Paints and Coatings Market Revenue, SWOT, PEST Analysis, Growth Factors, 2023–2030

The paints and coatings market size is expected to reach USD 234.69 billion in 2030 and register a revenue CAGR of 2.9% over the forecast period, according to the latest report by Reports and Data. Increasing adoption of ceramic coatings for automotive is driving market revenue growth. Ceramic coatings have hydrophobic properties, which ensure substances to not stick to the exterior of any vehicle, such as, snow or bird droppings. In addition, high demand for high-performance paints and coatings is driving market revenue growth. Increasing demand for waterproofing and fireproofing in architectures, especially in regions with high temperatures is also driving growth of paints and coatings market.

Another factor driving market growth is development of nanocoatings. Nanocoatings are thin and transparent to the naked eye, which enhances its aesthetic appeal. These can be applied to a wide variety of substrates, namely, metals, plastics, ceramics, and polymers. The can also prevent the growth of harmful bacteria in medical setting and avoid fingerprint from forming on automotive surfaces. Nanocoatings emit significantly lower levels of Volatile Organic Compounds (VOCs), compared to traditional polymer coatings, thus driving demand for paints and coatings.

Paints and coatings are used in marine and aerospace industries. Heavy-duty paints are mainly preferred in these industries for more extended protection of equipment and devices. These high-performance coatings are adopted in tank exterior, offshore platforms, industrial piping, and containers due to high tolerance to extreme conditions. Different applications in the marine sector require new product formulations and aqua coats for application-specific products. Expansion of the transportation sector is expected to provide new growth opportunities for the paints and coatings market in the near future. However, strict regulatory policies regarding the usage of solvent-based paints and coatings and changing raw material prices are major challenges faced by the market.

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Some major companies included in the market report are AkzoNobel NV, PPG Industries, Inc., The Sherwin- Williams Company, RPM International, Inc., Nippon Paint Holding Co., Ltd., Tikkurila Oyj, Axalta Coating Systems, Asian Paints Ltd., Berger Paints India Ltd., and Jotun Group.

Some Key Highlights in the Report

• Epoxy segment is expected to grow at a rapid rate during the forecast period, owing to its applications in floor coatings. These coatings have low porosity, exceptional chemical resistance, anti-sagging, strong adhesion, and bond strength. It also has excellent properties of long-term resistance to corrosion and gloss retention and is a popular option for industrial-grade floors.
• Solvent-based coatings segment is expected to register significant growth rate during the forecast period. Aliphatic hydrocarbons, lacquer thinner, toluene, and xylene are some of the regularly used solvents in various industries. China is the leading consumer of solvent-borne paints due to increased usage in the automotive sector and industrial/commercial construction. Companies are moving consumption to green composition from traditional colors at a relatively higher cost.
• Architectural coating is a surface coating or paint which is applied on a structure or building exterior, and it may be in the form of decorative coating, roof coatings, wall paints, or deck finishes. Increasing renovation and refurbishment activities in residential, non-residential, and commercial architectures in developed countries such as the U.S., Canada, Germany, Japan, Turkey, and Australia is driving growth of the architectural and decorative segment.
• Rising disposable income and purchasing power in Asia Pacific are creating high demand for paints and coatings. However, existing economies such as Japan, Korea, Australia, and China are expected to be the significant contributors to paints and coatings market revenue growth in this region.

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For the purpose of this report, Reports and Data has segmented paints and coatings market based on resin type, technology, end-use, and region:

Resin Type Outlook (Revenue, USD Billion; 2019–2030)

• Acrylic
• Alkyd
• Epoxy
• Polyester
• Polyurethane
• Ceramic
• Others

Technology Outlook (Revenue, USD Billion; 2019–2030)

• Water-based Coatings
• Solvent-based Coatings
• Powder Coatings
• UV-based Coatings

End-use Outlook (Revenue, USD Billion; 2019–2030)

• Architectural
• Residential
• Industrial
• Others

Regional Outlook (Revenue, USD Billion; 2018–2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Sweden
  • BENELUX
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Rest of MEA

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Key questions covered in the global Paints and Coatings market report:

• What is the expected market size of the global Paints and Coatings market during the forecast period?
• What factors are expected to hamper global Paints and Coatings market growth over the forecast period?
• What key factors are expected to drive global revenue growth between 2021 and 2028?
• Which application segment is expected to dominate other application segments over the forecast period?
• Which region is expected to dominate in terms of revenue during the forecast period?
• What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
• Which leading players are operating in the global Paints and Coatings market?

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