Global Plastic Paint Market Overview 2033 : Forecasted Market Size And Growth Rate

"The Business Research Company recently released a comprehensive report on the Global Plastic Paint Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The plastic paint market size has grown strongly in recent years. It will grow from $92.15 billion in 2023 to $98.14 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increased demand for eco-friendly and low-VOC paint formulations, growth of construction and automotive industries, development of new application techniques, increased investment in research and development, and integration of digital technologies.

The plastic paint market size is expected to see strong growth in the next few years. It will grow to $127.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increasing demand for sustainable solutions, increasing urbanization and infrastructure development, adoption of digitalization and automation growing consumer awareness, and expansion of distribution channels. Major trends in the forecast period include customization and innovation, expansion of application areas, focus on high-performance coatings, shift towards water-based formulations and growing demand for antimicrobial paints.

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Market Drivers and Trends:

The growing automotive industry is expected to propel the growth of the plastic paint market going forward. The automotive industry refers to the sector involved in the design, development, production, marketing, and sale of motor vehicles, including cars, trucks, motorcycles, and other vehicles. The automotive sector is on the rise due to several factors, such as rapid technological advancements including electric vehicles (EVs), autonomous driving technologies, and connected cars, and increasing demand for convenient and efficient transportation solutions. Plastic paint is used extensively for coating vehicle exteriors, including car bodies, bumpers, trim pieces, and other exterior components. It also allows for color customization, enabling automakers to offer a wide range of color options to customers. For instance, in June 2023, according to a report shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, sales of passenger cars in the UK rose 25.8% from 140,958 units in 2022 to 177,266 units in 2023. Therefore, the growing automotive industry is driving the growth of the plastic paint market.

Major companies operating in the plastic paint market are focusing on developing innovative solutions, such as artists' acrylic paint, to cater to diverse consumer needs and preferences. Artist's acrylic paint refers to a fast-drying, water-soluble paint made from pigment suspended in an acrylic polymer emulsion, favored for its versatility and vibrant colors in various artistic applications. For instance, in October 2021, Berger Paints Bangladesh Ltd., a Bangladesh-based paint company, launched Berger Artista, the inaugural artists' acrylic paint crafted in Bangladesh, featuring cost-effective variants of seven primary shades, as stated in a press release. The Berger Artista series endeavors to enhance the creative endeavors of artists nationwide with its unique offerings.

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Major Key Players of the Market:

The Sherwin Williams Company, PPG Industries Inc., AkzoNobel NV, Eastman Chemical Company, Wacker Chemie AG, RPM International Inc., Axalta Coating Systems Ltd., Valspar Corporation, Asian Paints Limited, Kansai Paint Co. Ltd., Jotun group, Hempel AS, Nippon Paint Holdings Co. Ltd., Berger Paints India Limited, DAW SE, Teknos Group Oy, Chugoku Marine Paints Ltd., Krylon Inc., Diamond Vogel Paints, Autoglym Limited, Tamiya Corporation, Dutch Boy Group

Plastic Paint Market 2024 Key Insights:

• The plastic paint market size is expected to see strong growth in the next few years. It will grow to $127.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Impact Of Growing Automotive Industry On The Plastic Paint Market
• Innovative Offerings In The Plastic Paint Market
• Asia-Pacific was the largest region in the plastic paint market in 2023

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This release was published on openPR.