APAC is Dominating the Paints and Coatings Market

The paints and coatings market was USD 164.1 billion in 2022, and it will touch USD 238.8 billion, propelling at a 4.80% compound annual growth rate, by 2030.

The progression of this industry is because of the surging utilization of these products in the sectors of construction, automotive, and general industrial. Moreover, the constant industrialization and urbanization in developing nations are likely to boost the need for these products in various applications.

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Furthermore, the product requirement across the globe has surged moderately in the past few years despite numerous worries, such as the effects of the low crude oil costs, the decline of main economies, the changes in regulatory standards, and the stoppage of the construction and automotive sectors.

In 2022, the water-borne category, based on technology, dominated the paints and coatings market, with approximately 47% share. This can be because of their mounting utilization in the sectors of furniture, automotive, wood, printing inks, and plastic. In addition, such coatings also provide benefits such as low emissions of VOC, easier application, and fast drying.

Furthermore, the need for these coatings will be constant in the years to come, because of their surging need in the manufacturing of furniture and automobiles, because of their greater adhesion properties and cost-effectiveness.

Whereas, the powder coatings category is likely to advance at a 6% CAGR, in the years to come. The main utilization areas of such coatings include critical auto, industrial machinery components, and engines, as they are resistant to abrasion, detergents, corrosion, and chemicals.

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The architectural coatings category, based on application, accounted for the dominating share of the industry, of over 52%, in the past few years. The increasing projects of construction, particularly in the sectors of roadways and railways, in countries such as India, China, the U.S., the U.K., and Germany will further boost the progression of this category.

APAC held the dominating share of the industry, and it will also advance at the highest rate, of 5.9%, in the years to come. This can be mainly because of the developing construction sector in India and China, which is boosting the acceptance of new coating resins & formulations.

The research offers market size of the paints and coatings market for the period 2017-2030.

Market Segmentation by Technology
• Water-Borne
• Solvent-Borne
• High Solids
• Powder Coatings
• Ultraviolet (UV)

Market Segmentation by Formulation
• Acrylic
• Polyester
• Polyurethane
• Epoxy
• Others

Market Segmentation by Application
• Architectural Coatings
o Residential
o Non-residential
• Industrial Coatings
o Automotive original equipment manufacturer (OEM) coatings
o Wood finishes
o Powder coatings
o Coil coatings
o Packaging finishes
o General industrial finishes
o Other transportation coatings
• Special Coatings
o Automotive refinish coatings
o Protective coatings
o Marine coatings

Market Segmentation by Region
• North America Paints and Coatings Market
o By technology
o By formulation
o By application
o By country - U.S. and Canada
 U.S. paints and coatings market
 By technology
 By formulation
 By application
• Europe Paints and Coatings Market
o By technology
o By formulation
o By application
o By country - Germany, Russia, Italy, U.K., Turkey, France, Spain, Poland, and Rest of Europe
 Germany paints and coatings market
 By technology
 By formulation
 By application
• Asia-Pacific (APAC) Paints and Coatings Market
o By technology
o By formulation
o By application
o By country - China, India, Japan, South Korea, and Rest of APAC
 China paints and coatings market
 By technology
 By formulation
 By application
 India paints and coatings market
 By technology
 By formulation
 By application
• Latin America (LATAM) Paints and Coatings Market
o By technology
o By formulation
o By application
o By country - Brazil, Mexico, Argentina, Colombia, and Rest of LATAM
 Brazil paints and coatings market
 By technology
 By formulation
 By application
• Middle East and Africa (MEA) Paints and Coatings Market
o By technology
o By formulation
o By application
o By country - Saudi Arabia, U.A.E., South Africa, Iran, and Rest of MEA

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This release was published on openPR.