New York, Jan. 04, 2024 (GLOBE NEWSWIRE) -- In a recent Technavio report titled Paints and Coatings Market, it is projected that the market will increase rapidly in the coming years.
What will be the anticipated market size during the forecast period?
The market size is estimated to increase by USD 42.14 billion, accelerating at a CAGR of 3.15% during the forecast period. The APAC region is anticipated to contribute 56% to the overall market growth. Request a sample report
What are the key drivers of the paints and coatings market?
The global real estate and construction industry's growth has driven the demand for paints and coatings, particularly in architectural applications for various structures. This growth is driven by various categories including epoxy coatings, polyurethane coatings, waterborne coatings, solvent-based coatings, powder coatings, industrial coatings, automotive coatings, marine coatings, nanocoatings, and latex coatings. The rising demand from their diverse applications across sectors reaffirmed their significant role in sustaining and fortifying structures, vehicles, and equipment in modern industries.
What are the challenges faced by the Paints and Coatings Market?
A notable challenge faced by the paints and coatings market pertains to the escalating use of glass in construction, impeding market growth. This challenge affects various segments including architectural paints, enamel paints, acrylic paints, alkyd resins, texture paints, and emulsion paints. The increased integration of glass in buildings alters the surface compositions and necessitates specialized formulations, posing hurdles for the paint and coating industry to adapt and effectively cater to these evolving architectural dynamics.
Which region is projected to experience the most substantial growth in the paints and coatings market over the next five years?
The APAC region is set to lead the global paints and coatings market due to enormous growth in industries like construction, automotive, aerospace, and defense. Major contributors include China, India, Japan, and Australia. Factors like low-cost labor attracting automotive manufacturing, government incentives such as tax subsidies in countries like Indonesia, Malaysia, and Thailand, and initiatives like Make in India, FDIs, funding, and loans in India are driving market growth. APAC's focus on development, rapid industrialization, and a thriving housing sector, especially in China and India, further boost market expansion. Download the sample report
What are the emerging trends in the Paints and Coatings Market?
- The Paints and coatings market trends are witnessing an increase in demand for bio-based and eco-friendly products.
- This trend encompasses various aspects such as primer coatings, eco-friendly paints, heat-resistant coatings, colorant technology, surface preparations, paint additives, corrosion-resistant coatings, UV-curable coatings, antimicrobial coatings, and protective coatings.
- The industry's shift towards environmentally conscious solutions reflects a growing preference for sustainable options and influences consumer choices, driven by increased awareness of ecological preservation and health-conscious preferences.
Who are the major players in the paints and coatings market?
Companies like Asian Paints Ltd., Berger Paints India Ltd., and Nippon Paint Holdings Co. Ltd. are major players in the paints and coatings market. For more details on the companies and their offerings, download the sample report here
What are the different segments within the paints and coatings market?
Technavio has segmented the market based on Technology (water-based, solvent-based, and high-solid paints and others), Resin Type (acrylic resins, epoxy resins, polyurethane resins, alkyd resins, and others) and Geography (North America, APAC, Europe, Middle East and Africa, and South America).
Which segment is expected to majorly contribute to the paints and coatings market?
By technology, the water-based segment is expected to contribute a notable market share during the forecast period. Water-based paints and coatings comprise resins soluble in water, created through polycondensation and polymerization within an organic solvent medium. These acrylic resins encompass polyesters, polyacrylates, alkyd resins, epoxy, and epoxy esters.
The global paints and coatings market between 2023 and 2028 is anticipated to witness substantial growth driven by factors like the expanding real estate and construction sector, increasing demand for coatings enhancing automotive fuel efficiency, and the growing marine industry. Due to rising environmental consciousness, the market is segmented based on technology, resin type, and geographical regions, with a notable emphasis on eco-friendly, bio-based acrylic paints and coatings. Despite potential challenges by the increasing use of glass in construction, particularly in modern architecture, the Asia-Pacific region, notably China, India, Japan, and Australia, is expected to play a significant role in driving market expansion. Key market players are implementing strategic initiatives to improve their market presence and competitiveness. Buy the report now
Related Reports:
Colorants Market: The colorants market size is estimated to grow at a CAGR of 5.97% between 2022 and 2027. The market size is forecast to increase by USD 20.78 billion.
Epoxy Resin Market: The epoxy resin market is estimated to grow at a CAGR of 6.5% between 2022 and 2027. The size of the market is forecasted to increase by 1,226.71 thousand tons.
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