Rising refurbishment activities stimulating the need for coatings in renovation projects and interior upgrades.
WILMINGTON, Del., Jan. 10, 2024 /PRNewswire/ -- The global paints & coatings market is estimated to flourish at a CAGR of 5.2% from 2022 to 2031. Transparency Market Research projects that the overall sales revenue for paints & coatings is estimated to reach US$ 369.85 billion by the end of 2031.
Emerging research and adoption of bio-based raw materials for paint and coatings production signal a shift towards sustainable sourcing and reduced environmental impact, catering to eco-conscious consumers. Advancements in nanotechnology facilitate the development of nanocoatings, enhancing surface properties with functionalities like self-cleaning, anti-corrosion, and antimicrobial properties, broadening application scopes.
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Paints & Coatings Market Report Scope:
Report Coverage | Details |
Forecast Period | 2022-2031 |
Base Year | 2020 |
Size in 2021 | US$ 181.89 Bn |
Forecast (Value) in 2031 | US$ 369.85 Bn |
Growth Rate (CAGR) | 5.2 % |
No. of Pages | 300 |
Segments covered | Resin, Technology, Application |
The integration of smart coatings with functionalities such as temperature responsiveness, self-repair, or color-changing properties for indications like structural integrity, expands the market into innovative, high-tech solutions.
Focus on coatings with anti-bacterial or anti-viral properties aimed at promoting hygienic surfaces in public spaces and healthcare facilities, reflecting changing health concerns post-pandemic. Initiatives embracing circular economy principles within the coatings industry, focusing on recycling and repurposing coatings, drive sustainability efforts, and reduce waste in the production lifecycle.
Key Findings of the Market Report
- Polyurethane resin leads the paints & coatings market due to its versatility, durability, and wide applications in diverse coating formulations.
- Water-based technology leads the paints & coatings market due to its eco-friendliness, lower VOC emissions, and increasing consumer preference for sustainability.
- Building & construction leads the paints & coatings market due to increased demand for architectural coatings and protective solutions.
Paints & Coatings Market Growth Drivers & Trends
- Continuous innovations in coatings technology enhance performance, durability, and eco-friendliness, driving market growth.
- Increased infrastructure development globally fuels demand for architectural coatings and protective solutions.
- Stringent regulations promoting eco-friendly formulations propel the market towards sustainable coatings.
- Expansion in manufacturing and industrial sectors drives demand for industrial coatings and specialized solutions.
- Rising preference for water-based paints due to lower VOC emissions influences market trends and consumer choices.
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Global Paints & Coatings Market: Regional Profile
- North America stands as a prominent market driven by robust industrial and construction sectors. Technological innovations and a focus on eco-friendly formulations characterize the region's paint and coating industry. Stringent regulations and a penchant for premium quality coatings fuel market growth.
- Europe showcases a mature market emphasizing sustainability and stringent environmental regulations. Increasing demand for water-based paints, eco-friendly coatings, and architectural coatings shape the market. Research and development initiatives for innovative, low-VOC formulations mark industry trends.
- Asia Pacific, amid rapid urbanization and infrastructure development, presents lucrative opportunities. Growing construction activities and industrial expansion drive demand for decorative and protective coatings. The region's economic growth fosters innovation, with a significant emphasis on cost-effective and durable coatings, propelling market growth.
Paints & Coatings Market: Competitive Landscape
The paints & coatings market thrives in a competitive landscape with major players like AkzoNobel, PPG Industries, and Sherwin-Williams dominating. Intense competition fosters innovation, driving diverse product offerings-from decorative paints to industrial coatings.
Technological advancements, eco-friendly formulations, and mergers & acquisitions define competitive strategies. Emerging players focusing on specialized coatings and sustainable formulations contribute to market diversification.
Factors like product quality, performance, cost-efficiency, and global presence significantly influence consumer preferences, reshaping the dynamic and evolving paints & coatings market. Some prominent manufacturers are as follows:
- Akzo Nobel N.V
- BASF SE
- The Sherwin Williams Company
- PPG industries Inc.
- Axalta Coating System
- RPM international Inc.
- KKC Corporation
- Berger Paints India Limited
- Nippon Paints Holdings Co. Ltd.
- The Valspar Corporation
- Jotun A/S
- Asian Paints Limited.
- Kansai Paints Co. Ltd.
- Dow Coring
- Hellos Group
- Masco Corporation
- TIKKURILAOYJ
- Diamond Vogel
- Backers Group
Product Portfolio
- Axalta Coating Systems specializes in high-performance coatings used in automotive, industrial, and2wer refinish applications. Their portfolio includes paints, powder coatings, and innovative technologies catering to various industries with a focus on durability and sustainability.
- RPM International Inc. offers a broad range of specialty coatings, sealants, and building materials. Their portfolio encompasses paints, coatings, and construction products, serving the industrial, residential, and commercial sectors, emphasizing quality and innovation.
- KKC Corporation is known for its diverse range of coatings and specialty chemicals. Their portfolio includes paints, architectural coatings, and functional materials, catering to industries like construction, automotive, and electronics, prioritizing advanced technology and high-quality solutions.
Paints & Coatings Market: Key Segments
By Resin
- Acrylic
- Polyurethane
- Polyester
- Alkyds
- Epoxy
- Others
By Technology
- Water-based
- Solvent-based
- Hot Melt
- Powder
- Others
By Application
- Automation & Transportation
- Aerospace
- Building & Construction
- Healthcare & Medical devices
- Marine
- Electricals & Electronics
- Packaging
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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