A number of factors such as the growing construction industry, increasing demand for paints and coatings in the oil and gas sector, rising consumer spending, and surging need for automobiles are projected to propel the growth of the paints and coatings market at a CAGR of 5.8% during 2020–2030. According to P&S Intelligence, the market generated $151,399.4 million revenue in 2020, which is expected to reach $266,243.2 million by 2030. Moreover, the market is witnessing a trend of surging adoption of smart coatings across the world.
One of the prime factors propelling demand for paints and coatings is the rising need for automobiles. The demand for automobiles is increasing globally, due to the rapid urbanization, surging disposable income, and changing lifestyles. The paints and coatings are widely used in automobile applications to provide attractive looks, as people are tending toward purchasing good-looking vehicles. For example, around 91.3 million automobiles were sold in 2019 worldwide, as compared to 88.3 million units in 2014. This not only increases the demand for paints and coatings during the production of automobiles, but also during their lifetime, including painting over scratches.
Browse detailed report on Paints and Coatings Market Size, Business Strategies, Regional Outlook and Analysis Through 2030
The formulation segment of the paints and coatings market is categorized into acrylic, polyurethane, polyester, epoxy, and others. Among these, the acrylic category held the largest market share in 2020. This is attributed to its highly soluble, versatile, elastic, non-toxic, and water resistance nature. Moreover, the need for acrylic coatings is rising on account of their surging use on exterior and interior walls, door panels, and windows. Whereas, the polyester category is expected to witness the fastest growth in the coming years, due to the growing automotive industry, surging defense budget, and increasing urbanization and industrialization rate in developing countries.
Additionally, based on the technology segment, the paints and coatings market is classified into solvent-borne, water-borne, high solids, ultraviolet (UV), and powder coating. Among these, the water-borne category accounted for the largest market share in 2020. This is ascribed to the rising need for these coatings in automobile, printing ink, plastic, and furniture applications, due to their superior adhesion and cost-effective nature. Further, water-borne coatings dry quickly, contain no volatile organic compound, and are easier to apply.
Geographically, the Asia-Pacific paints and coatings market accounted for the largest share in 2020, and it is also projected to record the highest CAGR during the forecast period. This can be attributed to the surging consumption of these materials in several end-use industries. Moreover, the mounting government and private investments in the automotive and construction industries, increasing disposable income, growing population in regional countries, rising spending on industrial infrastructure development, and renovation and repair of commercial and residential buildings are projected to boost the demand for paints and coatings in the region.
Thus, the rising need for automobiles and the growing construction industry are expected to propel the market growth in the forecast period.
Get the sample pages of this report: https://www.psmarketresearch.com/market-analysis/paints-and-coatings-market/report-sample
Paints and Coatings Market Size Breakdown by Segment
By Technology
- Water-Borne
- Solvent-Borne
- High Solids
- Powder Coatings
- Ultraviolet (UV)
By Formulation
- Acrylic
- Polyester
- Polyurethane
- Epoxy
- Others (Nylon, Nitrocellulose Lacquer, and Polycarbonate)
By Application
- Architectural Coatings
- Industrial Coatings
- Automotive original equipment manufacturer (OEM) coatings
- Wood finishes
- Powder coatings
- Coil coatings
- Packaging finishes
- General industrial finishes
- Other transportation coatings
- Special Coatings
- Automotive refinish coatings
- Protective coatings
- Marine coatings
By Region
- North America Paints and Coatings Market
- By technology
- By formulation
- By application
- By country – U.S. and Canada
- U.S. paints and coatings market
- By technology
- By formulation
- By application
- Europe Paints and Coatings Market
- By technology
- By formulation
- By application
- By country – Germany, Russia, Italy, U.K., Turkey, France, Spain, Poland, and Rest of Europe
- Germany paints and coatings market
- By technology
- By formulation
- By application
- Asia-Pacific Paints and Coatings Market
- By technology
- By formulation
- By application
- By country – China, India, Japan, South Korea, and Rest of APAC
- China paints and coatings market
- By technology
- By formulation
- By application
- India paints and coatings market
- By technology
- By formulation
- By application
- Latin America Paints and Coatings Market
- By technology
- By formulation
- By application
- By country – Brazil, Mexico, Argentina, Colombia, and Rest of LATAM
- Brazil paints and coatings market
- By technology
- By formulation
- By application
- Middle East and Africa Paints and Coatings Market
- By technology
- By formulation
- By application
- By country – Saudi Arabia, U.A.E., South Africa, Iran, and Rest of MEA
Browse Other Related Reports
Polyester Hot Melt Adhesives Market – Growth in the packaging and automobile sectors will drive the polyester hot melt adhesives market at 5.3% CAGR during 2020–2030. The market value will increase from $473,057.2 thousand in 2019 to $717,152.6 thousand by 2030.
Specialty Chemicals Market – Globally, the Asia-Pacific specialty chemicals market is predicted to grow massively in the coming years, on account of the growing use of these chemicals in heavy automotive and construction applications for extending machinery life, increasing the productivity of equipment by mitigating wear and tear of engine components, especially during extended heavy-duty operations, and reducing operating costs.
Media Contact
Company Name: P&S Intelligence
Contact Person: Abhishek
Email: Send Email
Phone: +918887787886
Address:Noida Sector 2
City: Noida
State: UP
Country: India
Website: https://www.psmarketresearch.com/market-analysis/paints-and-coatings-market