Dublin, Nov. 03, 2023 (GLOBE NEWSWIRE) -- The "Global Paints Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global paints market, encompassing the production and distribution of paints and coatings for various applications, has achieved a valuation of USD 92.08 billion in 2022. With a projected compound annual growth rate (CAGR) of 5.42% through 2028, the industry continues to experience robust growth.
Overview of the Global Paints Market
The global paints market comprises the production and distribution of paints and coatings for various purposes, including decoration, protection, and functional applications. These liquid or semi-liquid materials enhance surface appearance, protect against corrosion or damage, and provide specific functionalities such as heat resistance, waterproofing, or fire resistance. The market includes a wide range of categories:
- Architectural Paints: Designed for aesthetics, weather resistance, and protection against environmental factors, these paints are used in residential, commercial, and institutional buildings, including interior and exterior paints, primers, varnishes, and wood coatings.
- Industrial Coatings: Used across various industrial sectors, including manufacturing, automotive, aerospace, marine, and infrastructure, these coatings withstand extreme conditions, protect surfaces, and enhance equipment and structure performance.
- Automotive Coatings: Specialized paints for vehicles, including cars, trucks, motorcycles, and more, providing aesthetic appeal, corrosion resistance, and durability.
- Marine Coatings: Designed for ships and offshore structures, protecting against corrosion, fouling, and harsh marine environments.
- Protective Coatings: Safeguard structural integrity and prevent corrosion or chemical damage across various industries.
- Specialty Coatings: Products with specific properties such as fire resistance, anti-graffiti features, and thermal insulation.
- Functional Coatings: Providing additional functionalities such as electrical conductivity or thermal insulation.
- Powder Coatings: Applied as dry powder and cured with heat to form a durable finish, used in metal finishing, appliances, and architectural components.
- Decorative and Artistic Paints: Specialty paints for artistic and creative purposes, including murals, artwork, and interior decoration.
Paints and coatings are classified based on their solvents, with waterborne coatings using water as a solvent and solvent-borne coatings using organic solvents. Waterborne coatings are known for their eco-friendliness and low VOC (volatile organic compound) content.
Key Market Drivers
- Construction Boom and Infrastructure Development: Ongoing construction and infrastructure projects in both emerging and developed economies are driving demand for architectural paints, contributing to the market's growth.
- Industrial Expansion and Maintenance: Industries such as manufacturing, aerospace, automotive, and marine rely on industrial coatings to protect equipment and structures, supporting the need for protective coatings.
- Automotive Manufacturing and Refinishing: As global automotive manufacturing and sales volumes increase, so does the demand for automotive coatings.
- Consumer Preferences and Decorative Coatings: Consumer trends in home improvement, renovation, and customization are driving demand for a wide range of decorative coatings.
- Global Economic Trends: Robust economies support increased construction and industrial activity, driving up demand for coatings.
- Government-Led Infrastructure Projects: Government contracts and initiatives, including infrastructure projects, can be significant revenue sources for paint manufacturers.
- Technological Advancements: Advancements in application techniques, including paint spraying and robotic painting, have improved efficiency and quality in various industries.
- Technological Innovation: Continuous innovation in coatings technology results in low-VOC and eco-friendly paints, self-cleaning coatings, nanotechnology-based paints, and smart coatings with functional properties.
- Regulatory Compliance and Environmental Concerns: Stricter regulations drive the development of eco-friendly and low-VOC paints, aligning with sustainability goals.
- Architectural Trends and Design Innovation: Architectural and design trends influence demand for specialty coatings, including textured paints, metallic finishes, and paints with special effects.
- Emerging Markets and Urbanization: Rapid urbanization in emerging markets increases the demand for architectural coatings.
- Real Estate Investment and Housing Demand: Fluctuations in real estate markets influence the demand for paints, impacting both new construction and renovations.
- E-commerce and Digital Marketing: The digital shift has expanded market reach and accessibility, transforming how consumers purchase paints and coatings.
The global paints market is dynamic, with sustainability, technological innovation, and changing consumer preferences shaping its future. Manufacturers must adapt, innovate, and align with global trends to succeed in this evolving landscape.
Key Market Challenges
- Changing Consumer Preferences: Meeting evolving consumer preferences for eco-friendly and low-VOC paints while maintaining product performance can be challenging.
- Raw Material Price Fluctuations: Price fluctuations in raw materials, including pigments, solvents, resins, and additives, can impact production costs.
- Technological Advancements: Rapid technological advancements require continuous research and development investments to remain competitive.
- Market Competition: Intense competition can lead to pricing pressures and reduced profit margins.
- Supply Chain Disruptions: Events such as natural disasters, pandemics, and geopolitical tensions can disrupt global supply chains, affecting raw material availability.
- Consumer Trends: Consumer preferences for paint colors, finishes, and textures are subject to trends and shifts.
Key Market Trends
- Technological Advancements and Product Innovation: Continuous innovation leads to eco-friendly paints, self-cleaning coatings, nanotechnology-based paints, and smart coatings.
- Regulatory Compliance and Environmental Concerns: Stricter regulations drive the development of eco-friendly and low-VOC paints.
- Architectural Trends and Design Innovation: Architectural and design trends influence demand for specialty coatings.
- Emerging Markets and Urbanization: Rapid urbanization in emerging markets increases demand for architectural coatings.
- Real Estate Investment and Housing Demand: Fluctuations in real estate markets impact the demand for paints.
- E-commerce and Digital Marketing: Digital channels transform how consumers purchase paints and coatings.
Key Market Players
- AkzoNobel
- PPG Industries
- Sherwin-Williams
- Nippon Paint
- Axalta Coating Systems
- Asian Paints
- Valspar (Sherwin-Williams)
- RPM International Inc
- Jotun
- Benjamin Moore
Report Scope
In this report, the Global Paints Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Global Paints Market, by Technology:
- Solvent-Born
- Water-Borne
- Powder Coatings
Global Paints Market, by Application:
- Architectural
- Industrial
- Automotive
Global Paints Market, by Region:
- North America
- Asia-Pacific
- Europe
- South America
- Middle East & Africa
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $92.08 Billion |
| Forecasted Market Value (USD) by 2028 | $127.52 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/bdyyhx
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