Rapid growth of the industrial sector and rising number of end-use industries are key factors driving paints and coatings market revenue growth
Paints and Coatings Market Size – USD 183.38 Billion in 2021, Market Growth – at a CAGR of 2.9%, Market Trends – Increased application of paints in architecture
The paints and coatings market size is expected to reach USD 234.69 billion in 2030 and register a revenue CAGR of 2.9% over the forecast period, according to the latest report by Reports and Data. Increasing adoption of ceramic coatings for automotive is driving market revenue growth. Ceramic coatings have hydrophobic properties, which ensure substances to not stick to the exterior of any vehicle, such as, snow or bird droppings. In addition, high demand for high-performance paints and coatings is driving market revenue growth. Increasing demand for waterproofing and fireproofing in architectures, especially in regions with high temperatures is also driving growth of paints and coatings market.
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Some Key Highlights in the Report
- Epoxy segment is expected to grow at a rapid rate during the forecast period, owing to its applications in floor coatings. These coatings have low porosity, exceptional chemical resistance, anti-sagging, strong adhesion, and bond strength. It also has excellent properties of long-term resistance to corrosion and gloss retention and is a popular option for industrial-grade floors.
- Solvent-based coatings segment is expected to register significant growth rate during the forecast period. Aliphatic hydrocarbons, lacquer thinner, toluene, and xylene are some of the regularly used solvents in various industries. China is the leading consumer of solvent-borne paints due to increased usage in the automotive sector and industrial/commercial construction. Companies are moving consumption to green composition from traditional colors at a relatively higher cost.
- Architectural coating is a surface coating or paint which is applied on a structure or building exterior, and it may be in the form of decorative coating, roof coatings, wall paints, or deck finishes. Increasing renovation and refurbishment activities in residential, non-residential, and commercial architectures in developed countries such as the U.S., Canada, Germany, Japan, Turkey, and Australia is driving growth of the architectural and decorative segment.
- Rising disposable income and purchasing power in Asia Pacific are creating high demand for paints and coatings. However, existing economies such as Japan, Korea, Australia, and China are expected to be the significant contributors to paints and coatings market revenue growth in this region.
- Some major companies included in the market report are AkzoNobel NV, PPG Industries, Inc., The Sherwin- Williams Company, RPM International, Inc., Nippon Paint Holding Co., Ltd., Tikkurila Oyj, Axalta Coating Systems, Asian Paints Ltd., Berger Paints India Ltd., and Jotun Group.
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Market Segmentation:
Resin Type Outlook (Revenue, USD Billion; 2019–2030)
- Acrylic
- Alkyd
- Epoxy
- Polyester
- Polyurethane
- Ceramic
- Others
Technology Outlook (Revenue, USD Billion; 2019–2030)
- Water-based Coatings
- Solvent-based Coatings
- Powder Coatings
- UV-based Coatings
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Architectural
- Residential
- Industrial
- Others
Regional Outlook:
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of MEA
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Key questions covered in the global Paints and Coatings market report:
- What is the expected market size of the global Paints and Coatings market during the forecast period?
- What factors are expected to hamper global Paints and Coatings market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Paints and Coatings market?
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