From $151,399.4 million in 2020, the global paints and coatings market will likely grow to $266,243.2 million by 2030, witnessing a 5.8% CAGR between 2020 and 2030. The biggest driver for the industry is the growing construction industry In Sweden, China, the U.S., India, Australia, Canada, and the U.K. with the rising population and urbanization rate.
Moreover, the rising sale of automobiles, which is also a result of the surging population, rapid urbanization, and increasing disposable income, is driving the demand for paints and coatings. In automobile manufacturing, several layers of coatings are used, including a primer, basecoat, clearcoat, and electrocoat. Moreover, in the event of damage due to accident or environmental forces, refinish coatings are applied on vehicles.
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Key Findings of Paints and Coatings Market Report
- Acrylic formulations are consumed in the highest volumes because of their high solubility, elasticity, versatility, non-toxic nature, and water resistance. As a result, acrylic paints and coatings are popular for interior and exterior walls, door panels, and windows.
- For paints and coatings market players, architectural applications generate the highest revenue owing to the population explosion propelling the construction of residential, commercial, and industrial spaces.
- The demand for ultraviolet paints and coatings will increase the fastest, as they are hard, free of volatile organic compounds (VOCs), resistant to abrasion, and highly reactive, cure rapidly, have a long shelf life, and can be processed at low temperatures.
- The COVID-19 pandemic has reduced the sale of paints and coatings by shutting down construction sites. Moreover, people’s income declined, which is why they did not spend much on renovating their homes and other spaces.
- Currently, smart coatings are trending among end users as they can change their properties in response to stimuli such as heat and electricity. Moreover, they clean, stratify, and heal themselves, which is why they are used in high volumes on aircraft engines and oil and gas platforms.
- The market is fragmented as almost every country is home to a large number of paint and coating manufacturers. To stay ahead in the competition, major players are merging with or acquiring similar companies.
Asia-Pacific (APAC) has been the largest paints and coatings market in the past. APAC is the most-populated region and home to the world’s largest construction and automotive industries, which creates a huge demand for paints and coatings. Further, government and private investments in the regional real estate sector are increasing, thereby propelling the market growth.
Browse detailed report on Paints and Coatings Market Size, Share, Growth, Regional Outlook and Forecast to 2030
Some of the most-significant players in the paints and coatings market are Akzo Nobel N.V., The Sherwin-Williams Company, PPG Industries Inc., Kansai Paint Co. Ltd., BASF SE, Nippon Paint Holdings Co. Ltd., RPM International Inc., Axalta Coating Systems Ltd., Jotun A/S, and Masco Corporation.
Paints and Coatings Market Segmentation Analysis
Paints and Coatings Market Based on Technology
- Water-Borne
- Solvent-Borne
- High Solids
- Powder Coatings
- Ultraviolet (UV)
Paints and Coatings Market Based on Formulation
- Acrylic
- Polyester
- Polyurethane
- Epoxy
Paints and Coatings Market Based on Application
- Architectural Coatings
- Industrial Coatings
- Special Coatings
Paints and Coatings Market Geographical Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- Russia
- Italy
- U.K.
- Turkey
- France
- Spain
- Poland
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East and Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Iran
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Asia-Pacific Paints and Coatings Market – Across the globe, the APAC paints and coatings market will exhibit the fastest growth in India in the future.
Specialty Chemicals Market – The global specialty chemicals market value reached $639,935.8 million in 2019, and it is expected to surge to $980,423.7 million by 2030. Furthermore, the market will demonstrate a CAGR of 5.5% from 2020 to 2030.
