Paints and Coatings Market Competition Assessing Key Challenges and Opportunities

Allied Market Research has published an insightful report titled "Paints and Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Others), by Product Type (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings, Others), by Application (Architectural, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global paints and coatings market is projected to reach $278.4 billion by 2031, up from $175.8 billion in 2021, demonstrating a notable CAGR of 4.7% from 2022 to 2031. The report offers an in-depth analysis of regional landscapes, competitive scenarios, value chains, key investment areas, top segments, and dynamic market trends.

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Factors Influencing Market Growth

The global paints and coatings market is witnessing rapid expansion due to increasing demand from industries such as automotive, construction, and architecture in both developed and developing economies. However, market growth is somewhat restrained by health issues associated with VOC-containing paints and coatings. Nonetheless, the development of high solid paints and coatings with minimal or no VOC emissions has opened new applications, presenting significant opportunities in the industry.

Segment Insights

Resin Type

Acrylic Segment: In 2021, the acrylic segment held the largest market share, accounting for approximately one-third of the global paints and coatings market. This dominance is expected to continue through 2031, driven by rapid urbanization and growth in the building and construction industry where acrylic resin-based paints are extensively used.

Alkyd Segment: This segment is projected to exhibit the fastest CAGR of 5.3% during the forecast period, fueled by the growth of housing, real estate sectors, and increased disposable incomes.

Product Type

Waterborne Coatings: In 2021, waterborne coatings captured the highest market share, comprising over two-fifths of total market revenue. Their dominance is expected to persist due to rising demand for a wide range of furniture items globally.

Solvent-borne Coatings: This segment is anticipated to showcase the fastest CAGR of 5.2% throughout the forecast period, owing to their extensive use in interior and exterior components of various industrial equipment.

Application Insights

Architectural Segment: This segment accounted for nearly three-fifths of the global paints and coatings market revenue in 2021 and is expected to maintain its leading position, growing at the fastest CAGR of 5.0% by 2031. The segment's growth is driven by rapid urbanization and the consequent demand for commercial and residential facilities.

Regional Analysis

Asia-Pacific: The Asia-Pacific region held the largest market share in 2021, contributing to nearly two-fifths of the global market revenue. This region is expected to grow at the fastest CAGR of 5.2% from 2022 to 2031, supported by advancements in industrial, transportation, and construction sectors.

Leading Market Players

- RPM International Inc.
- Asian Paints
- Indigo Paints Ltd
- PPG Industries, Inc.
- Nippon Paint Holdings Co., Ltd
- The Sherwin-Williams Company
- Akzo Nobel N.V
- Kwality Paints and Coatings Pvt. Ltd.
- Kansai Paint Co., Ltd.
- Axalta Coating Systems, LLC

These prominent players have implemented various strategies such as new product launches, acquisitions, partnerships, product approvals, and operational expansions to enhance their market share and maintain dominance across different regions. The report provides detailed insights into the business performance, product portfolios, and strategic initiatives of these market leaders.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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