Global Paints and Coatings Market Size To Grow USD 204.6 Billion by 2032 | CAGR of 4.5%
Category: Chemicals & MaterialsGlobal Paints and Coatings Market Size To Worth USD 152.5 Billion By 2032
According to a research report published by Spherical Insights & Consulting, the Global Paints and Coatings Market Size To Grow from USD 152.5 Billion in 2022 to USD 204.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period.
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Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on "Global Paints and Coatings Market Size, Share, and COVID-19 Impact Analysis, By Product (Powdered, Solvent-borne), By Material (Acrylic, Epoxy), By Application (Architectural & Decorative, Non Architectural), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." https://www.sphericalinsights.com/reports/paints-and-coatings-market
The term "paints and coatings" refers to a group of coverings that are regularly used to shield the surface of specific products from oxidation and sunlight. This coating serves both practical and decorative purposes while also enhancing an item's long-term durability.
COVID 19 Impact
The Covid-19 outbreak has had a negative impact on the paints and coatings business since it depends on those sectors as well as the building and construction, automotive and transportation, industrial, aerospace, and other industries. The demand for paints and coatings is expected to rise as a result of the building and transport activities returning to normal following the COVID-19 period and operating at full capacity. In addition, due to the possibility of an infection among the workers, a number of automakers halted or suspended their operations.
Buildings and infrastructure are frequently decorated and protected using paints and coatings. Interior and exterior house paints, sealants, primers, stains, and stains are all parts of these architectural changes. Architectural paints are available in a variety of textures, from semi-gloss to even sheen, and enable for odourless paints with lower VOC and greater scrub resistance. The market will be driven by rising building activity as well as government spending in various public infrastructure projects. In addition, the construction sector is adopting cutting-edge technology as standard. Another element driving the expansion of the construction business is the surge in cloud computing and collaboration with building information modelling. Large-scale demand is also a result of the industry's expansion.
The powder coating procedure excels at producing thick, smooth coatings. However, it is challenging to create thin coatings. Controlling the quantity and pace at which the powder is applied to the substrate is similarly challenging. Surface flaws can be hidden by thicker coatings. Because of insufficient power addition, thinner coatings will display orange peeling textures.
Product Insights
Waterborne segment holds the highest market share over the forecast period
On the basis of product, the global paints and coatings market is segmented into powdered, solvent borne, and water borne. Among these, the waterborne segment holds the highest market share over the forecast period. The rise is linked to rising construction investment as well as customer preferences for environmentally friendly goods, both of which are expected to fuel segmental expansion. Significant amounts of water-based paints and coatings are utilised in poorly and inadequately ventilated rooms.
On the other hand, the solvent-borne category will develop more slowly during the projected period because of the rigorous regulations pertaining to goods with a high VOC content. However, it is projected that the segmental expansion would be driven by the growing use of solvent-based solutions in industrial and architectural applications because to their faster drying times and improved functioning in humid environments.
Material Insights
Acrylic segment is dominating the market over the forecast period
On the basis of material, the global paints and coatings market is segmented into acrylic and epoxy. Among these, acrylic segment is dominating the market with the largest market share over the forecast period. The excellent stabilisation and weathering properties of acrylic compounds are promoting the segment's expansion. Acrylic resins are widely utilised in emulsion and water-reducible resins for the production of coatings and varnishes. It has outstanding optical clarity, UV and weather resistance, thermoplastic nature, and dimensional stability.
Wet coats, which contain more VOC than powdered based coatings, employ acrylic resins. Currently, the market has seen a transition from solvent-based to water-based coatings as a result of the development of new technology.
Application Insights
Architectural and decorative segment accounted the highest market share over the forecast period
Based on the application, the global paints and coatings market is segmented into architectural and decorative and non architectural. Among these, architectural and decorative segment accounted the highest market share over the forecast period. The development of the road and rail infrastructure in several industrialised and emerging nations, including India, the United States, Germany, China, and the United Kingdom, is credited with the expansion.
In the next years, it is projected that the growing number of FMCG enterprises in China, India, and Singapore would increase demand for architectural and decorative paints and coatings. In addition, rising government investment on infrastructure and industrialisation are accelerating segment growth.
Regional Insights
Asia Pacific region accounted the largest market share over the forecast period
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Asia Pacific region is dominating the market with the largest market share over the forecast period. The market is expected to be driven by expanding construction activity and rising demand from the car sector in developing nations like China, India, Japan, and Southeast Asia throughout the course of the projected period. The sector has also had excellent development potential since raw materials are readily available and there are fewer stringent regulations limiting VOC emissions than there are in North America and Europe.
Europe, on the other hand is anticipated to witness the fastest market growth over the forecast period. Since the U.K. has been a major market for paints and coatings, the industry has been quite active since Brexit. As a result, the market will be impacted.
Major vendors in the Global Paints and Coatings Market include PPG Industries, Inc., Axalta Coating Systems, LLC, Kansai Paint Co., Ltd., Asian Paints Ltd, Indigo Paints Ltd, RPM International Inc., Kwality Paints and Coatings Pvt. Ltd., Nippon Paint Holdings Co., Ltd., Akzo Nobel N.V., The Sherwin-Williams Company.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Paints and Coatings Market based on the below-mentioned segments:
Paints and Coatings Market, Product Analysis
- Powdered
- Solvent born
Paints and Coatings Market, Application Analysis
- Architectural and Decorative
- Non Architectural
Paints and Coatings Market, Material Analysis
- Acrylic
- Epoxy
Paints and Coatings Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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