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 2029″, is projected to reach a market size of USD 227.5 billion by 2029 from USD 194.5 billion in 2024, at a CAGR of 3.2%. The Asia pacific is one of the prominent consumers of paints & coatings across the globe. Currently, the requirement for paints & coatings is growing tremendously for automotive, packaging, construction, electronics, and others. The growth of the emerging economies as China, India, Brazil and Mexico among others contribute significantly for the development of the global paints & coatings market.
Key Market Players
Akzo Nobel N.V. (Netherlands), PPG Industries Inc. (US), The Sherwin-Williams Company (US), Axalta Coating Systems LLC. (US), Jotun A/S (Norway) are the key players.
Asia Pacific region is likely to be the fastest growing paints & coatings market during the forecast period.
Rapid urbanization and industrialization in Asia-Pacific are increasing demand for a wide range of sectors, including EV automotive vehicles, packaging, aerospace& defence, marine, construction, and medical & healthcare. The expansion of industrial activities in nations such as China, India, Japan, and South Korea has raised the demand for paints & coatings. In addition, significant infrastructure development projects, notably in India and China, are propelling up demand in the building & construction industry for bonding, sealing, insulation, and surface protection. Technological advancements in paints and coatings tailored to meet the needs of diverse industries are expected to fuel market growth in this domain.
Paints and Coatings Market Dynamics
- Drivers: Environmental regulations boosting the demand for VOC-free coatings
- Restraint: Requirement of more drying time for waterborne coatings
- Opportunity: Increasing applications of fluoropolymers in the building & construction industry
- Challenge: Difficulties: Strict regulations