Dubai, UAE, Aug. 01, 2023 (GLOBE NEWSWIRE) -- As per the latest research report published by Extrapolate, the global Paints and Coatings Market size was recorded at USD 171.08 Bn in 2022 and is estimated to reach USD 251.47 Bn by 2030, exhibiting a CAGR of 5.02% during the forecast period.
Paints and coatings find widespread application across several industries, including construction, automotive, wood, and transportation. They play an important role in the construction industry by protecting structures from external damage. Furthermore, these products are widely used for decorating residential and non-residential structures, infrastructures, automotive, marine, industrial wood, and industrial plants among others.
The increasing utilization of the product can be attributed to its characteristics, including environmental protection, corrosion resistance, reflection absorption, hardness, and friction. The latest market trend is the rising popularity of high-tech coatings containing cationic galvanic coating materials, which efficiently fill in all crevices and corners of diverse metal parts and offer strong corrosion protection.
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Competitive Landscape
Key players in the industry are engaged in intense competition, offering tailored solutions for high-performance & cost-effective paints and coatings. For instance, in August 2021, PPG launched PPG ENVIROCRON PCS P4 powder coatings mainly designed for home decor, furniture, and architectural projects.
Prominent companies operating in the market include:
- PPG Industries, Inc., (U.S.)
- Axalta Coating Systems (U.S.)
- Akzo Nobel N.V., (Netherlands)
- Kwality Paints & Coatings Pvt. Ltd. (KPCPL) (India)
- Kansai Nerolac Paints Limited (India)
- Nippon Paint Holdings Co., Ltd. (Singapore)
- The Sherwin-Williams Company (U.S.)
- Jotun (Norway)
- RPM International Inc. (U.S.)
- TIKKURILA OYJ (Finland)
- SK KAKEN CO., LTD. (Japan)
- Dunn-Edwards Corporation (U.S.)
Global Paints and Coatings Market Segmentation:
By Technology
- Water-borne
- UV-cured Coating
- Solvent-borne
- Powder Coating
Surging Demand for Eco-Friendly Water-Borne Coatings
The waterborne coatings segment is expected to hold the largest share of the global paints and coatings market in the coming years, primarily driven by its growing utilization in various industries such as automotive, furniture, plastics, printing inks, and wood. The segment’s growth is further being propelled by the numerous benefits it offers, such as no VOC emissions, quick-drying properties, and ease of use.
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By End-user Industry
- Architectural
- Automotive
- Packaging
- Wood
- Protective Coating
- General Industrial
- Transportation
Growing Product Demand for Architectural Applications
The architecture segment is likely to lead the global paints and coatings market throughout the review period. Paints and coatings are mostly used for decorative purposes in architectural applications to protect non-residential and residential structures and buildings from UV radiation, environmental damage, etc. This market is projected to expand as a result of the increasing use of these materials across a number of industries, including the production of automobiles.
Booming Construction Industry to Drive Market Growth
Paints and coatings are predominantly employed for protecting and enhancing structures. Exterior and interior paints, sealants, primers, stains, and varnishes are some examples of their uses. Architectural paints are available in a variety of textures, from flat to semi-gloss, and allow odorless paints with enhanced abrasion resistance.
Market growth is anticipated to be boosted by the increase in construction activity and government investment in a number of public infrastructure projects. Additionally, cutting-edge technological advancements are gradually becoming the norm in the construction industry. An additional factor driving the expansion of the construction industry is the increased use of cloud and collaboration computing, as well as Building Information Modeling (BIM).
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Sustainability Initiatives in the Coatings Industry to Augment Market Progress
Paints and coatings protect and maintain the surfaces they are applied to, preserving both material resources and energy. Firms typically consider the sustainability issue when conducting their commercial activities. High emphasis on lowering volatile organic compounds (VOCs) in the areas of energy and resource conservation, process efficiency, renewable materials, and waste minimization is also favoring the product landscape.
For instance, DSM offers Decovery, a vegetable resin for paints. By substituting crude oil with low-VOC chemicals, recovery ingredients can reduce their carbon footprint by up to 34% while also improving and protecting the quality of the air both indoors and outdoors. In order to move away from solvent-based coatings towards waste-based coatings, the company is concentrating on sustainable alternatives.
Sales to Soar with Rising Construction Activities in Asia Pacific
Asia Pacific is projected to hold the largest share of the global paintings and coatings market. The regional market is anticipated to be driven by increasing construction activities and rising demand from the automotive industry in emerging nations such as China, India, Japan, and Southeast Asia. Additionally, the market is expected to provide lucrative growth opportunities due to the availability of raw materials and less strict restrictions regarding VOC emissions than those imposed in North America and Europe.
Supportive Government Programs in Europe Bolster Product Demand
Europe is estimated to be the second-largest market for paints and coatings during the forecast period. The expansion of the construction industry in various nations, including the United Kingdom, the Netherlands, Germany, Hungary, Poland, Sweden, and Ireland, is expected to lead to a spike in product demand. Increased financing from the EU and different government programs, including subsidies, tax breaks, and incentives, all of which are intended to help the region's construction industry, serves to further support the boom.
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component
2.3.1.1. Preliminary data mining
2.3.2. Primary Component
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.4. Market restraints
3.5. Market opportunities
3.6. Market Challenges
3.7. Porter’s Five Forces Analysis
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Paints and Coatings Market
Chapter 5. Global Paints and Coatings Market Overview, By Technology, 2020 – 2030 (USD Million)
Chapter 6. Global Paints and Coatings Market Overview, By Resin, 2020 – 2030 (USD Million)
Chapter 7. Global Paints and Coatings Market Overview, By End-User Industry, 2020 – 2030 (USD Million)
Chapter 8. Global Paints and Coatings Market Overview, By Geography, 2020 – 2030 (USD Million)
Chapter 9. North America Paints and Coatings Market Overview, By Countries, 2020 – 2030 (USD Million)
Chapter 10. Europe Paints and Coatings Market Overview, By Countries, 2020 – 2030 (USD Million)
Chapter 11. Asia Pacific Paints and Coatings Market Overview, By Countries, 2020 - 2030 (USD Million)
Chapter 12. Middle East & Africa Paints and Coatings Market Overview, By Countries, 2020 - 2030 (USD Million)
Chapter 13. South America Paints and Coatings Market Overview, By Countries, 2020 - 2030 (USD Million)
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
17.1. Marketing Channel
17.1.1. Direct Marketing
17.1.2. Indirect Marketing
17.1.3. Marketing Channel Development Trend
17.2. Market Positioning
17.2.1. Pricing Strategy
17.2.2. Brand Strategy
17.2.3. Target Client
17.3. Distributors/Traders List
Chapter 18. Market Effect Factors Analysis
18.1. Acrylic Progress/Risk
18.1.1. Substitutes Threat
18.1.2. Acrylic Progress in Related Size
18.2. Consumer Needs/Customer Preference Change
18.3. Economic/Political Environmental Change
Chapter 19. Future Outlook of the Market
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