The paints and coatings industry has experienced remarkable growth driven by its extensive utilization as protective coverings, effectively shielding surfaces against oxidation and sunlight damage. These coatings not only enhance durability but also serve functional and decorative purposes, extending the lifespan of objects. The industry's expansion can be attributed to its expanding applications in key sectors like building and construction, automotive, and semiconductor industries. The flourishing automobile industry, in particular, has significantly contributed to the overall success and advancement of the paints and coatings market.
According to Data Bridge Market Research, the Paints and Coatings Market accounted for USD 184.00 billion in 2021 and is expected to reach USD 252.01 billion by 2029. The market is expected to grow with a CAGR of 4.01% in the forecast period of 2022 to 2029.
“High demand for paints and coatings creates expansion”
The growth of the market is expected due to the expanding applications of fluoropolymers in the building and construction industry, as well as the growing demand for powder coatings in shipbuilding and pipeline sectors. Polyvinylidene difluoride (PVDF), a fluoropolymer, is widely used in architectural and industrial coatings for its excellent appearance and long-term protection. The paints and coatings industry is also driven by the rise in residential and commercial projects globally.
What restraints the growth of the paints and coatings market?
“Requirement of more time in waterborne coatings pose a challenge to market”
Waterborne coatings typically require a longer drying and curing period compared to solvent-borne coatings. Additionally, the application of aqueous coatings can be affected by humidity, as their flow characteristics may vary. High humidity hinders the evaporation of water, resulting in inadequate curing and diminished performance. Similarly, waterborne paints are vulnerable to cold temperatures, rendering them unusable after freezing. These factors pose challenges to the growth of the paints and coatings market.
Segmentation: Paints and Coatings Market
The paints and coatings market is segmented on the basis of resin type, technology, and application.
- On the basis of resin type, the paints and coatings market has been segmented into acrylic, epoxy resin, alkyd, polyurethane, polyester, others.
- On the basis of technology, the paints and coatings market has been segmented into water-based technology, solvent-based technology, high solids, powder coating, others.
- On the basis of application, the paints and coatings market has been segmented into architectural application, and industrial application.
Regional Insights: Asia-Pacific Dominates the Paints and Coatings Market
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The growth of the market in this region can be attributed to increased construction activities and a rising demand from the automotive sector in emerging countries like China, India, Japan, and Southeast Asia.
Europe on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, the market growth in the region is determined by the development of the construction sector in numerous countries in the region.
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Recent Development
- In July 2021, the collaboration between AkzoNobel N.V. and Mercedes-Benz was renewed for another four years. This means that the company will continue to provide vehicle refinish goods and services in China, including automotive and speciality coatings, as well as be a preferred partner in Indonesia.
- In March 2021, Qlayers coating technology provides a fully automated, safer, more uniform, and faster solution than the industry's current human coating procedures. It's a cost-effective, long-term solution that eliminates overspray. Customers can use this technique to apply anti-corrosive coating systems and other coating systems.
The Prominent Key Players Operating in the Paints and Coatings Market Include:
- AkzoNobel N.V. (Netherlands)
- PPG Industries Inc., (U.S.)
- The Sherwin-Williams Company (U.S.)
- RPM International Inc., (U.S.)
- NIPSEA GROUP (Japan)
- Arkema (France)
- Cardolite Corporation (U.S.)
- BASF SE (Germany)
- Evonik Industries AG (Germany)
- Reichhold LLC 2, (U.S.)
- DSM (Netherlands)
- Qualipoly Chemical Corp. (Taiwan)
- Arakawa Chemical Industries,Ltd. (Japan)
- Alberdingk Boley (U.S.)
- Eternal Materials Co.,Ltd. (Taiwan)
- Wacker Chemie AG (Japan)
- DIC CORPORATION (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of paints and coatings market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Paints and Coatings Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
