Paint and Coating Market Expansion Supported by Technological Innovations in Resin Formulations and Sustainable Low VOC Solutions

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Paint And Coating Market Size, Share & Trends Analysis Report By Resin (Water-Based Coatings, Solvent-Based Coatings, Powder Coatings), Technology (Acrylic, Alkyd, Epoxy Resin, Polyester, Polyurethane), And Application (Architectural, Automotive OEM, Wood Finishes, Coil Coatings, Packaging Finishes, General Industrial Finishes, Automotive Refinish Paint, Protective Coatings, Marine Coatings, Aviation/Aerospace)- Market Outlook And Industry Analysis 2031"

The global paint and coating market is estimated to reach over USD 246.40 billion by 2031, exhibiting a CAGR of 3.08% during the forecast period.

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Paints and coatings are applied to substrates primarily for decorative enhancement and protective functions. When used decoratively, these materials improve both the visual appeal and tensile strength of surfaces. They serve as a protective barrier against environmental degradation, including corrosion, weathering, chemical exposure, and aging. In certain applications, paints and coatings also provide specialized properties such as anti-fouling, flame retardancy, and antimicrobial protection.

The global market for paints and coatings is poised for significant growth, driven by rapid urbanization and a rising global population, which are expected to accelerate expansion within the building and construction sector. As urban lifestyles evolve and infrastructure demand increases, investment in residential and commercial development continues to rise. Enhanced economic conditions and population growth have contributed to increased global spending on housing and infrastructure. Paints and coatings are widely utilized in the construction industry for both aesthetic and protective purposes across various structures and public infrastructure.

However, the market faces several key challenges. These include the volatility of raw material prices, stringent environmental and safety regulations, intense competition from low-cost alternatives, and the need to keep pace with ongoing technological advancements. Addressing these challenges is essential to sustaining long-term market growth and competitiveness.

List of Prominent Players in the Paint and coating market:
• Akzo Nobel N.V.
• Asian Paints Limited
• Axalta Coating Systems Ltd.
• BASF SE
• Beckers Group
• Berger Paints Ltd.
• DAW SE
• Diamond Vogel Paint Company
• Hempel A/S
• Henkel AG & Co. KGaA
• Indigo Paints Ltd.
• Jotun A/S
• Kansai Paint Co.,Ltd.
• Kelly-Moore Paints
• Masco Corporation
• Nippon Paint Holdings Co., Ltd.
• PPG Industries, Inc.
• RPM International Inc.
• Shalimar Paints
• SKK(S) Pte. Ltd.
• The Sherwin-Williams Company
• Tiger Coatings GmbH & Co. KG
• Tikkurila Oyj
• Vista Paint Corporation

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Market Dynamics
Drivers:
Paints and coatings play a vital role in both the decoration and protection of buildings and infrastructure. These include a wide range of architectural finishes such as interior and exterior paints, primers, varnishes, sealers, and stains. Modern architectural coatings offer benefits such as low volatile organic compound (VOC) content, minimal odor, improved scrub resistance, and a variety of finishes, including semi-gloss textures. The rapid growth of the construction industry, supported by increased public infrastructure investments and private building activity, is expected to significantly drive market expansion. Additionally, the adoption of advanced technologies within the construction sector is further fueling demand. The increasing application of paints and coatings in diverse end-use industries-including residential and commercial construction, automotive and transportation, industrial metals, wood, and coil coatings-is also contributing to overall market growth.

Challenges:
Manufacturers in the paints and coatings industry are required to continuously adapt their processes to comply with a complex array of regulatory frameworks, particularly in regions with stringent environmental standards. Non-compliance may lead to restrictions or bans on product use. In some jurisdictions, regulations remain focused solely on the VOC concentration in emissions rather than total mass emissions, which can lead to the approval of high-volume emission systems over low-emission alternatives. This approach often overlooks the environmental benefits of low-VOC coatings that operate with significantly lower airflow and contribute to reduced atmospheric pollution.

Regional Trends:
The Asia-Pacific region currently holds the largest share of the global paints and coatings market, both in terms of revenue and volume, and is expected to maintain its dominance throughout the forecast period. Market growth in this region is primarily driven by the expansion of the automotive, building, and construction industries in countries such as China, India, and Japan. Demand is further fueled by the increased use of coatings for residential and non-residential structures, as well as for furniture, windows, and interior décor. China's large and growing population continues to stimulate demand in the residential construction segment, making it a key market contributor. Meanwhile, North America is projected to witness notable growth, supported by the integration of advanced technologies, rising disposable incomes, and increased activity in the used-car market, all of which contribute to rising demand for high-performance coatings.

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Recent Developments:
• In June 2021, Grupo Orbis, a maker of paints and coatings, was purchased by AkzoNobel. AkzoNobel will be able to strengthen its position in South and Central America thanks to this tactical acquisition.
• In December 2020, North East Asian and western European markets were where Jotun first introduced its jota cote Universal S120 primer to the world market.

Segmentation of Paint and coating market-
By Resin-
• Acrylic
• Epoxy Resin
• Alkyd
• Polyurethane
• Polyester
• Others
By Technology
• Water Based
• Solvent Based
• Powder Coating
By Application
• Architectural Coatings
o Residential
o Non-Residential
• Automotive OEM Coatings
o Passenger Cars
o Heavy/Commercial Vehicles
o Motorcycle
o Other Transportation Coatings
• Wood Finishes
• Coil Coatings
• Packaging Finishes
• General Industrial Finishes
o Footwear
o Furniture
o Toys
o Others
• Automotive Refinish Paint
• Protective Coatings
• Marine Coatings
• Aviation/Aerospace
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/paint-and-coating-market/1627

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This release was published on openPR.