The global paints and coatings market is expanding rapidly due to factors such as a surging demand for paints and coatings from industries like automotive, construction, and architecture in both developed and developing economies.
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) — 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.” The report indicates that the global market for paints and coatings is estimated to grab $278.4 billion by 2031. The market generated the share of $175.8 billion in 2021 and is expected to display a notable CAGR of 4.7% during the forecast period of 2022 to 2031. The report provides detailed information of the regional landscape, competitive scenarios, value chain analysis, key investment areas, top segments, and dynamic market trends.
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Factors influencing the growth of the market:
The global paints and coatings market is expanding rapidly due to factors such as a surging demand for paints and coatings from industries like automotive, construction, and architecture in both developed and developing economies. However, specific health issues associated with the usage of the VOC containing paints and coatings restrain the market growth to some extent. Nevertheless, the invention of high solid paints and coatings that release little or no VOCs has heightened the potential applications of paints and coatings in various end-use sectors, hence offering ample opportunities in the industry.
The acrylic segment to lead the trail by 2031
Based on resin, the acrylic segment grabbed the largest market share of around one-third of the global paints and coatings market in 2021 and is expected to rule the roost from 2022 to 2031. Rapid urbanization has resulted in the growth of the building and construction industry where acrylic resin-based paints are highly used on surfaces of decorative walls, wood, and others. On the other hand, the alkyd segment would display the fastest CAGR of 5.3% throughout the forecast timeframe. Growth of the housing and real estate sectors and surge in disposable income are the factors driving the growth of the segment.
The waterborne coatings segment to retain its dominance
By product type, the waterborne coatings segment gained the highest market share of more than two-fifths of the overall market revenue in 2021 and is estimated to lead the trail during the forecast period, owing to surge in demand for a high range of furniture items across the globe. However, the solvent-borne coatings segment is expected to showcase the fastest CAGR of 5.2% throughout the forecast timeframe. Solvent-borne coatings are utilized in interior and exterior components of several industrial equipment from chemical manufacturing units.
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The architectural segment to continue its supremacy
In terms of application, the architectural segment grabbed the lion’s share in 2021, accounting for nearly three-fifths of the global paints and coatings market revenue and is expected to retain its dominant status throughout the forecast timeframe. Also, the same segment would portray the fastest CAGR of 5.0% by 2031. The growth is attributed to the rapid urbanization which has heightened the demand for both commercial as well as residential facilities where a broad range of paints and coatings are utilized for various purposes.
Asia-Pacific held the major share in 2021
The regional analysis in the report states that the Asia-Pacific region garnered the major share in 2021, contributing to nearly two-fifths of the global paints and coatings market revenue. Also, the same region would display the fastest CAGR of 5.2% from 2022 to 2031. The growth of the market is attributed to advancements in industries like industrial, transportation, building and construction, and others.
Leading Market players:
- RPM International Inc.
- Asian Paints
- Indigo Paints Ltd
- PPG Industries, Inc.
- Nippon Paint Holdings Co., Ltd
- The Sherwin-Williams Company
- Akzo Nobel N.V
- Kwality Paints and Coatings Pvt. Ltd.
- Kansai Paint Co., Ltd.
- Axalta Coating Systems, LLC
The report offers a thorough analysis of prominent players in the global paints and coatings market. These frontrunners have employed various strategies, including launching new products, making acquisitions, forming partnerships, obtaining product approvals, and expanding their operations, all with the goal of augmenting their market share and upholding dominant positions across diverse regions. The report is instrumental in spotlighting the business performance, operating segments, product portfolios, and strategic maneuvers of these market players, providing a comprehensive overview of the competitive landscape.
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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.
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