| The report “Paints & Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl, Polyester), Technology(Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), End Use (Architectural, Industrial), & Region – Global Forecast to 2027″, size is estimated at USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%, between 2022 and 2027. The rapid growth of the housing & construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income drive the paints & coatings market. Technological advancements in end-use industries such as automotive, marine, aerospace, wood, and general industrial also support growth. The paints and coating market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. China and India, among other countries, are leading the paints and coatings market globally.
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Some of the prominent key players are:
· The Sherwin-Williams Company (US) · PPG Industries, Inc (US) · AkzoNobel N.V. (The Netherlands) · BASF Coating GMBH (Germany) · Jotun A/s (Norway) · Asian Paints Limited (India) · Kansai Paint Co., Ltd (Japan) · Nippon Paint Holding Co., Ltd (Japan) · RPM International, Inc (US) · Axalta Coating Systems LLC (US)
Opportunities:
In the building & construction industry, fluoropolymers such as polyvinylidene difluoride (PVDF) are used in both industrial as well as architectural coatings. PVDF is used in architectural applications, where both excellent appearance and substrate protection must be maintained for a long period. PVDF is the most preferred fluoropolymer since it has enough solvency in ester and ketone solvents, and the same can be formulated into solvent dispersion coatings
Driver: Paints & Coatings Market
Over the next five years, housing and construction activities are expected to gradually expand across North America and Europe. Construction industry in China is anticipated to increase more quickly than in Europe or North America, despite a significant slowdown during the previous two to three years. Construction levels are rising in nations like India, Southeast Asia, and South America to keep up with the increased rates of urbanization brought on by people moving from rural areas to cities for the better earnings. Construction activity will increase as a result of infrastructure investment. To increase the productive capacity of their economies and fuel the post-Covid economic recovery, governments around the world continue to support significant infrastructure investments. The construction market's fastest-growing industry will be civil engineering. Australia's construction output is anticipated to decrease by roughly 3% in 2023. High inflation and rising interest rates have an effect on residential construction, causing property values to decline and construction costs to soar. In 2023, Belgium expects its construction output to decline by 1.3% after a 0.8% decrease in 2022, mainly due to lower activity in the residential and industrial construction segments. Both are impacted by increasing inflation and rising building activity financing costs.
Asia Pacific is expected to account for the largest share in 2022.
Paints and Coatings market industry has been studied in North America, Europe, Asia Pacific, Middle East & Africa and South America. Asia Pacific dominated the global paints & coatings market. This dominance is attributed to the presence of major end use industries in the region. The demand for paints & coatings is growing, especially in the Asia Pacific region. The market in the region is expected to witness a high growth rate in comparison to other regions. The demand is attributed to the new infrastructure & construction projects and the continuous maintenance of the existing industrial systems. The demand for paints and coatings has increased in other Asia Pacific countries, such as South Korea, Singapore, India, Indonesia, as residential construction activities in these countries have risen. Rising income levels, shift toward nuclear families, affordable interest rates, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction activities. These factors are positively influencing the paints & coatings market growth. |
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