Paints and Coatings Market worth USD 221.74 billion by 2028, registering a CAGR of 5.79% – Report by Market Research Future (MRFR)
New York, Oct. 11, 2021 (GLOBE NEWSWIRE) — Paints and Coatings Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Paints and Coatings Market Research Report: Information by Resin Type, Performance Range [Commodity Coating Range and High-Performance Coating Range, Application [Architectural and Industrial – Forecast till 2028” the market is projected to be worth USD 221.74 billion by 2028, registering a CAGR of 5.79% during the forecast period (2021 – 2028)., The market was valued at USD 151.47 billion in 2021.
Market Competitive Landscape:
List of the key companies in the paint and coatings market profiled are:
- Axalta Coating Systems Ltd. (U.S.)
- Solvay S.A. (Belgium)
- Shalimar Paints (India)
- Indigo Paints Pvt. Ltd (India)
- Diamond Vogel (U.S.)
- AkzoNobel N.V. (Netherlands)
- PPG Industries (U.S.)
- Jotun (Norway)
- Nippon Paint Holdings Co. Ltd (Japan)
- The Sherwin-Williams Company (U.S.)
- BASE SE (Germany)
- Asian Paints (India)
- RPM International INC (U.S.)
- KANSAI PAINT CO. LTD (Japan)
- Tiger Coatings GmbH & Co. Kg (Austria)
- Beckers Group (Maryland)
- Hempel A/S (Denmark)
- Kelly-Moore Paints (U.S.)
- Berger Paints India Limited (India)
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Market Scope:
Paints and coatings are an essential part of the construction sector. Due to their application, their demand has risen considerably over the past few years. There has been a huge growth in development in developing regions, increased disposable income, and rapid urbanization. Overall, the global paints and coatings market is expected to see higher demand from the architectural industry, which would help the industry grow.
Market USP Covered:
Market Drivers:
One of the primary factors driving the global paints and coatings market is the escalating demand for high-performance coatings. Because of its resilience to harsh temperatures, the coating is likely to be found in industrial piping, tank exteriors, offshore platforms, and containers for inoculation of more major instruments for protection.
Market Restraints
When compared to solvent-borne coatings, drying aqueous coatings takes longer. Furthermore, waterborne coatings are susceptible to freezing conditions, and some waterborne coatings cannot be used after freezing, which may limit market growth in the near future.
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COVID 19 Analysis
Products such as those introduced by Green Seal include a new paint and coatings certification standard that is completely compatible with the current version of the LEED green building rating system. The U.S. Green Building Council (USGBC) has classified products certified to Green Seal’s revised paint standard to meet the LEED v4 and v4.1 low-emitting materials credit standards.
Market Segmentation
The acrylic segment will lead the paints & coatings market by resin type in the upcoming period. The commodity coating segment will dominate the global market by resin type. The architectural segment to advance the global market by application type in the forecast period.
Regional Insights
Global paints and coatings market growth will continue to be fueled by the rapid increase of automobile manufacturing in Asia-Pacific and the expansion of the general industrial sector around the world. In addition, advantageous government programs established by emerging economies in Asia-Pacific are expected to enhance residential construction activities, which would help the market grow. Furthermore, the product’s technological advancement is likely to provide profitable market expansion chances. Because of the United States’ strong role, North America is anticipated to witness significant growth. Some of the chief factors that can boost the market throughout the evaluation period include the introduction of new technologies, expanding disposable income, and rising consolidation of used vehicles.
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Companies such as Fast & Fluid Management Asia, a paint tinting solutions provider, have formed a new distribution collaboration with Kurabo Techno System in Japan. This new relationship is in line with our overall objective of expanding our footprint in Asia and making our products more accessible. Its mission is to provide the finest service possible to the rapidly expanding paints and coatings business while also reaching out to new consumers.
Segmentation of Market covered in the research:
Paints and Coatings Market Research Report: Information by Resin Type [Acrylic, Alkyd, Epoxy, Polyurethane, Polyester, Fluoropolymer, Polyether Etherketone (PEEK), Polyether Ketone (PEK), Polyaryl Etherketone (PAEK) and others], Performance Range [Commodity Coating Range (Thermoplastic and Thermoset), Engineering Coating Range (Thermoplastic and Thermoset) and High-Performance Coating Range (Thermoplastic and Thermoset)], Application [Architectural (Residential and Non-Residential) and Industrial (Automotive, General Industrial, Wood, Marine, Packaging and Others)] – Forecast till 2028
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