New York, United States, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Paints and coatings improve the surface's toughness and aesthetics when used for decoration. They protect the surface from corrosive substances, weather, rust, and chemical exposure. They are frequently employed in the building and construction industry to protect structures from outside harm. Cationic electrocoating materials are increasingly used in high-tech coatings to cover all the nooks and crannies of intricate metal parts and stop corrosion. High-performance ceramic prolongs the life of both automobile and aircraft turbine engines.
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Rapid Expansion of the Construction Industry and Demand for Eco-friendly Coatings Drives the Global Market
Architectural paints allow for lower-VOC, odorless paints with increased scrub resistance. They are available in various textures, from matte to semi-gloss sheens. Increased building activity and government funding for various public infrastructure projects will likely support the market. The growing adoption of cloud computing and collaborative building information modeling is another factor driving the expansion of the construction industry (BIM). The industry has grown significantly, resulting in a sizable demand for its products in many industries, including residential and commercial construction.
Using low-VOC and environmentally friendly technologies, such as water-based, powder coatings, and UV curable coatings, are gaining popularity in paints and coatings. The change is credited with implementing strict VOC emission regulations in numerous regions. Water-based paints and coatings are gaining popularity among manufacturers because they are more cost-effective than their solvent-based counterparts. Powder coatings and high solids are gaining popularity because their low VOC content makes them more environmentally friendly than solvent-based coatings. Consequently, it is anticipated that environmentally friendly coatings will propel the paints and coatings market during the forecast period.
Report Scope
| Report Metric | Details |
| Market Size | USD 220.47 Billion by 2030 |
| CAGR | 3.1% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Resin, Technology, Application, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME, and Rest of the World |
| Key Companies Profiled/Vendors | Akzo Nobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), Axalta Coating Systems LLC (U.S.), Nippon Paint Holdings Co., Ltd. (Japan), BASF SE (Germany), Asian Paints Limited (India), Kansai Paints Co., Ltd. (Japan), Berger Paints India Limited (India), Shalimar Paints (India), and RPM International Inc. (U.S.). |
| Key Market Opportunities | The Bulk Chemicals Industry’s Substantial Growth Fuels The Paints And Coatings Market |
| Key Market Drivers | Rapid Growth of the Construction Industry |
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Increasing Applications of Fluoropolymers in the Building and Construction Industry Creates Tremendous Opportunities
The building and construction industry uses fluoropolymers, such as polyvinylidene difluoride (PVDF), for industrial and architectural coatings. PVDF is primarily used in architectural applications where long-term maintenance of excellent appearance and substrate protection is required. PVDF is the most widely used fluoropolymer because it can be formulated into solvent dispersion coatings and has sufficient solubility in ester and ketone solvents. This application of fluoropolymers can create market expansion opportunities.
Regional Analysis
Regarding revenue and volume, Asia Pacific held the largest market share and will likely maintain that position throughout the forecast period. This can be attributed to the growth of the automotive and building industries in China, Japan, and India. Because of its dominant position and anticipated significant market share growth, Europe is primarily responsible for the rising demand from the automotive industry. Due to its higher disposable income and accessibility to raw materials.
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Key Highlights
- The global paints and coatings market was valued at USD 167.5 billion in 2021. It is projected to reach USD 220.47 billion by 2030, growing at a CAGR of 3.1% during the forecast period (2022–2030).
- Based on resin, the market is divided into resin, epoxy, acrylic, polyester, alkyd, and PU. Due to its fast-drying time, adhesion, flexibility, and relative resistance qualities, acrylic resin has the largest market share among these.
- Based on technology, the market is segmented into waterborne, solvent-borne, and powder coating. Waterborne coatings currently hold the largest market share during the forecast period.
- Based on application, the market is fragmented into marine, architectural, automotive refinish, automotive OEM, coil, general industries, and industrial wood, and protective coatings. The architectural segment is expected to maintain its dominance in terms of revenue and volume during the forecast period.
- Asia-Pacific held the largest market share and will likely maintain that position during the forecast period.
Competitive Players in the global paints and coatings market
- PPG Industries, Inc. (U.S.)
- Axalta Coating Systems (U.S.)
- Nippon and Kansai (Kansai Paint Co., Ltd.) (Japan)
- AkzoNobel (Netherlands)
- Quality Paints and Coatings Pvt. Ltd. (KPCPL) (India)
- Kansai Nerolac Paints Limited (India)
- NIPSEY GROUP (Singapore)
- The Sherwin-Williams Company (U.S.)
- Jotun (Norway)
- Nippon Paint Holdings Co., Ltd. (Japan)
- RPM International Inc. (U.S.)
- TIKKURILA OY) (Finland)
- Asian Paints (India) and Dunn-Edwards Corporation (U.S.)
Global Paints and Coatings Market: Segmentation
By Resin
- Epoxy
- Acrylic
- Polyester
- Alkyd
- PU
By Technology
- Waterborne
- Solvent-Borne
- Powder Coating
By Application
- Marine
- Architectural
- Automotive Refinish
- Automotive OEM
- Coil
- General Industries
- Industrial Wood
- Protective Coatings
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Paints and Coatings Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Resin Overview
- Introduction
- Market Size & Forecast
- Epoxy
- Market Size & Forecast
- Acrylic
- Market Size & Forecast
- Introduction
- Technology Overview
- Introduction
- Market Size & Forecast
- Waterborne
- Market Size & Forecast
- Solvent-Borne
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Resin
- By Technology
- Canada
- By Resin
- By Technology
- Mexico
- By Resin
- By Technology
- Latin America
- By Resin
- By Technology
- Europe
- Market Size & Forecast
- Germany
- By Resin
- By Technology
- France
- By Resin
- By Technology
- U.K.
- By Resin
- By Technology
- Italy
- By Resin
- By Technology
- Spain
- By Resin
- By Technology
- Rest of Europe
- By Resin
- By Technology
- Asia Pacific
- Market Size & Forecast
- Japan
- By Resin
- By Technology
- China
- By Resin
- By Technology
- Australia
- By Resin
- By Technology
- India
- By Resin
- By Technology
- South Korea
- By Resin
- By Technology
- Rest of Asia-Pacific
- By Resin
- By Technology
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Resin
- By Technology
- South Africa
- By Resin
- By Technology
- Kuwait
- By Resin
- By Technology
- Rest of Middle East & Africa
- By Resin
- By Technology
- Introduction
- Company Profile
- PPG Industries Inc (US)
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Axalta Coating Systems (US)
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Nippon and Kansai (Kansai Paint Co Ltd) (Japan)
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- PPG Industries Inc (US)
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/paints-and-coatings-market/toc
Market News
- February 2022- AkzoNobel Powder Coatings introduced the Interpon Futura Collection, which includes three new, on-trend color palettes: Merging World, Healing Nature, and Soft Abstraction. The collection emits no solvents or volatile organic compounds and contributes to AkzoNobel's overall sustainability program.
- February 2022- PPG agreed to acquire the powder coatings division of Arsonsisi, an industrial coatings company in Milan, Italy. An arsonist is a prominent producer of architectural and industrial specialty powder coatings.
- June 2022- PPG introduced the PPG DIGIMATCH camera and PPG VisualizID software for easier, faster color matching in the global refinish industry. The advanced tools are the latest components of the PPG LINQ™ end-to-end digital solution for the global refinish industry.
News Media
Increasing Demand for Strontium in Paints and Coatings Sector to Drive the Market Growth
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