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The Paints and Coatings Market Size was valued at USD 186.74 billion in 2023, and is expected to reach USD 254.51 billion by 2032, and grow at a CAGR of 3.50% over the forecast period 2024-2032.
The two main purposes of paints and coatings are adornment and Protective Coatings. They are used to preserve existing structures, such as residential homes and flats, buildings, plants, and Industrial Coatings, as well as to adorn and protect new ones. Increased longevity of buildings and other structures is the goal of employing paints and coatings.
Increased urbanisation in developing nations like China and India has increased housing demand, which in turn has increased construction activity there and, eventually, increased need for paints and coatings for both protection and adornment. Additionally, elastomeric coatings' growing use in tilt-up concrete in the building and construction sector is anticipated to propel the expansion of the paints and coatings market. The market for paints and coatings is anticipated to develop as a result of the introduction of new technologies such as OEM paints and advancements in powder coating technology. Furthermore, strict government regulations requiring the use of VOC-free coatings are probably going to boost demand for the paints and coatings industry.
Drivers:
Environmental regulations are increasing demand for coatings free of VOCs.
Increasing Demand from the Automotive and Construction Sectors
New Technologies to Improve Coating Performance
Elastomeric Coatings on Tilt-Up Concrete are Becoming More and More Popular in the Building and Construction Sector
Technical advancements in the powder coating industry
Restraints:
More Drying Time Is Needed for Waterborne Coatings
Powder coating challenges in obtaining thin films
Opportunity:
Fluoropolymer Use in the Building and Construction Industry is Growing
Powder Coating Opportunities in the Shipbuilding and Pipeline Sectors
Powder Coatings are Being Used More Frequently in the Automotive Industry
Challenge:
Regulatory Policies that are Strict
Environmental Issues Associated with Wastewater Discharge
A recession as severe as the global economic crisis of 2008—or worse—will occur in 2020, according to new IMF (International Monetary Fund) updates. The world economy would see a cumulative output loss of USD 9 trillion between 2020 and 2021, according to the IMF. How the virus spreads in Europe, the US, and other key economies will still determine the scope of the economic harm.
Economists predict that the impact of the outbreak on economies around the world will cause a further shock to the Chinese economy in the form of decreased demand for its products globally. In light of erratic markets and increasing credit stress, the growth rate will decline significantly as the epidemic worsens. Although a tentative stabilisation has started, first reports from China indicate that the country's economy has been impacted more worse than anticipated. Increasing travel and transit limitations as well as a protracted lockdown will cause demand to collapse in Europe and the US. This demand collapse is anticipated to partially recover in the second quarter before a considerable recovery starts later in the year.
In addition to resuming asset purchases, drastically lower policy rates, and liquidity injections, central banks have swung into action. Although generally behind, fiscal authorities have started to relax their spending restrictions. It is anticipated that spending will increase and become more focused on the most impacted groups. Movement restrictions in Europe and the US have a significant negative impact on economic activity. India and Southeast Asian nations are also experiencing significant economic turmoil.
By Technology:
Waterborne
Solventborne
Powder Coatings
Others
By Resin:
Acrylic
Alkyd
Epoxy
Polyester
Polyurethane
Vinyl
Fluoropolymer
Others
By End-Use Industry:
Architectural
Industrial
Others
When the market trends for paints and coatings are driving, the APAC region is anticipated to emerge as the largest rising market. The rapid industrial and architectural development in the APAC region is the primary cause of this. The Asia-Pacific region has seen a significant advancement in automotive items, which was followed by a growth in the general industrial sector. The value of the paints and coatings market will probably increase as a result of the growth occurring around the world. Additionally, the governments of emerging nations in the Asia-Pacific area have launched a number of beneficial initiatives. This is anticipated to lead to an increase in residential construction activity, which is likely to promote market expansion. The paints and coatings products have undergone a significant amount of technological advancement, which is anticipated to present a wide range of attractive chances for the growth of the paints and coatings market.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Nippon Paint, RPM International, PPG Industries, Sherwin-Williams, AkzoNobel N.V., and other players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 186.74 Billion |
| Market Size by 2032 | US$ 254.51 Billion |
| CAGR | CAGR of 3.50% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Technology (Waterborne, Solventborne, Powder Coatings, Others) • By Resin (Acrylic, Alkyd, Epoxy, Polyester, Polyurethane, Vinyl, Fluoropolymer, Others) • By End-Use Industry (Architectural, Industrial, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Nippon Paint, RPM International, PPG Industries, Sherwin-Williams, AkzoNobel N.V., and other players. |
| DRIVERS | • Environmental regulations are increasing demand for coatings free of VOCs. • Increasing Demand from the Automotive and Construction Sectors • New Technologies to Improve Coating Performance |
| Restraints | • More Drying Time Is Needed for Waterborne Coatings • Powder coating challenges in obtaining thin films |
Ans: Primary or secondary type of research done by this reports.
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Nippon Paint, RPM International, PPG Industries, Sherwin-Williams, AkzoNobel N.V., and other players are the major key players of Paints & Coatings Market.
Ans: Environmental regulations are increasing demand for coatings free of VOCs, Increasing Demand from the Automotive and Construction Sectors and New Technologies to Improve Coating Performance.
Ans: The Paints and Coatings Size was valued at USD 186.74 billion in 2023, and is expected to reach USD 254.51 billion by 2032, and grow at a CAGR of 3.50% over the forecast period 2024-2032.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Paints & Coatings Market Segment, By Technology
8.1 Waterborne
8.2 Solventborne
8.3 Powder Coatings
8.4 Others
9.Paints & Coatings Market Segment, By Resin
9.1 Acrylic
9.2 Alkyd
9.3 Epoxy
9.4 Polyester
9.5 Polyurethane
9.6 Vinyl
9.7 Fluoropolymer
9.8 Others
10.Paints & Coatings Market Segment, By End-Use Industry
10.1 Architectural
10.2 Industrial
10.3 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profile
12.1 Nippon Paint (Japan)
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 RPM International (US)
12.3 PPG Industries (US)
12.4 Sherwin-Williams (US)
12.5 AkzoNobel N.V. (Netherlands)
13.Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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