Paints & Coatings Market by Resin Type (Epoxy, Acrylic, Polyester, Alkyd, Polyurethane, Vinyl, and Others), Technology (Waterborne, Solventborne, Powder Coating, and Others), End Use (Building & Construction, Automotive, Industrial, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026749 | Pages: 100 | Industry: Chemicals and Materials | Date: Oct 2022 | Type: Global

The market crossed the US$ 190 billion mark in 2022 and is expected to hit US$ 240 billion by 2030, recording a CAGR of 2.8% during the forecast period.

The paints & coatings market is significantly increasing with increasing demand from the construction and automotive industries  

The rise in infrastructure development in emerging economies, technological advancement in powder coating technology, the growing popularity of elastomeric coating in tilt-up concrete in building and construction, and rising development to increase the performance coating are some of the major factors driving the growth of the market. The waterborne coating segment is expected to pace up owing to rising demand for environmentally friendly and no VOC emission properties of the coating. Solventborne, and powder coating segments are also expected to hold significant share in the market due to rising application in industrial and architectural purpose, owing to their lesser drying times and better functionality in open & humid conditions.

Within the report, the market is segmented into resin type, technology, end-use, and geography. By resin type, the market is further segmented into epoxy, acrylic, polyester, alkyd, polyurethane, vinyl, and others. On basis of technology, the market is segmented into waterborne, solventborne, powder coating, and others.  By end use, the market is categorized into building & construction, automotive, industrial, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Environmental regulation boosting the demand for VOC-free coatings has surged market growth.

Paints and coatings help to protect and preserve the substance they are applied on, thereby conserving materials resources, and energy. The demand for environmentally friendly and VOC-free coating has surged the demand owing to increased environmental regulation. The regulations were imposed to reduce VOC to include renewable material, resource conservation and energy, process efficiency enhancement, and waste minimization. Moreover, increased environmental regulation has also surged in development of new technology by various key players in the market.

Rising adoption in various industries is one of the major factors accelerating market growth

The industries for the paints & coatings market are building & construction, automotive, industrial, and others. Within these industries, the building and construction industry is one such industry, wherein the use of paints and coatings is increasing owing to rising use for the decorative purpose for residential and non-residential structures to protect them from environmental harm. The automotive and industrial application has also witnessed extensive use of paints and coatings owing to their various properties such as continuous protection film formation, color stability, corrosion resistance, flexibility, and durability.  

Recent strategic developments in the paints & coatings market

The paints & coatings market has undergone several significant developments, and a few of these have been mentioned below:

  • In June 2021, AkzoNobel extended its partnership agreement with Mercedes-Benz for four years. This will continue to supply vehicle refinish products including automotive and specialty coatings, and services in China and is a preferred partner in Indonesia.

The paints & coatings market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. AkzoNobel N.V., PPG Industries, Sherwin-Williams, RPM International, and Nippon Paint are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Paint & coating related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Application industry of paints & coatings industry
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Resin Type:
    • Epoxy
    • Acrylic
    • Polyester
    • Alkyd
    • Polyurethane
    • Vinyl
    • Others
  • Technology:
    • Waterborne
    • Solventborne
    • Powder Coating
    • Others
  • End Use:
    • Building & Construction
    • Automotive
    • Industrial
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • AkzoNobel N.V.
    • PPG Industries
    • Sherwin-Williams
    • RPM International
    • Nippon Paint

The List of Companies
- AkzoNobel N.V.
- PPG Industries
- Sherwin-Williams
- RPM International
- Nippon Paint

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