Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Construction Paints and Coatings Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The comprehensive report emphasizes the robust growth trajectory of the market, marking its projected expansion from $57.56 billion in 2023 to an impressive $75.39 billion by 2028, at a compound annual growth rate (CAGR) of 5.6%.
As the market experiences substantial development, the report identifies key drivers contributing to the growth of the industry. The construction boom and urbanization trends, coupled with economic stability and increased focus on sustainability, are pivotal factors propelling the market forward. The report forecasts that technological advancements, including the adoption of smart coatings and nanotechnology, will continue to enhance the market landscape.
Asia-Pacific Rises as Fastest-Growing Region in Construction Paints and Coatings Industry
The analysis covers a regional overview, with North America dominating the market in 2023. However, the Asia-Pacific region is rapidly gaining pace and is forecasted to become the fastest-growing geography in the coming years. This shift is largely due to heightened investment in infrastructure development and a booming real estate sector within the region.
Automotive Industry's Demand Fuels Market Expansion
An intriguing trend outlined in the research is the increasing demand for construction paints and coatings from the automotive industry. With vehicle production on the rise and automotive aesthetics gaining prominence, the need for high-quality protective coatings is at an all-time high, thus positively affecting market growth.
Technological Innovation: A Core Market Trend
Companies in the market are prioritizing innovation, with advancements in digital paint formulation platforms and the introduction of new products such as advanced leveling agents.
Overall, the burgeoning construction paints and coatings market see a fusion of product development, strategic business moves, and technological integration driving its growth. Detailed insights into these trends, alongside in-depth market segmentation by product type and application, reveal the strategic positioning and potential opportunities for businesses within the market.
As the industry moves towards a sustainable future, the focus on environmental-friendly coatings and the demand for innovative solutions continue to define the market's trajectory. Companies participating in the market are capitalizing on these trends to ensure they remain competitive and aligned with consumer and regulatory expectations.
A selection of companies mentioned in this report includes
- PPG Industries Inc.
- Badische Anilin- und Sodafabrik
- Akzonobel N.V.
- Sherwin Williams Company
- Asian Paints Ltd.
- Axalta Coating Systems Ltd.
- Valspar Corporation
- Helios Group
- Tikkurila Oyj
- Beckers Group
- DyStar Singapore Pte Ltd.
- Republic Powdered Metals International Inc.
- Jotun Chemicals
- Dow Chemicals
- Nippon Paint Holdings Co. Ltd.
- Kansai Paint Co. Ltd.
- Benjamin Moore & Co.
- Berger Paints Ltd.
- Hempel A/S
- Brillux GmbH & Co. KG
- DAW SE
- H.B. Fuller Company
- Dunn-Edwards Corporation
- Kelly-Moore Paint Company Inc.
- Rust-Oleum Corporation
- Tōa Kensetsu Kōgyō Corporation
- Diamond Vogel Paints
- Tnemec Company Inc.
- National Paints Factories Co. Ltd.
- Farrow & Ball Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/tw14a1
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