CHICAGO, Aug. 29, 2019 /PRNewswire/ -- According to the new market research report "Paints & Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyurethane, Polyester), Technology (Waterborne, Solventborne, Powder), Application (Architectural [Residential, Non-residential], Industrial), and Region - Global Forecasts to 2024", published by MarketsandMarkets™, the Paints & Coatings Market is projected to reach USD 199.9 billion by 2024 at a CAGR of 5.4% during the forecast period.
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There has been wide acceptance of paints and coatings in various industries such as architectural, general industrial, protective and automotive & transportation, which is expected to drive the paints and coatings market. Rising building and construction activity is expected to drive the growth of the architectural coatings, thus, consequently augmenting the growth of the paints and coatings industry.
The waterborne segment is estimated to account for the largest share of the paints and coatings market, by technology, during the forecast period.
Waterborne paints and coatings are used in a variety of packaging applications in architectural, automotive, general industrial, protective, wood, marine, packaging, coil, and other industries, due to their low toxicity and flammability factors. These benefits drive the waterborne paints and coatings market.
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The architectural segment is estimated to be the fastest-growing end-use industry in the paints and coatings market during the forecast period.
Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied on the interior and exterior walls of all kinds of residential, commercial, industrial, and institutional buildings. The growing safety standards are also raising the demand for specialty coatings, including fireproof and waterproof coatings on buildings. This is shifting the global focus towards architectural coatings.
Paints and coatings market in APAC is expected to register the highest CAGR during the forecast period.
The APAC Paints & Coatings Market is segmented as China, Japan, India, Indonesia, Thailand, and Rest of APAC. APAC is an emerging and lucrative market for paints and coatings, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the world's population, resulting in the growth of the manufacturing and processing sectors.
Major players operating in the paints and coatings market include AkzoNobel N.V. (Netherlands), PPG Industries (US), The Sherwin-Williams Company (US).
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Industrial Coatings Market by Resin (Polyurethane, Epoxy, Acrylic, Polyester, Alkyd), Technology (Solvent, Water, Powder, High Solids), End-Use Industry (Industrial, Industrial, Protective, Automotive, Aerospace, Marine, Wood, Packaging), and Region - Global Forecast to 2024
Architectural Coatings Market by Resin Type (Acrylic, Alkyd), Technology (Waterborne, Solventborne, Powder), User Type (DIY, Professional), Coating Type (Interior, Exterior), Application (Residential, Non-Residential) and Region - Global Forecast to 2023
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