Paints & Coatings Market (Resin: Acrylic, Polyurethane, Polyester, Alkyds, Epoxy, and Others; and Technology: Water-based, Solvent-based, Hot Melt, Powder, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031
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The paints & coatings market has been projected to reach the valuation of US$ 369.85 Bn and extent at a CAGR of 5.2% in the foreseeable years from 2020 to 2030.
In recent years, there has been a noticeable increase in the trend to use environment-friendly and low-VOC technologies. These technologies include UV curable coatings, powder coatings, and water-based coatings. This rapid shift is owing to the application of stringent regulations on the emission of VOC across various regions, especially in Europe and North America. Rising awareness related to the emissions of VOC in the Asia Pacific region is also contributing to the revenue generation opportunities in the paints & coatings market in the near future.
Manufacturers serving in the market have been concentrating on the paints & coatings that are based on water. In addition to this, these coatings are also cost-effective alternatives to conventionally used paints & coatings that are based on solvents. Further, rising supply instability and feedstock prices are predicted to put a noticeable impact on the market growth. The rising use of water-based coatings as architectural coatings is also contributing to market growth. Technologies, for example, high solids and powder coatings have been gaining momentum owing to their low VOC content which further makes these environment-friendly. So, increasing the use of environment-friendly products are likely to serve as revenue generator in the paints & coatings market in the near future.
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Rising Government Investment in Public Infrastructure Likely to Augment Market Growth
The building and construction industry has been estimated to grow at a noticeable speed in the forthcoming years. This rapid growth is attributed to the rising population and urbanization. Changing lifestyles have been predicted to stimulate growth opportunities in the construction industry in the near future. Improvement in economic conditions and expenditure on housing have also been expected to increase around the world. Further, paints & coatings are used at an increased rate to decorate and protect the buildings and infrastructure. Exterior and interior house paint, stains, varnishes, sealers, primers, epoxy floor paint, and floor paint are some popular architectural enhancements that are used in order to improve home aesthetics. Architectural paints are scrub-resistant, odorless, and low-VOC. Along with these features, these are also available in numerous textures, starting from semi-gloss to high-gloss sheens. The sales avenues in the paints & coatings market are likely to grow with increasing construction activities along with government investment in numerous projects of public infrastructure. In the building industry, various advanced technologies are also adopted at an increased rate. These factors are further projected to increase expansion opportunities in the paints & coatings market in the following years.
Growing Adoption of Acrylic Resins across Water-based and Acrylic Resins Formulation Bolster Market Avenues
The paints & coatings market has been segmented into epoxy, alkyds, polyester, polyurethane, acrylic, and others on the basis of resin. Among these industry segments, the acrylic vertical is likely to hold a noticeable share in the global market in the upcoming years. This market segment is likely to the extent at a CAGR of 5.2% during the forecast period. Furthermore, acrylic resins are used at an increased rate in water-based and solvent-based formulations, thus increasing their applications in protective coatings, industrial coatings, and architectural coatings.
The polyurethane section has been anticipated to maintain its status quo and is likely to expand significantly. These coatings impart excellent weather resistance, color retention to surfaces, and gloss, and are durable. Thus, based on these features, these coatings are used at an increased rate in architectural coatings, marine coatings, wood finishes, and other high-performance applications. These are also used in different part formulations, for instance, one-, two-, or three. In addition to this, these coatings are compatible with the coating systems that are based on water.
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Global Paints & Coatings Market: Segmentation
Paints & Coatings Market, by Resin
- Acrylic
- Polyurethane
- Polyester
- Alkyds
- Epoxy
- Others
Paints & Coatings Market, by Technology
- Water-based
- Solvent-based
- Hot Melt
- Powder
- Others
Paints & Coatings Market, by Application
- Automation & Transportation
- Aerospace
- Building & Construction
- Healthcare & Electronics
- Packaging
- Others
Paints & Coatings Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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