Paints and Coatings Market Size, Share, Growth and Trends, Value, Report 2024-2031

Global Paints and Coatings Market reached US$ 197.8 billion in 2023 and is expected to reach US$ 260.5 billion by 2031, growing with a CAGR of 3.5% during the forecast period 2024-2031.

The paints and coatings market is witnessing strong growth driven by a resurgence in demand across key sectors such as automotive, construction, and marine shipbuilding. The aerospace industry has also emerged as a significant driver, with airlines placing substantial orders with Boeing and Airbus to expand their fleets in the post-pandemic era. However, the pace of innovation and new product launches has slowed considerably since the pandemic. Companies have repeatedly postponed new product introductions due to challenging market conditions. For an industry that relies on value creation and innovation for growth, this slowdown poses a significant challenge to future expansion and development.

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Market Dynamics:

Growing Popularity of Electric Vehicles

The post-pandemic era has spurred a surge in electric vehicle (EV) production and sales. Government stimulus packages aimed at economic recovery have led to significant advancements in battery technology and vehicle manufacturing. In 2023, approximately 14.2 million battery electric vehicles (BEVs) were sold, marking the highest increase since the onset of mass EV production. Analysts predict that EV prices will continue to fall, with many models expected to reach price parity with petrol and diesel vehicles within the next 4 to 5 years.

The U.S. and China have seen the most significant reductions in EV prices. According to Forbes, the average EV price in the U.S. dropped to around US$ 45,000 in mid-2023, down from nearly US$ 59,000 the previous year. In China, advancements in supply chain management and large-scale production have reduced EV prices to the level of premium petrol and diesel vehicles, with the average cost starting at about US$ 10,000-nearly four times cheaper than a comparable Western EV.

The ongoing growth in electric vehicles presents new opportunities for the global paints and coatings market. It is expected to drive demand for advanced paints and coatings designed for vehicle bodies and electric battery protection.

Segment Covered in the Paints and Coatings Market:

By Resin: Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Fluoropolymer, others.

By Technology: Water-based, Solvent-based, Powder, UV Csured Coating, Electron Beam (EB) Coating.

By Resin Characteristics: Commodity Coating, Thermoplastic, Thermoset, Engineering Coating.

By End-Users: Architectural, Industrial, Marine, Packaging, Aerospace, Rail.

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Key players involved in Paints and Coatings Market:

• AkzoNobel N.V.
• PPG Industries, Inc.
• The Sherwin-Williams Company
• Axalta Coating Systems
• Jotun
• Nippon Paint Holdings Co., Ltd.
• Asian Paints
• Kansai Paint Co., Ltd.
• RPM International Inc.
• Tikkurila

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Regional Analysis:

The global Paints and Coatings Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Paints and Coatings Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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