Paints and Coatings Industry Trends 2023: Market Size, Growth Rate, Overview till 2028

What is paints and coatings?

Paint is a liquid and viscous substance composed of a pigment, binder, and solvent. It is utilized to color, safeguard, and provide texture to surfaces. Conversely, coatings refer to a layer or cover applied to a surface to impart specific functional attributes. They can exist in liquid, solid, or gaseous forms and adhere to surfaces to establish a continuous film. Both paint and coatings come in a variety of colors and textures, offering options for aesthetic customization. Engineered to endure environmental elements, they shield surfaces from corrosion, weathering, and physical deterioration, thus prolonging their longevity. Additionally, they possess antibacterial properties that contribute to cleanliness and health, particularly in settings like hospitals. These substances find widespread use in embellishing and safeguarding walls, ceilings, and floors. Furthermore, they exhibit resistance to corrosion and hinder fouling in marine vessels and offshore structures.

How Big is The Paints and Coatings Industry?

The global paints and coatings market size reached US$ 168.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

Request a Free PDF Sample for more detailed market insights: https://www.imarcgroup.com/paints-coatings-market/requestsample

Who are The Key Players Operating in The Industry?

• Akzo Nobel N.V.
• Asian Paints Ltd.
• Axalta Coating Systems Ltd.
• Berger Paints India Limited
• Indigo Paints Limited
• Jotun A/S
• Kansai Paint Co. Ltd.
• National Paints Factories Co. Ltd.
• PPG Industries Inc.
• RPM International Inc.
• The Sherwin-Williams Company and Tiger Coatings GmbH & Co. KG.

What are the growth prospects and trends in the Paints and Coatings Industry:

Rapid urbanization and the increasing construction and renovation activities across the globe represent one of the key factors catalyzing the demand for paints and coatings to protect residential and commercial construction from unfavorable climatic conditions. Additionally, the widespread adoption of paints and coatings in the thriving automotive industry is offering a favorable market outlook. Paints and coatings are applied to the underbody of the vehicle to provide protection against stone chips, salt, moisture, and other road debris. Apart from this, innovations in formulation technology, like ultraviolet (UV)-curing and waterborne coatings, are offering superior properties and ease of application, which is attracting a wider consumer base. Furthermore, the rising need for protective coatings in industrial machinery to prevent wear and tear and enhance longevity is positively influencing the market. Along with this, the increasing utilization of specialized paints and coatings in the aerospace and marine industries to protect aircraft and ships from extreme conditions is strengthening the growth of the market. Besides this, the introduction of smart coatings that respond to environmental factors, which include temperature and humidity, is creating a positive outlook for the market. The leading market players are offering customizable colors, textures, and functionalities to attract consumers seeking unique and personalized solutions. They are also focusing on effective marketing and branding strategies and collaboration with designers and architects to expand their market reach and increase sales. In addition, governments of various countries are implementing regulations related to health and safety, which is pushing manufacturers to develop compliant products. Furthermore, the escalating demand for weather-resistant coatings, especially in regions prone to extreme weather conditions, is favoring market growth. Moreover, the easy availability of paints and coatings across online distribution channels at affordable prices is propelling market growth.

Buy Complete Report: https://www.imarcgroup.com/checkout?id=6312&method=1

The report has segmented the market on the basis of product, material and application.

Breakup by Product:
• Waterborne Coatings
• Solvent-borne Coatings
• Powder Coatings
• High Solids/Radiation Curing
• Others

Breakup by Material:
• Acrylic
• Alkyd
• Polyurethane
• Epoxy
• Polyester
• Others

Breakup by Application:
• Architectural and Decorative
• Non-Architectural
o Automotive and Transportation
o Wood coating
o General Industrial
o Marine
o Protective
o Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

E𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐂𝐨𝐧𝐭𝐞𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞𝐬: https://www.imarcgroup.com/paints-coatings-market

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Browse Latest Reports 2023-2028:
• https://www.digitaljournal.com/pr/news/imarc/india-cosmetics-market-size-is-projected-to-grow-at-cagr-of-6-78-by-2028-imarc-group

• https://www.digitaljournal.com/pr/news/imarc/with-22-38-of-cagr-data-center-liquid-cooling-market-size-to-surpass-us-8-2-billion-by-2028-imarc-group

• https://www.digitaljournal.com/pr/news/imarc/molybdenum-market-outlook-2023-price-trends-revenue-demand-analysis-report-2028

• https://www.digitaljournal.com/pr/news/imarc/elevator-and-escalator-market-to-cross-a-revenue-of-us-203-6-billion-by-2028-with-5-60-of-cagr

• https://www.digitaljournal.com/pr/news/imarc/packaged-atta-wheat-flour-market-in-india-demand-industry-size-growth-competitors-analysis-report-2023-2028

Contact US

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.