Paints and Coatings Market to be worth USD 303.97 Billion by 2032

The global paints and coatings market size was valued at USD 206.56 billion in 2023 and is projected to grow from USD 217.36 billion in 2024 to USD 303.97 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period.
The automobile, construction, timber, and transportation industries all frequently utilize paints and coatings. They are extensively utilized in the construction industry to shield buildings from damage from the outside. Also, the product has a wide range of uses in the decoration of commercial and residential structures and infrastructure, as well as in the automobile, maritime, industrial wood, and other industries.
Fortune Business Insights presents this information in their report titled "Paints and Coatings Market, 2024-2032."

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭:
𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐎𝐮𝐭𝐛𝐫𝐞𝐚𝐤 𝐃𝐢𝐬𝐭𝐮𝐫𝐛𝐞𝐝 𝐭𝐡𝐞 𝐒𝐮𝐩𝐩𝐥𝐲 𝐂𝐡𝐚𝐢𝐧, 𝐅𝐨𝐫𝐜𝐢𝐧𝐠 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐭𝐨 𝐌𝐨𝐧𝐢𝐭𝐨𝐫 𝐭𝐡𝐞 𝐒𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧 𝐂𝐚𝐫𝐞𝐟𝐮𝐥𝐥𝐲

The COVID-19 outbreak hampered the supply chain of businesses in the paint and coatings sector. In the midst of the pandemic, businesses concentrated on handling orders, inventory, and transit shipments. Companies continuously employed cutting-edge strategies to maintain the stability of their operations at industrial locations. During the pandemic, suppliers placed a high priority on the efficient logistics and distribution of raw materials. Nonetheless, due to the expanding construction and automotive industries, the market is anticipated to return to its pre-pandemic level.

𝐆𝐞𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/paints-and-coatings-market-101947

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:
• AkzoNobel (Netherlands)
• Kansai Nerolac Paints Limited (India)
• Kwality Paints and Coatings Pvt. Ltd. (KPCPL) (India)
• Nippon and Kansai (Kansai Paint Co., Ltd.) (Japan)
• The Sherwin-Williams Company (U.S.)
• NIPSEA GROUP (Singapore)
• Nippon Paint Holdings Co., Ltd. (Japan)
• Jotun (Norway)
• Axalta Coating Systems (U.S.)
• TIKKURILA OYJ (Finland)
• Dunn-Edwards Corporation (U.S.)
• Asian Paints (India)
• RPM International Inc. (U.S.)
• PPG Industries, Inc. (U.S.)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬:
𝐃𝐮𝐞 𝐭𝐨 𝐢𝐭𝐬 𝐀𝐛𝐫𝐚𝐬𝐢𝐨𝐧 𝐑𝐞𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞 𝐚𝐧𝐝 𝐂𝐨𝐫𝐫𝐨𝐬𝐢𝐨𝐧 𝐑𝐞𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞, 𝐏𝐨𝐥𝐲𝐮𝐫𝐞𝐭𝐡𝐚𝐧𝐞 𝐑𝐞𝐬𝐢𝐧 𝐢𝐬 𝐀𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝 𝐭𝐨 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐞 𝐭𝐡𝐞 𝐇𝐢𝐠𝐡𝐞𝐬𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞

By resin, the market is segmented into acrylic, alkyd, epoxy, polyurethane (PU), polyester, and others. Due to its adhesion, drying speed, relative resistance, and flexibility qualities, acrylic resin stands out among the competition and commands a substantial market share. This makes it ideal for use in paints and coatings.

𝐃𝐮𝐞 𝐭𝐨 𝐭𝐡𝐞𝐢𝐫 𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥𝐥𝐲 𝐅𝐫𝐢𝐞𝐧𝐝𝐥𝐲 𝐚𝐧𝐝 𝐕𝐎𝐂-𝐅𝐫𝐞𝐞 𝐐𝐮𝐚𝐥𝐢𝐭𝐢𝐞𝐬, 𝐖𝐚𝐭𝐞𝐫-𝐁𝐨𝐫𝐧 𝐂𝐨𝐚𝐭𝐢𝐧𝐠𝐬 𝐭𝐨 𝐇𝐨𝐥𝐝 𝐃𝐨𝐦𝐢𝐧𝐚𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐡𝐚𝐫𝐞

By product type, the market is classified into solvent borne, waterborne, powder coatings, UV coatings and others. Due to their expanding use in the wood, plastic, furniture, printing inks, and vehicle industries, waterborne coatings currently hold the biggest market share. The advantages of waterborne coatings, which include low VOC emissions, quick drying, and simpler application, are what is causing this market to flourish.

𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐚𝐧𝐝 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 𝐖𝐢𝐥𝐥 𝐂𝐚𝐮𝐬𝐞 𝐭𝐡𝐞 𝐀𝐫𝐜𝐡𝐢𝐭𝐞𝐜𝐭𝐮𝐫𝐞 𝐒𝐞𝐜𝐭𝐨𝐫 𝐭𝐨 𝐒𝐡𝐨𝐰 𝐚 𝐒𝐮𝐛𝐬𝐭𝐚𝐧𝐭𝐢𝐚𝐥 𝐂𝐀𝐆𝐑

By application, the market is divided into architectural, industrial wood, marine, automotive OEM, automotive refinish, general industries, coil, protective coatings, packaging and others. Throughout the projected period, it is expected that the architectural segment will dominate in terms of revenue and volume. Paints and coatings are mostly used for ornamental purposes in architectural applications to protect non-residential and residential structures and buildings from UV radiation, environmental damage, and other factors.

𝑮𝒆𝒕 𝒂 𝑸𝒖𝒐𝒕𝒆:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/paints-and-coatings-market-101947

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 & 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:
𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐒𝐞𝐜𝐭𝐨𝐫'𝐬 𝐑𝐚𝐩𝐢𝐝 𝐄𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐖𝐢𝐥𝐥 𝐁𝐨𝐨𝐬𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭

Infrastructure and structures are mostly protected and decorated using paints and coatings. Exterior and interior paints, sealants, primers, stains, and varnishes are some examples of these architectural advancements. The market's growth will probably be boosted by an increase in construction activity and government investment in several public infrastructure projects. Furthermore, cutting-edge technological technologies are gradually becoming the norm in the building industry. Another element driving the expansion of the construction sector is the increased use of cloud and collaboration computing, as well as Building Information Modeling (BIM). These factors are anticipated to increase the market share.
However, producing thin coatings is challenging. The velocity and volume of powder applied to the substrate are challenging to regulate, which may hamper the paints and coatings market growth.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬
𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐃𝐨𝐦𝐢𝐧𝐚𝐭𝐞𝐬 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐝𝐮𝐞 𝐭𝐨 𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐀𝐜𝐭𝐢𝐯𝐢𝐭𝐢𝐞𝐬

In terms of volume and revenue, Asia Pacific held the largest paints and coatings market share for 2022 and is likely to keep that position during the anticipated period. This is a result of expanding building and construction activity as well as the automotive industry in China, India, and Japan. Due to their use in covering both non-residential and residential infrastructures, paints & coatings are in higher demand.
Europe has a prominent position mainly due to growing demand from the automotive sector.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞
𝐌𝐚𝐣𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐭𝐨 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

The market for paints and coatings is cut-throat and fragmented, with major players like PPG Industries, Inc., Axalta Coating Systems, Nippon, Kansai (Kansai Paint Co., Ltd.), Jotun, the Sherwin-Williams Company, and AkzoNobel active in the sector. To preserve product quality and increase their regional presence, the majority of multinational firms have integrated their raw material production and sales activities. As a result, firms gain a cost advantage that boosts profit margins and offers them a competitive edge. Corporations are also placing a greater emphasis on their R&D activities to stay competitive and meet the evolving demands of end users.

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
August 2021: Sika sold its European industrial coatings business, located in Germany, to the Sherwin-Williams Company, a global leader in paints and coatings based in the U.S. With this, Sika will divest its European industrial coatings business.

𝑹𝒆𝒂𝒅 𝑴𝒐𝒓𝒆 𝑰𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏
https://www.fortunebusinessinsights.com/industry-reports/paints-and-coatings-market-101947

𝑹𝒆𝒍𝒂𝒕𝒆𝒅 𝑹𝒆𝒑𝒐𝒓𝒕𝒔 -
Automotive Coatings Market: https://www.fortunebusinessinsights.com/automotive-coatings-market-102736

Automotive Refinish Coatings Market: https://www.fortunebusinessinsights.com/automotive-refinish-coatings-market-103040

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This release was published on openPR.