Paints and Coatings Market Trends, Future Opportunities, Current Challenges, Distribution Channel, Major Manufacturers and Business Scenario 2030

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Geographically, Asia-Pacific held the largest paints and coatings market share in 2020, and it is expected to maintain its position and witness the highest growth rate during the forecast period.

A number of factors such as growth in the construction industry, growing demand for paints and coatings in the oil and gas sector, rising consumer spending and growing need for automobiles are expected to propel the growth of paints and coatings market at a CAGR of 5.8% in 2020-2030. According to P&S Intelligence, the market generated $151,399.4 million in revenue in 2020, which is expected to reach $266,243.2 million by 2030. Additionally, the market is witnessing a trend of increasing adoption of coatings smart around the world.

One of the major factors driving the demand for paints and coatings is the growing need for automobiles. The demand for automobiles is increasing globally, due to rapid urbanization, increasing disposable income and changing lifestyles. Paints and coatings are widely used in automotive applications to give an attractive look because people tend to buy beautiful vehicles. For example, approximately 91.3 million automobiles were sold in 2019 globally, compared to 88.3 million units in 2014. This not only increases the demand for paints and coatings during automobile production, but also over their lifetime, including painting over scratches.

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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 resistant nature. Additionally, the need for acrylic coatings is increasing due to their increasing use on exterior and interior walls, door panels, and windows. While the category of polyester is expected to experience the fastest growth in the coming years, due to the growth of the automotive industry, the increase in the defense budget and the increase in the rate of urbanization and industrialization in developing countries.

Further, on the basis of technology segment, the paints and coatings market is categorized into solvent-based, water-based, high solids, ultraviolet (UV), and powder coatings. Among these, the water-based category accounted for the largest market share in 2020. This is attributed to the growing need for these coatings in automotive, printing ink, plastics and furniture applications, in due to their superior adhesion and cost effective nature. Additionally, water-based coatings dry quickly, contain no volatile organic compounds, and are easier to apply.

Geographically, the Asia-Pacific paints and coatings market accounted for the largest share in 2020, and it is also expected to register the highest CAGR during the forecast period. This can be attributed to the increasing consumption of these materials in several end-use industries. In addition, increasing public and private investment in the automotive and construction industries, increasing disposable income, population growth in the countries of the region, increasing spending on infrastructure development industrial and renovation and repair of commercial and residential buildings are expected to drive the region’s demand for paints and coatings.

Thus, the growing need for automobiles and growth in the construction industry is expected to propel the growth of the market over the forecast period.

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Paints and Coatings Market Size Breakdown by Segment

By technology

  • waterborne
  • Solvent based
  • High solids content
  • Powder coatings
  • Ultraviolet (UV)

By Formulation

  • Acrylic
  • Polyester
  • Polyurethane
  • Epoxy
  • Others (nylon, nitrocellulose lacquer and polycarbonate)

By app

  • Architectural Coatings
  • Industrial coatings
    • Automotive Original Equipment Manufacturer (OEM) Coatings
    • Wood finishes
    • Powder coatings
    • Coil coatings
    • Packaging finishes
    • General industrial finishes
    • Other transport coatings
  • Special coatings
    • Automotive refinish coatings
    • Protective coatings
    • Marine coatings

By region

  • North America paints and coatings market
    • By technology
    • By formula
    • On demand
    • By country – United States and Canada
      • US paints and coatings market
        • By technology
        • By formula
        • On demand
  • European paints and coatings market
    • By technology
    • By formula
    • On demand
    • By country – Germany, Russia, Italy, UK, Turkey, France, Spain, Poland and rest of Europe
      • German paints and coatings market
        • By technology
        • By formula
        • On demand
  • Asia-Pacific paints and coatings market
    • By technology
    • By formula
    • On demand
    • By country – China, India, Japan, South Korea and rest of APAC
      • Chinese paints and coatings market
        • By technology
        • By formula
        • On demand
      • Indian paints and coatings market
        • By technology
        • By formula
        • On demand
  • Latin America paints and coatings market
    • By technology
    • By formula
    • On demand
    • By country – Brazil, Mexico, Argentina, Colombia and rest of LATAM
      • Brazilian paints and coatings market
        • By technology
        • By formula
        • On demand
  • Middle East and Africa paints and coatings market
    • By technology
    • By formula
    • On demand
    • By Country – Saudi Arabia, United Arab Emirates, South Africa, Iran and Rest of MEA

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