WILMINGTON, DE / ACCESSWIRE / January 31, 2023 / Transparency Market Research Inc. - The global paints & coatings market size stood at US$ 181.89 Bn in 2021 and is projected to expand at a CAGR of 5.2% between 2022 and 2031. The market is anticipated to attain a value of US$ 369.85 Bn by 2031.

Key players are boosting the manufacturing capacity of their existing facilities through strategic partnerships in new regions, thereby expanding their market reach. Innovations are being introduced in UV-cured coatings, water-based coatings, and powder coatings to cut down on carbon emissions. Firms in the paints & coatings market are expected to focus on making sustainable bio-based coating resins in place of conventional coating resins.

Paints & coatings are applied on a surface to embellish and protect it. When applied to a surface for ornamental reasons, paints & coatings increases their tensile strength and visual appeal. They shield the surface from damaging elements, corrosion, aging, and chemical exposure. Additionally, paints & coatings offer unique qualities, such as flame resistance, anti-microbial, and anti-fouling capabilities in specific applications.

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The building and construction industry is growing rapidly across Asia Pacific due to economic development and the consequent rise in living standards in developing nations. This is expected to increase the demand for paints & coatings. Extensive usage of paints & coatings in the automotive & transportation, healthcare, and construction industries is a major factor driving industry growth.

Key Findings of Market Report

• Water-based paints and coatings are gaining popularity among manufacturers as they are more affordable than the more common solvent-based paints and varnishes. Furthermore, growing feedstock costs and unstable supply impact solvent-based paints and coatings. Architectural coatings often use water-based coatings. Technologies such as high solids and powder coatings are increasingly growing in popularity due to their low VOC content, which distinguishes them from solvent-based coatings and makes them more environment-friendly. Therefore, the use of environment-friendly coating materials is expected to drive business opportunities in the global market between 2022 and 2031.
  
• Based on resin type, the acrylic segment is anticipated to account for a sizeable market share during the forecast period. The acrylic segment accounted for a 40.3% share of the global industry in 2021. Acrylic resins are often employed in architectural coatings, industrial coatings, and protective coatings, as they can be used in water-based and solvent-based formulations.
  
• In the market segmentation in terms of technology, the water-based segment held a 45.2% share of the market in 2021. The segment is projected to expand at a CAGR of 5.8% between 2022 and 2031. The low VOC (volatile organic compound) level of these coatings makes them popular. Surface coverage is higher for water-based coatings compared to solvent-based coatings.

Global Paints & Coatings Market: Growth Drivers

• As urban areas become more populated and developed, the building and construction sector is expected to expand quickly in the next few years. The global construction industry is anticipated to be driven by urbanization and evolving lifestyles. Global spending on infrastructure and housing construction has increased due to population growth and improving economic conditions. It is common practice to utilize paints & coatings to enhance and protect construction projects.

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Global Paints & Coatings Market: Regional Landscape

• Based on region, Asia Pacific led the global paints & coatings market in 2021 with a 45.5% share. Asia Pacific is a key producer of paints and coatings, ascribed to the presence of several factories in China. Furthermore, economic development is expected to boost market demand for paints and coatings in the region. In Asia Pacific, there is a significant demand for wood coatings, Clearcoat spray paint, vinyl ester coatings, epoxy paint, and waterproof paint.

Global Paints & Coatings Market: Key Players

Some of the key market players are:

• Nippon Paints Holdings Co., Ltd
• The Sherwin-Williams Company
• Kansai Paints Co., Ltd.
• Berger Paints India Limited
• Akzo Nobel N.V
• The Valspar Corporation

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Global Paints & Coatings Market: Segmentation

Resin

• Acrylic
• Polyurethane
• Polyester
• Alkyds
• Epoxy
• Others

Technology

• Water-based
• Solvent-based
• Hot Melt Powder
• Others

Application

• Automation & Transportation
• Aerospace
• Building & Construction
• Healthcare & Medical devices
• Marine
• Electricals & Electronics Packaging
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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