Paints And Coatings Market Growth Analysis, Outlook Report 2024-2033: Strategic Insights

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Paints And Coatings Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The paints and coatings market size has grown strongly in recent years. It will grow from $247.72 billion in 2023 to $267.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to construction and real estate boom, growth in automotive industry trends, industrial manufacturing growth, environmental regulations, raw material prices.

The paints and coatings market size is expected to see strong growth in the next few years. It will grow to $355.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to green and sustainable practices, rapid urbanization, economic growth in emerging markets, focus on infrastructure renewal, stringent safety standards. Major trends in the forecast period include digitalization in manufacturing, smart coatings and nanotechnology, technological advancements, bio-based and sustainable coatings, focus on high-performance coatings.

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Market Segmentation:
The paints and coatings market covered in this report is segmented -
1) By Type: Water Borne Coatings, Solvent Based Coatings, Powder Coatings, Other Paints and Coatings
2) By Type of Resin: Acrylic, Polyurethanes, Polyesters, Epoxy, Alkyd, Other Type of Resins
3) By Performance Range: Commodity Coating Range, Engineering Coating Range, High-Performance Coating Range
4) By Application: Architectural, Automotive, Wood, Packaging, Aerospace, Other Applications

Major Driver - Rising Consumption In End-User Industries Fuels Growth Of The Paint And Coatings Market
The rising consumption by end-user industries is expected to propel the growth of the paint and coatings market going forward. There is a rapid growth in the consumption of paints and coatings in many industries. Paints and coatings are widely used in the automotive, construction, and manufacturing industries, whereas paint and coatings protect surfaces, enhance aesthetics, and provide corrosion resistance in the construction industry. For instance, in June 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, US-based government administrations, in May 2023, privately owned home starts were occurring at a seasonally adjusted annual pace of 1,631,000, representing an increase of 21.7% in the revised April 2023 prediction of 1,340,000 and 5.7% in the May 2022 rate of 1,543,000. The number of privately owned home completions in May 2023 was 1,518,000 on a seasonally adjusted yearly basis, representing an increase of 5.0% over the May 2022 rate of 1,446,000 and 9.5% above the revised April 2023 estimate of 1,386,000. Therefore, growth in end-user industries is expected to drive the paint and coatings market.

Competitive Landscape:
Major companies operating in the paints and coatings market report are BASF SE, Sherwin Williams Company, PPG Industries Inc., Arkema SA., Akzo Nobel N.V., Nippon Paint Holdings Co ltd., Masco Corporation, RPM International Inc., KCC Corporation, Axalta Coating Systems ltd., Diamond Vogel Paints, The Valspar Corporation, Asian Paints Limited, Kansai Paint Co. Ltd., Jotun Group, Hempel A/S, DAW SE, Benjamin Moore & Co., Berger Paints India Limited, Berger Paints India Limited, Rust-Oleum Corporation, Dunn-Edwards Corporation, Tikkurila Oyj, Nihon Tokushu Toryo Co. Ltd., Kelly-Moore Paints, Tnemec Company Inc., Chugoku Marine Paints Ltd., Behr Process Corporation, Vitracoat America Inc., National Paints Factories Co. Ltd., Shalimar Paints Limited

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Top Trend - Enhancing Paint Longevity And Quality With Biocides In An Eco-Friendly Market
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. For instance, some of the major companies using biocide in paint manufacturing include The Dow Chemical Company, Troy Corporation, BASF SE, Thor Group, and AkzoNobel N.V.

The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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