New York, United States , July 05, 2023 (GLOBE NEWSWIRE) -- The Global Paints and Coatings Market Size to grow from USD 152.5 Billion in 2022 to USD 204.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period.
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The term "paints and coatings" refers to a group of coverings that are regularly used to shield the surface of specific products from oxidation and sunlight. This coating serves both practical and decorative purposes while also enhancing an item's long-term durability.
Buildings and infrastructure are frequently decorated and protected using paints and coatings. Interior and exterior house paints, sealants, primers, stains, and stains are all parts of these architectural changes. Architectural paints are available in a variety of textures, from semi-gloss to even sheen, and enable for odourless paints with lower VOC and greater scrub resistance. The market will be driven by rising building activity as well as government spending in various public infrastructure projects. In addition, the construction sector is adopting cutting-edge technology as standard. Another element driving the expansion of the construction business is the surge in cloud computing and collaboration with building information modelling. Large-scale demand is also a result of the industry's expansion.
The powder coating procedure excels at producing thick, smooth coatings. However, it is challenging to create thin coatings. Controlling the quantity and pace at which the powder is applied to the substrate is similarly challenging. Surface flaws can be hidden by thicker coatings. Because of insufficient power addition, thinner coatings will display orange peeling textures.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on, "Global Paints and Coatings Market Size, Share, and COVID-19 Impact Analysis, By Product (Powdered, Solvent-borne), By Material (Acrylic, Epoxy), By Application (Architectural & Decorative, Non-Architectural), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here.
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Product Insights
Waterborne segment holds the highest market share over the forecast period
On the basis of product, the global paints and coatings market is segmented into powdered, solvent borne, and water borne. Among these, the waterborne segment holds the highest market share over the forecast period. The rise is linked to rising construction investment as well as customer preferences for environmentally friendly goods, both of which are expected to fuel segmental expansion. Significant amounts of water-based paints and coatings are utilised in poorly and inadequately ventilated rooms.
On the other hand, the solvent-borne category will develop more slowly during the projected period because of the rigorous regulations pertaining to goods with a high VOC content. However, it is projected that the segmental expansion would be driven by the growing use of solvent-based solutions in industrial and architectural applications because to their faster drying times and improved functioning in humid environments.
Material Insights
Acrylic segment is dominating the market over the forecast period.
On the basis of material, the global paints and coatings market is segmented into acrylic and epoxy. Among these, acrylic segment is dominating the market with the largest market share over the forecast period. The excellent stabilisation and weathering properties of acrylic compounds are promoting the segment's expansion. Acrylic resins are widely utilised in emulsion and water-reducible resins for the production of coatings and varnishes. It has outstanding optical clarity, UV and weather resistance, thermoplastic nature, and dimensional stability.
Wet coats, which contain more VOC than powdered based coatings, employ acrylic resins. Currently, the market has seen a transition from solvent-based to water-based coatings as a result of the development of new technology.
Application Insights
Architectural and decorative segment accounted the highest market share over the forecast period.
Based on the application, the global paints and coatings market is segmented into architectural and decorative and non-architectural. Among these, architectural and decorative segment accounted the highest market share over the forecast period. The development of the road and rail infrastructure in several industrialised and emerging nations, including India, the United States, Germany, China, and the United Kingdom, is credited with the expansion.
In the next years, it is projected that the growing number of FMCG enterprises in China, India, and Singapore would increase demand for architectural and decorative paints and coatings. In addition, rising government investment on infrastructure and industrialisation are accelerating segment growth.
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Regional Insights
Asia Pacific region accounted the largest market share over the forecast period.
Asia Pacific region is dominating the market with the largest market share over the forecast period. The market is expected to be driven by expanding construction activity and rising demand from the car sector in developing nations like China, India, Japan, and Southeast Asia throughout the course of the projected period. The sector has also had excellent development potential since raw materials are readily available and there are fewer stringent regulations limiting VOC emissions than there are in North America and Europe.
Europe, on the other hand is anticipated to witness the fastest market growth over the forecast period. Since the U.K. has been a major market for paints and coatings, the industry has been quite active since Brexit. As a result, the market will be impacted.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Paints and Coatings Market include PPG Industries, Inc., Axalta Coating Systems, LLC, Kansai Paint Co., Ltd., Asian Paints Ltd, Indigo Paints Ltd, RPM International Inc., Kwality Paints and Coatings Pvt. Ltd., Nippon Paint Holdings Co., Ltd., Akzo Nobel N.V., The Sherwin-Williams Company and among others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Paints and Coatings Market based on the below-mentioned segments:
Paints and Coatings Market, Product Analysis
- Powdered
- Solvent born
Paints and Coatings Market, Application Analysis
- Architectural and Decorative
- Non Architectural
Paints and Coatings Market, Material Analysis
- Acrylic
- Epoxy
Paints and Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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