New York (US), May 17, 2023 (GLOBE NEWSWIRE) -- Paints and Coatings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Paints and Coatings Market Information by Resin Type, Application, and Region - Forecast till 2030”, Paints and Coatings Market could thrive at a rate of 5.79% between 2023 and 2030. The market size will be reaching around USD 238.76 Billion by the end of the year 2030
Market Synopsis
Paints and coatings are applied to various surfaces for aesthetic or protective purposes. The healthcare OEM (Original Equipment Manufacturer) is a sector that produces medical devices, equipment, and supplies for the healthcare industry. Healthcare OEM is an important aspect of the healthcare industry, providing quality products and medical services.
The healthcare OEM industry uses paints and coatings for a variety of applications, including medical equipment and devices, furniture, and laboratory settings. These coatings not only improve the appearance but also protect against corrosion, bacteria, and other harmful elements.
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Market Competitive Landscape:
The affluent companies in the Paints and Coatings industry include
- AkzoNobel N.V.
- PPG Industries
- Jotun
- Nippon Paint Holdings Co. Ltd
- The Sherwin-Williams Company
- Asian Paints
- RPM International INC
- KANSAI PAINT CO. LTD
- Axalta Coating Systems Ltd.
- BASE SE
- Solvay S.A.
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 238.76 billion |
| Compound Annual Growth Rate (CAGR) | 5.79% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing need for the housing and lodging sector with the rapid industrialization |
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March 2021
Qlayers introduced a coating technology that provides a safer, more reliable, and quicker alternative to the current human coating methods in the sector. This automated solution is cost-effective and sustainable by eliminating overspray, and customers are using it to apply anti-corrosive coating systems and more.
Market USP Covered:
Market Drivers:
The paints and coatings market is experiencing significant growth worldwide due to various market drivers. One of the main drivers is the growing construction industry, which demands high-performance coatings to protect buildings from corrosion, weathering, and other environmental factors. This has led to an increased demand for decorative and protective coatings, such as acrylics, epoxies, and polyurethanes.
Another driver for the market is increasing urbanization, which has led to a rise in infrastructure development and renovation projects. As a result, the demand for paints and coatings for both commercial and residential purposes has increased significantly.
Market Restraints:
One of the major restraints for the paints and coatings market is the stringent regulations and government policies regarding the use of certain chemicals in coatings. Governments across the world have implemented regulations to limit the use of harmful chemicals in coatings, which has forced manufacturers to develop eco-friendly and sustainable alternatives. This has led to higher production costs and slower innovation in the industry.
Another restraint is the increasing prices of raw materials used in the production of paints and coatings. The prices of key raw materials such as titanium dioxide, resins, and pigments have been fluctuating due to supply chain disruptions and geopolitical tensions, leading to higher production costs.
COVID 19 Analysis
The outbreak of COVID-19 had an unprecedented impact on various industries, including the paints and coatings market. With the imposition of lockdowns and social distancing measures, the demand for paints and coatings witnessed a decline as many industries shut down operations. The automotive and construction industries were particularly affected, leading to a decrease in demand for automotive coatings and architectural paints.
However, the pandemic has also highlighted the need for protective coatings for healthcare facilities, public spaces, and transportation. There has been a growing demand for anti-bacterial and anti-viral coatings, especially for high-touch surfaces, to prevent the spread of the virus. In response to this demand, several companies have launched specialized coatings with anti-bacterial and anti-viral properties.
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Market Segmentation
By Resin Type
The resin type in the market include Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Fluoropolymer, Polyether Etherketone (PEEK), Polyether Ketone (PEK), Polyaryl Etherketone (PAEK), and others
By Application
The Application in the market includes Architectural and Industrial.
Regional Insights
North America has a large market share in the global paints and coatings market. This is due to the presence of major manufacturers in the region, such as PPG Industries, Sherwin-Williams Company, and Axalta Coating Systems. Additionally, increasing investments in infrastructure development, particularly in the construction industry, has also fueled the demand for paints and coatings in the region. Other industries such as automotive, aerospace, and marine have also contributed to the growth of the market.
In Europe, the market for paints and coatings is driven by stringent government regulations aimed at reducing carbon emissions and promoting eco-friendly products. This has led to a growing demand for low VOC (volatile organic compound) coatings and sustainable products in the region. The construction industry has also been a significant contributor to the growth of the market in Europe. The demand for high-performance coatings in the automotive and aerospace sectors has also increased in recent years, further driving the growth of the market in the region.
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The Asia-Pacific region is expected to witness significant growth in the paints and coatings market in the coming years. The region is home to some of the fastest-growing economies, and the construction industry is a key driver of the market in the region. The growing demand for residential and commercial infrastructure in countries such as China, India, and Indonesia is expected to fuel the demand for paints and coatings in the region. Additionally, the increasing demand for automotive and aerospace coatings is expected to further drive the growth of the market in the region.
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