WASHINGTON, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The Global Paints & Coatings market size is to be expected to reach USD 204.57 Billon by 2028, exhibiting a CAGR of 4.2% during the forecast period of 2022-2028. The Paints & Coatings Market growth is attributed to factors such as, Surge in Demand from end-use industries, introduction of new technologies, and surging investments, states Vantage Market Research in a report, titled “Paints and Coatings Market by Technology (Waterborne, Solventborne, Powder, Others), by Resin (Acrylic, Alkyd, Epoxy, Others), by End User (Commercial, Industrial), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”. The market size stood at USD 153.38 Billion in 2021.
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The Report on Paints & Coatings Market Highlights:
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- Company Profiles
- Competitive Landscape
Market Overview:
Increasing Construction Activities and Rapid Pace of Urbanization and Industrialization to Thrive Market
Since past few years, the pace of urbanization and industrialization is increasing at its unprecedented level. Also, the residential and commercial constructions across the globe are increasing which is further increasing the demand for paints and coatings. This is further fuelling the growth of paints and coatings market. Also, the demand for eco-friendly Paints and coating is increasing from several sectors. To meet the untapped demand the government is taking several initiatives and government as well as key players are investing their money heavily in research and development to grasp the opportunity. Thus, further boosting the paints and coating market growth.
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Increasing Demand for Paints and Coating from Surging Automotive Industries
Since past few decades, the automobile industries as well as Marine and Aerospace industries are increasing at its unprecedented level. According to Organisation Internationale des Constructeurs d'Automobiles (OICA) the total number of commercial vehicles and cars produced in 2020 is 7.76 million units; where 3.12 million units were produced in time span of January-June whereas, in 2021 in time span of January to June and total number of commercial vehicles and cars produced surged to 4.03 million units. Thus, owing to the increasing production, the demand for paints and coatings is increasing propelling the paints and coatings market growth.
Furthermore, aerospace and marine industry is also increasing at its wildest level. The paints used in these aircraft are paints for protection from corrosion and consequently makes these paints expensive. Thus, increasing the demand of such paints and further boosting the market growth over the forecast period.
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Regional Analysis:
Asia Pacific Leads the Paints & Coatings Market
Asia Pacific is projected to hold the largest share for Paints & Coatings Market and further anticipated to grow at fastest Compound Annual Growth Rate (CAGR) over the forecast period which drives from 2022-2028. The presence of emerging economies and countries such as India and China, among others is anticipated to drive the Paints & Coatings Market in the region. India and China are the most populated countries in the world which is increasing the demand for vehicles, further propelling the demand for paints and coatings. Across the global total vehicle production, china contributes around 55% of vehicle production where as Japan is estimated to produce 20% of total amount of vehicles. This is projected to boost the paints and coatings market growth over the forecast period.
List of Prominent Players in the Paints & Coatings Market:
- Braskem S.A (Brazil)
- Axalta Coating Systems Ltd (U.S.)
- Akzo Nobel N.V (Netherlands)
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Paints & Coatings Market?
- How will the Paints & Coatings Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Paints & Coatings Market?
- What is the Paints & Coatings market drivers and restrictions?
- What will be the CAGR and size of the Paints & Coatings Market throughout the forecast period?
Browse market data Tables and Figures spread through 165 Pages and in-depth TOC on "Paints and Coatings Market by Technology (Waterborne, Solventborne, Powder, Others), by Resin (Acrylic, Alkyd, Epoxy, Others), by End User (Commercial, Industrial), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". View detailed Research Report here - http://www.vantagemarketresearch.com/press-release/paints-and-coatings-market-726404
Recent Developments in the Industry:
1. In April 2019, PPG acquired Hemmelrath Lackfabrik GmbH, a manufacturer of automotive coatings. The acquisition was made to help facilitate PPG's strategic growth plans by adding new products to its existing portfolio.
This market titled “Paints & Coatings Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 153.38 Billion |
| Projected Market Size in 2028 | USD 204.57 Billion |
| CAGR Growth Rate | CAGR of 4.2% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Technology: - Waterborne, Solvent borne, Powder, Others Resin: - Acrylic, Alkyd, Epoxy, Others End User: - Commercial, Industrial |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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