Delray Beach, FL, Oct. 15, 2024 (GLOBE NEWSWIRE) -- The Paints & Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl, Polyester), Technology (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), End Use (Architectural, Industrial), Region - Global Forecast to 2029, is projected to reach a market size of USD 227.5 billion by 2029 from USD 194.5 billion in 2024, at a CAGR of 3.2%. The Asia pacific is one of the prominent consumers of paints & coatings across the globe. Currently, the requirement for paints & coatings is growing tremendously for automotive, packaging, construction, electronics, and others. The growth of the emerging economies as China, India, Brazil and Mexico among others contribute significantly for the development of the global paints & coatings market.
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Browse in-depth TOC on “Paints & Coatings Market”
592 – Market Data Tables
67 – Figures
452 – Pages
List of Key Players in Paints & Coatings Market:
- Akzo Nobel N.V. (Netherlands)
- PPG Industries Inc. (US)
- The Sherwin-Williams Company (US)
- Axalta Coating Systems LLC. (US)
- Jotun A/S (Norway)
Drivers, Restraints, Opportunities and Challenges in Paints & Coatings Market:
- Driver: Environmental regulations boosting the demand for VOC-free coatings
- Restraint: Requirement of more drying time for waterborne coatings
- Opportunity: Increasing applications of fluoropolymers in the building & construction industry
- Challenge: Difficulties: Strict regulations
Key Findings of the Study:
- Growing share of waterborne coatings to support eco-friendly coatings
- Acrylic Resins is projected to be the fastest growing resin type of paints & coatings market.
- Asia Pacific leads the paints & coatings market with global growth trends and regional shifts
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The major markets are in Asia Pacific, followed by North America and Europe. The Asia Pacific region's growth is mostly attributable to strong economic growth and significant investments made in a range of industries, including general industrial, construction, automobile OEMs, and architecture. The manufacturing sector has benefited greatly from the global economic recovery, while the demand for new residential development and infrastructure has been fueled by rising urbanization.
The construction and renovation of roads, bridges, water and sewer systems, smart cities, and other infrastructure have increased demand for paints and coatings. In contrast, industrialized economies such as the US, Germany, UK, France, and Japan have matured markets for paints & coatings. As a result, in order to combat concerns such as declining sales, many businesses are refocusing their efforts in areas with consistent demand.
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Economic uncertainty, erratic raw material costs, unstable foreign exchange rates, sluggish economic growth, and the disparity between raw material supply and demand are the main obstacles faced by producers of paints & coatings in developed nations. In order to maintain their competitive edge and take advantage of the rising demand for paints and coatings worldwide, these factors have forced manufacturers to investigate new strategies, such as diversifying their product portfolios, investing in research and development, and increasing their presence in emerging markets.
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