia Pacific's increasing trade relations with other regions, and private sector involvement. The rising population and rapid urbanization in the emerging economies of Asia Pacific also contribute significantly to the market growth. In developed regions, such as North America and Europe, the constant rise in passenger car ownership is acting as a driver for automotive OEM and refinish paints & coatings.

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There are various small, medium, and large players operating in the market. Some of the major market players include The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Masco Corporation (US). They have adopted various developmental strategies such as investment & expansions, new product launches, mergers & acquisitions, and joint ventures to increase their share in the market.

PPG Industries, Inc: PPG Industries, Inc. is a US-based supplier of paints, coatings, optical products, specialty materials, glass, and fiberglass. The company operates through three business segments, namely, performance coatings, industrial coatings, and glass. It caters to the needs of a number of end-use industries, such as construction, consumer products, industrial, and transportation. The company offers automotive coatings under its industrial coatings segment. It has a presence in North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, with operations in over 156 countries.

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