Wilmington, Delaware, United States,, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per the TMR market statistics, the global Paint & Coatings Market is expected to grow from US$ 181.89 Bn in 2021 to reach a value of US$ 369.85 Bn by the end of 2031. The market is estimated to rise at a CAGR of 5.2% between 2022 and 2031. The rise in popularity of water-based coatings and powder coatings is also projected to augment market growth.
Players operating in the market are increasing their production capacity in order to cater to the growing demand for paints and coatings from the residential, commercial, and industrial sectors. Moreover, these sectors are focusing on making a fresh start post the COVID-19 pandemic, which is likely to offer lucrative business opportunities for manufacturers of paints and coatings.
Governments of several nations are also making major investments to develop public infrastructure. This is expected to fuel industry demand in the next few years. Furthermore, a key market trend witnessed is government support to promote the adoption of environment-friendly coatings and paint products. This is anticipated to further serve as a key market trend boosting market development in the near future.
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Key Findings of Paints & Coatings Market Study:
- Protection Properties of Paints and Coatings Augment their Demand: Paints and coatings help protect structures from any external damage such as moisture control, bacterial effect, chemical reaction, or corrosion. They are widely utilized in diverse sectors such as industrial wood, automobile, industrial equipment, and marine. Therefore, an increase in demand for paints and coatings owing to their protective properties from the aforementioned sectors is projected to boost market demand.
- Rise in Demand for High-Tech Coatings to aid Market Growth: The usage of cationic electrocoating materials in some paint and coating products helps cover and protect all crevices and corners of metal parts from corrosion. This ultimately increases the overall lifespan of metal parts, which in turn is projected to drive market progress in the next few years.
Key Drivers:
- Paints and coatings help protect materials from environmental factors, friction, hardness, reflection absorption, and corrosion. Such properties are estimated to help boost the overall Paints & Coatings Market size in the forecast period.
- High demand for water-based coatings and paints will help promote the growth of this market owing to the easily solvable and eco-friendly nature of these products. Furthermore, the rise in popularity of epoxy-based paints for use in wood coatings is boosting the paints and coatings market. Roof coatings, vinyl ester coatings, and other products are expected to offer lucrative growth opportunities for the Paints & Coatings Market during the forecast period
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Regional Growth Dynamics:
- As per the current market report, Asia Pacific dominated the global market in 2021 owing to the presence of a large number of players in the region. China held the largest share in the region due to the high volume production of paints in the country.
- Europe and North American markets will generate significant revenues in the forecast period and remain in close competition. The North American market value stood at US$ 34.92 Bn, while Europe was valued at US$42.47 Bn in 2021, respectively. The growth of these respective regions is attributed to an increase in a number of house renovation activities in Canada, Germany, and the U.S.
Key Players:
Some of the key players in the paints and coatings market include
- Backers Group,
- Diamond Vogel,
- TIKKURILA OYJ,
- Masco Corporation,
- Hellos Group,
- Dow Corning,
- Kansai Paints Co. Ltd.,
- Asian Paints Limited.,
- Jotun A/S,
- The Valspar Corporation,
- Nippon Paints Holdings Co. Ltd.,
- KKC Corporation,
- RPM International Inc.,
- Axalta Coating System,
- PPG Industries In.,
- The Sherwin Williams Company,
- BASF SE, and Akzo Nobel N.V.
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Market Segmentation:
Resin
- Acrylic
- Polyurethane
- Polyester
- Alkyds
- Epoxy
- Others
Technology
- Water-based
- Solvent-based
- Hot Melt
- Powder
- Others
Application
- Automation & Transportation
- Aerospace
- Building & Construction
- Healthcare & Medical devices
- Marine
- Electricals & Electronics
- Packaging
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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