According to the new market research report “Paints & Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Waterborne, Solventborne, Powder), Application (Architectural [Residential, Non-residential], Industrial), and Region – Global Forecasts to 2025″, is projected to reach USD 179.4 billion by 2025 at a CAGR of 4.0% during the forecast period. There has been wide acceptance of paints & coatings in various industries such as architectural, general industrial, protective and automotive & transportation, which is expected to drive the paints & coatings market. Rising building and construction activity is expected to drive the growth of the architectural coatings, thus, consequently augmenting the growth of the paints & coatings industry.
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Waterborne technology uses water as a solvent, which makes them environmentally friendly and easy to apply. In most cases, this technology uses 80% water with small quantities of other solvents, for instance, glycol ethers. This technology is widely adopted for automotive, wood, furniture, plastic, and rail coatings. The binders used for waterborne coatings can be either be polyacrylate polyvinyl ethers, polyurethane resins, epoxy, or alkyd resins. Waterborne paints & coatings are used in a variety of packaging applications in architectural, automotive, general industrial, protective, wood, marine, packaging, coil, and other industries, due to their low toxicity and flammability factors. These benefits drive the waterborne paints & coatings market.
Acrylic resins are a group of similar thermoplastic or thermosetting plastic substances derived from acrylic acid, methacrylic acid, and other related compounds. Acrylates are the largest category of binder resins used in coatings. Acrylic paints & coatings are used in a wide range of applications owing to their chemical characteristics and unique esthetic properties. The demand for acrylic paints & coatings is high in the automotive, medical device, paints & coatings, and construction industries.
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The global paints & coatings market size is projected to grow from USD 147.2 billion in 2020 to USD 179.4 billion by 2025, at a CAGR of 4.0% during the forecast period. The rapid growth in the housing and construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income are driving the paints & coatings market. Technological advancements in end-use industries such as automotive, marine, aerospace, wood, and general industrial are also supporting growth.
Paints & coatings are widely adopted for their esthetic and protective characteristics in residential, architectural, commercial, and industrial applications such as automotive, marine, aerospace, wood, protective, and coil coatings. Coatings such as elastomeric wall coatings have the unique ability to seal and bridge hairline cracks on a variety of surfaces in order to prevent water damage to masonry, concrete, and stucco.
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There has been steady growth, especially in the APAC paints & coatings market for the last few years, because of the rising construction industry, supported by rapid urbanization in developing countries such as India and China. The market is also driven by high demand for environmentally friendly coatings and an efficient process with durable and better esthetics appearance. There is slow growth in the paints & coatings market in North America and Europe. Stringent government regulations and high safety standards are also one of the major concerns for the market.
The key players in the paints & coatings market are The Sherwin-Williams Company (US), PPG Industries (US), AkzoNobel N.V. (Netherlands), Nippon Paint (Japan), Axalta Coating Systems (US), Jotun A/S (Norway), and Asian Paints (India). They have adopted various developmental strategies such as acquisitions, new product launches, and contracts & agreements to increase share in the market.
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