CHICAGO, July 26, 2024 /PRNewswire/ -- The report "Paints & Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl, Polyester), Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), End Use (Architectural, Industrial), Region - Global Forecast to 2029", is projected to reach a market size of USD 227.5 billion by 2029 from USD 194.5 billion in 2024, at a CAGR of 3.2%. The Asia pacific is one of the prominent consumers of paints & coatings across the globe. Currently, the requirement for paints & coatings is growing tremendously for automotive, packaging, construction, electronics, and others. The growth of the emerging economies as China, India, Brazil and Mexico among others contribute significantly for the development of the global paints & coatings market.
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Acrylic resin type segment is expected to register the highest growth of the architectural paints & coatings market during the forecasted period.
Pure acrylic powder is renowned for its exceptional look, flexibility, and film toughness. Acrylics are frequently used due to their appealing finish, durable surface, outstanding weather resistance, and good electrostatic application qualities, making them perfect for applications that require high standards. These resins are widely used as clear coatings in the automobile industry. The acrylic resin market is rapidly developing in the coatings business. Demand for acrylic resin coatings is rapidly expanding in emerging economies like as China and India, owing to rising living standards and a growing preference for high-quality paint.
Epoxy resin type segment holds the largest share in the overall industrial paints & coatings market during the forecast period in terms of value.
Epoxy resins are used in the production of adhesives, plastics, paints, coatings, primers, sealants, floors, and other construction and building products. Epoxies are used in the paints & coatings business to form insulating and protective layers for maritime vessels, satellite systems, spacecraft, and airplanes. Epoxy is a reliable anchor in a variety of applications, including fastening handrails, rebar, and bolts into concrete. Epoxy resins are valuable in a variety of sectors because they may be used as adhesives, laminating resins, grinding wheel coatings, fire-retardant coatings, and insulating materials. Their resistance to heat stress and water makes them very good in preventing corrosion.
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Asia Pacific region is likely to be the fastest growing paints & coatings market during the forecast period.
Rapid urbanization and industrialization in Asia-Pacific are increasing demand for a wide range of sectors, including EV automotive vehicles, packaging, aerospace& defence, marine, construction, and medical & healthcare. The expansion of industrial activities in nations such as China, India, Japan, and South Korea has raised the demand for paints & coatings. In addition, significant infrastructure development projects, notably in India and China, are propelling up demand in the building & construction industry for bonding, sealing, insulation, and surface protection. Technological advancements in paints and coatings tailored to meet the needs of diverse industries are expected to fuel market growth in this domain.
Key Players
Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (US), The Sherwin-Williams Company (US), Axalta Coating Systems LLC. (US), Jotun A/S (Norway) are the key players in the global paints & coatings market.
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