Paints and Coatings Market was valued at USD 160.4 Billion in 2022 and is poised to grow from USD 169.2 Billion in 2023 to USD 259.7 Billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
In recent times, the paints and coatings market are witnessing immense surge due to the growing investment in urbanization, infrastructure, and enhancing economic situations in developing countries. Today, companies are focusing more on visual appeal and protection of properties throughout various applications like automotive, marine, and construction sectors. The requirement for high-performance coatings is continuously on the soar due to these trends. Many governments are also applying strict environmental regulations, which is increasing the advancement of green coating formulations, particularly the ones based on water or low volatile organic compounds. This inclination towards environmentally friendly substitutes have positively influenced the sector. The trend towards high-tech coatings with cationic galvanic coating materials is also on the rise. These materials coverevery crevice and corner of diverse metal parts protecting them from corrosion. High-performance ceramics helps in extending the service life of aircraft turbine engines and the automotive sector.
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Sustainable Development in Coatings Sector to Reduce Waste Favors Market Growth
The demand for sustainable development of coating products is increasing because of the strict regulations imposed by governments. Paints and coatings have the potential of preserving and protecting the area where they are applied. It also helps them to conserve material resources and energy. While conducting business operations the companies ensure to regularly check the sustainability aspect of the matter. They primarily emphasize on minimizing volatile organic compounds to improve resource conservation and energy, improvement of process efficiency, renewable materials, and reduction of waste. Paint manufacturers have started introducing and innovating sustainable paint technology to fulfil the consumer demand.
Growing Popularity for Smart Coatings to Better Protect Properties Boosting Paints and Coatings Market
In recent times, the popularity of smart coatings is growing as it has the potential to change their properties based on the transforming environment situations like temperature and electric fields. There are numerous benefits which is also influencing the market growth like treating of damaged oil and gas platforms and aircraft engines. This trend is indicating that the demand for smart coating is significantly rising as customers are ready to invest more to get coatings with self-healing, self-stratifying, and self-cleaning properties. Therefore, paints and coatings market are witnessing extensive adoption of such solutions.
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- Grasim Industries Ltd. launched the brand name of its paints business- Birla Opus in September 2023. The brand will offer full selection of high-quality products in decorative paints.
- In May 2023, Nippon Paint released its new innovation- Weatherbond 11. This is a high performing exterior paint manufactured for sustaining in harshest climate.
- The Sherwin-Willians Company signed a deal with North Carolina, Iredell County, and the city of Statesville in February 2022. The goal is to extend its architectural paint and coatings manufacturing ability.
- Powder Coating Manufacturing Business was acquired by PPG in February 2022. This will help the organization in backward integration.
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Growing Renovation and Remodeling Activities to Increase Use of Paints and Coatings Supporting Market Growth
The paints and coatings market are being positively influenced by the renovation and remodeling projects in both residential and commercial industries. With this project there is a steady flow of demand for paints and coatings. In today’s time, consumers prefer to upgrade and rejuvenate their spaces due to which there is a constant requirement for high-quality paint products driving the market growth and supporting the dynamic industry landscape.
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