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, Growth – at a CAGR of 2.9%, 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 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.
Another factor driving market growth is development of nanocoatings. Nanocoatings are thin and transparent to the naked eye, which enhances its aesthetic appeal. These can be applied to a wide variety of substrates, namely, metals, plastics, ceramics, and polymers. The can also prevent the growth of harmful bacteria in medical setting and avoid fingerprint from forming on automotive surfaces. Nanocoatings emit significantly lower levels of Volatile Organic Compounds (VOCs), compared to traditional polymer coatings, thus driving demand for Coatings.
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Top Companies: 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.
Further key findings from the report suggest:
- 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 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.
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The global Paints and Coatings Market is segmented into:
Resin Type Outlook (Revenue, USD Billion; 2019–2030)
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)
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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