The Paints and Coatings Market size was estimated at USD 152.2 billion in 2021. From USD 161.01 billion in 2022 to USD 238.76 billion in 2030, the paints and coatings industry is anticipated to expand at a compound annual growth rate (CAGR) of 5.79%. (2022 – 2030).
The construction sector is expanding swiftly, and the main market factor boosting the expansion of paints and coatings is the development of the sustainable coatings business.
Paints and coatings are primarily used to decorate and protect buildings and infrastructure. Some of these architectural upgrades include interior and exterior house paints, primers, sealers, varnishes, and stains. Architectural paints provide for lower-VOC, odourless paints with more scrub resistance since they are available in a variety of textures, from matte to semi-gloss sheens. Architectural paints provide for lower-VOC, odourless paints with more scrub resistance since they are available in a variety of textures, from matte to semi-gloss sheens. The construction industry is expected to grow by more than USD 8 trillion by 2030.
An increase in construction activities and government investment on public infrastructure projects are expected to benefit the sector. The building industry is also adopting cutting-edge technologies more frequently. The increased adoption of cloud computing and collaborative building information modelling is another factor driving the expansion of the construction industry (BIM).
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Regional Perspectives
The analysis offers market information for North America, Europe, Asia-Pacific, and the rest of the world, organised by region. The paints and coatings market in Asia Pacific, which had sales of USD 65.75 billion in 2021, is anticipated to increase at a substantial CAGR throughout the research period. Asia Pacific had the greatest market share in terms of revenue and volume in 2021, and is predicted to maintain that position for the duration of the anticipated timeframe.
This might be linked to the growth of the construction and automotive industries in China, Japan, and India. Paints and coatings are in greater demand since they may be used in both residential and non-residential construction. Moreover, the India Paints and Coatings market had the quickest rate of growth in the Asia-Pacific region, while China’s Paints and Coatings market had the greatest market share.
Moreover, the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are the main nations examined in the market study.
The Europe Paints and Coatings Market is mostly to blame for the increased demand from the automotive industry due to its leading position and anticipated considerable market share expansion.
Europe is one of the leading producers of automobiles in the world due to its higher level of discretionary money and easy access to raw materials. The paints and coatings market in Germany had the biggest market share, and the paints and coatings market in the United Kingdom had the quickest rate of growth in the European Region.
North America is expected to have significant growth in the global market. The world’s leading consumer of paints for use in construction and automotive applications is the United States, which will help the industry grow. In the United States, these substances are mostly used to make vehicle finishes and upgrade aged infrastructure.
This market’s growth will be largely fueled by the ongoing use of cutting-edge technology, rising disposable income, and intensifying used car market consolidation.
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Marketing Segmentation:
Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Fluoropolymer, Polyether Etherketone (PEEK), Polyether Ketone (PEK), Polyaryl Etherketone (PAEK), and others are included in the paints and coatings market segmentation based on resin type. Acrylic is anticipated to see the highest CAGR of 5.1% during the forecast period, accounting for the greatest proportion of the global market for paints and coatings by resin type. This may be explained by the advantages of acrylic paints, which include quick drying periods, water solubility, low toxicity, safety around children and pets, flexibility, and durability.
Architectural and Industrial are two market segments for paints and coatings based on application. Architectural was the application that generated the most income, and it is predicted that it would expand at a CAGR of 5.0% over the course of the projected year. This is attributed to the fact that governments of developing nations, including China, India, and others, have increased spending on the construction of development projects, including township development, housing development, built-up infrastructure development, and development projects where paints and coatings are extensively used for exterior and interior coating applications.
The Europe Paints and Coatings Market is mostly to blame for the increased demand from the automotive industry due to its leading position and anticipated considerable market share expansion.
Europe is one of the leading producers of automobiles in the world due to its higher level of discretionary money and easy access to raw materials. The paints and coatings market in Germany had the biggest market share, and the paints and coatings market in the United Kingdom had the quickest rate of growth in the European Region.
North America is expected to have significant growth in the global market. The world’s leading consumer of paints for use in construction and automotive applications is the United States, which will help the industry grow. In the United States, these substances are mostly used to make vehicle finishes and upgrade aged infrastructure.
This market’s growth will be largely fueled by the ongoing use of cutting-edge technology, rising disposable income, and intensifying used car market consolidation.
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Key Players:
Table of Content
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Paints And Coatings Market, By Resin Type
7 Global Paints And Coatings Market, By Performance Range
8 Global Paints And Coatings Market, By Application
9 Global Paints And Coatings Market, By Region
11 Company Profile
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