Exploring the Booming Global Paints and Coatings Market: A 7.8% CAGR Sparks Impressive Growth By Forecast Period 2023-2032 || Sherwin Williams Co, PPG Industries Inc., Akzo Nobel N.V

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Paints And Coatings Global Market Report 2023 the rapid growth in the consumption of paints and coatings in many industries as the major driver for the paints and coatings market's growth in the forecast period. Paints and coatings are widely used in the automotive, construction, and manufacturing industries. For instance, the global building construction market is expected to increase from $6.6 trillion in 2019 to $8.4 trillion in 2022. Similarly, the global transportation manufacturing market is expected to increase from $6.8 trillion in 2019 to $7.8 trillion in 2022. Decorative paints and coatings are widely used in buildings and construction, whereas protective paints and coatings are linked closely to the automotive, major appliance, and industrial equipment industries.

The global paints and coatings market grew from $230.96 billion in 2022 to $248.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The paints and coatings market is expected to grow to $326.09 billion in 2027 at a CAGR of 7.0%.

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Major competitors in the paints and coatings market include Sherwin Williams Co, PPG Industries Inc., Akzo Nobel N.V, BASF SE, Nippon Paint Holdings Co Ltd., Axalta Coating Systems Ltd., Kansai Paint Co. Ltd., Asian Paints Limited, RPM International Inc., and Arkema SA.

A key trend in the Paints And Coatings market includes biocides are being used in paints to enhance their longevity and to maintain their quality. Biocide additives have been designed to protect paints from getting damaged during storage or to keep fungi and algae from growing on the applied paints. The market for biocides in paints will continue to grow due to the switch from solvent-based to water-based paints as they are not hazardous for human health and the environment and minimize fungal and algae growth. However, the replacement of traditional biocides based on chlorine and formaldehyde with environmentally friendly biocides adds to the cost of paint production.

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The paints and coatings market is segmented -

• By Type: Water Borne Coatings, Solvent Based Coatings, Powder Coatings, Other Paints and Coatings

• By Application: Architectural, Automotive, Wood, Packaging, Aerospace, Other Applications

• By Type of Resin: Acrylic, Polyurethanes, Polyesters, Epoxy, Alkyd, Other Type of Resins

• By Performance Range: Commodity Coating Range, Engineering Coating Range, High-Performance Coating Range

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the paints and coatings market

The Business Research Company's "Global Paints And Coatings Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Paints And Coatings Market Include:
1. Executive Summary
2. Paints And Coatings Market Characteristics
3. Paints And Coatings Market Trends And Strategies
4. Paints And Coatings Market - Macro Economic Scenario
5. Paints And Coatings Market Size And Growth
……………
27. Paints And Coatings Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Paints And Coatings Market
29. Paints And Coatings Market Future Outlook And Potential Analysis
30. Appendix

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