Paints And Coatings Market Expected to Achieve 7.3% CAGR by 2029: Growth Forecast Insights

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How Large Will the Paints And Coatings Market Size By 2025?
In recent years, a robust growth has been observed in the paints and coatings market size. The market is projected to expand from $267.54 billion in 2024 to $290.28 billion in 2025, experiencing a compound annual growth rate (CAGR) of 8.5%. Factors such as a boom in construction and real estate, a growing automotive industry, expansion of industrial manufacturing, environmental regulations, and raw material prices have contributed to the historical growth of this market.

How Big Is the Paints And Coatings Market Size Expected to Grow by 2029?
The market size for paints and coatings has a promising forecast for substantial expansion in the upcoming years. It's predicted to escalate to a valuation of $385.01 billion by 2029, progressing at a compound annual growth rate (CAGR) of 7.3%. The predicted expansion in the given period can be associated with sustainable and environmentally friendly practices, rapid urban growth, economic development in nascent markets, an emphasis on infrastructure renovation, and stringent safety norms. Noteworthy trends anticipated during the forecast period encompass the integration of digital technology in manufacturing, the advent of smart coatings and nanotechnology, advancements in technology, bio-based and sustainable coatings, and a focus on high-performance coatings.

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Which Key Market Drivers Powering Paints And Coatings Market Expansion and Growth?
The burgeoning demand from various consumer sectors is predicted to fuel the expansion of the paint and coatings market. A steep surge in the utilization of paints and coatings has been observed in several industries. These products are extensively applied in segments such as automotive, construction and manufacturing industries, providing protection to surfaces, boosting appearance, and offering corrosion resistance, especially in the construction field. For example, in June 2023, the U.S. Census Bureau and the Department of Housing and Urban Development released data showing privately owned home starts in May 2023 at a seasonally adjusted annual rate of 1,631,000. This figure signifies a surge of 21.7% from the revised forecast of 1,340,000 in April 2023 and an elevation of 5.7% from the May 2022 rate of 1,543,000. Furthermore, the count of privately owned home completions in May 2023 stood at 1,518,000 on a seasonally adjusted annual scale, symbolizing a rise of 5.0% from the May 2022 rate of 1,446,000 and an increment of 9.5% from the revised estimate of 1,386,000 in April 2023. Hence, the expansion in consumer sectors is projected to stimulate the growth of the paint and coatings market.

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Which Fast-Growing Trends Are Poised to Disrupt the Paints And Coatings Market?
Biocides are utilized in paint production to increase their durability and preserve their high quality. These additives are engineered to prevent paint degradation during storage and inhibit the development of fungi and algae on painted surfaces. The market for biocides in paint is predicted to expand due to the transition from solvent-based to water-based paints, which are safer for people's health and the environment and effectively curb fungal and algae proliferation. Nevertheless, swapping traditional chlorine and formaldehyde-based biocides with eco-friendly ones escalates paint-manufacturing expenses. Major firms like The Dow Chemical Company, Troy Corporation, BASF SE, Thor Group, and AkzoNobel N.V. are among those who incorporate biocides in their paint production.

What Are the Emerging Segments in the Paints And Coatings Market?
The paints and coatings market covered in this report is segmented -

1) By Type: Water Borne Coatings, Solvent Based Coatings, Powder Coatings, Other Paints and Coatings
2) By Type of Resin: Acrylic, Polyurethanes, Polyesters, Epoxy, Alkyd, Other Type of Resins
3) By Performance Range: Commodity Coating Range, Engineering Coating Range, High-Performance Coating Range
4) By Application: Architectural, Automotive, Wood, Packaging, Aerospace, Other Applications

Subsegments:
1) By Water Borne Coatings: Acrylic Coatings, Latex Coatings, Polyurethane Coatings
2) By Solvent Based Coatings: Alkyd Coatings, Epoxy Coatings, Nitrocellulose Coatings
3) By Powder Coatings: Thermosetting Powder Coatings, Thermoplastic Powder Coatings
4) By Other Paints And Coatings: Specialty Coatings, High-Performance Coatings, Industrial Coatings

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Who Are the Global Leaders in the Paints And Coatings Market?
Major companies operating in the paints and coatings market include BASF SE, Sherwin Williams Company, PPG Industries Inc., Arkema SA., Akzo Nobel N.V., Nippon Paint Holdings Co ltd., Masco Corporation, RPM International Inc., KCC Corporation, Axalta Coating Systems ltd., Diamond Vogel Paints, The Valspar Corporation, Asian Paints Limited, Kansai Paint Co. Ltd., Jotun Group, Hempel A/S, DAW SE, Benjamin Moore & Co., Berger Paints India Limited, Berger Paints India Limited, Rust-Oleum Corporation, Dunn-Edwards Corporation, Tikkurila Oyj, Nihon Tokushu Toryo Co. Ltd., Kelly-Moore Paints, Tnemec Company Inc., Chugoku Marine Paints Ltd., Behr Process Corporation, Vitracoat America Inc., National Paints Factories Co. Ltd., Shalimar Paints Limited

Which are the Top Profitable Regional Markets for the Paints And Coatings Industry?
Asia-Pacific was the largest region in the paints and coatings market in 2024. Western Europe was the second-largest region in the paints and coatings market. The regions covered in the paints and coatings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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