Paints and Coatings Market to Garner $278.4 Billion, Globally, By 2031 at 4.7% CAGR, Says Allied Market Research
Increasing demand for paints and coatings from industries such as architecture, construction, and automotive in both developed and developing economies drive the growth of the global paints and coatings market.
PORTLAND, Ore., Sept. 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Paints and Coatings Market by Resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Others), by Product Type (Waterborne coatings, Solvent-borne coatings, Powder coatings, Others), by Application (Architectural, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global paints and coatings industry was estimated at $175.8 billion in 2021, and is anticipated to hit $278.4 billion by 2031, registering a CAGR of 4.7% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscape.
Drivers, restraints, and opportunities-
Increasing demand for paints and coatings from industries such as architecture, construction, and automotive in both developed and developing economies drives the growth of the global paints and coatings market. On the other hand, there are certain health hazards associated with the use of the volatile organic compound (VOC)-containing paints & coatings, which impedes growth to some extent. However, the emergence of high solid paints and coatings that produce little or no volatile organic compounds (VOCs) has increased the potential applications of paints and coatings among several end-use sectors, thus creating lucrative opportunities in the industry.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/6115
Covid-19 scenario-
- The outbreak of the pandemic had a sheer negative impact on the global paints and coatings market. The majority of automotive companies had either shut down or halted their operations owing to the risk of infections among the workforce. This, in turn, declined the demand for paints and coatings significantly.
- The waning demand from the aviation industry worsened the market condition even more. However, with the mass vaccination drive on board, the global situation started getting better, and the market for paints and coatings also started recovering at a quick pace.
The acrylic segment to dominate by 2031-
By resin, the acrylic segment contributed to around one-third of the global paints and coatings market share in 2021 and is expected to lead the trail by 2031. Rapid urbanization has led the building and construction industry to witness significant growth where acrylic resin-based paints are widely used on surfaces of wood, decorative walls, and others. The alkyd segment, however, is expected to showcase the fastest CAGR of 5.3% during the forecast period. This is attributed to factors such as rise in disposable income coupled with expansion of the real estate and housing sectors.
The waterborne coatings segment to maintain the lion's share-
Based on product type, the waterborne coatings segment generated more than two-fifths of the global paints and coatings market revenue in 2021 and is expected to lead the trail by 2031, due to increase in demand for a wide range of furniture items across the world. The solvent-borne coatings segment, on the other hand, would manifest the fastest CAGR of 5.2% from 2022 to 2031. Rapid establishment of chemical manufacturing units where solvent-borne coatings are used in interior and exterior parts of various industrial equipment drives the segment growth.
Get Detailed COVID-19 Impact Analysis on the Paints and Coatings Market @ https://www.alliedmarketresearch.com/request-for-customization/6115?reqfor=covid
The architectural segment to retain its dominance-
By application, the architectural segment held nearly three-fifths of the global paints and coatings market revenue in 2021 and is expected to lead the trail by 2031 The same segment would also manifest the fastest CAGR of 5.0% from 2022 to 2031. Rapid urbanization which in turn has increased the demand for both the residential and commercial facilities where a wide range of paints and coatings are used for different purposes fuels the segment growth.
Asia-Pacific garnered the major share in 2021-
Based on region, Asia-Pacific held the major share in 2021, generating nearly two-fifths of the global paints and coatings market. The same region would also garner the fastest CAGR of 5.2% by 2031. Developments in industries such as building & construction, transportation, industrial, and others have boosted the market growth.
Key players in the industry-
- Axalta Coating Systems, LLC
- Kansai Paint Co., Ltd.
- Kwality Paints and Coatings Pvt. Ltd.
- Akzo Nobel N.V
- The Sherwin-Williams Company
- Nippon Paint Holdings Co., Ltd
- PPG Industries, Inc.
- Indigo Paints Ltd
- Asian Paints
- RPM International Inc.
The report analyzes these key players in the global paints and coatings market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
Interested in Procuring This Report? Visit Here:
https://www.alliedmarketresearch.com/paints-and-coatings-market/purchase-options
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenueTrial
Get more information: https://www.alliedmarketresearch.com/library-access
Similar Reports:
Plastic Coatings Market: Global Opportunity Analysis and Industry Forecast 2020-2027
Epoxy Coating Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
Solar Panel Coatings Market: Global Opportunity Analysis and Industry Forecast, 2021–2030
Saudi Arabia Paints & Coatings Market: Country Opportunity Analysis and Industry Forecast, 2020–2027
Egypt Paints & Coatings Market: Country Opportunity Analysis and Industry Forecast, 2020–2027
Antifouling Paints and Coatings Market: Global Opportunity Analysis and Industry Forecast, 2021-2031
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
Share this article