Paints & Coatings Market worth $223.6 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 27, 2023 /PRNewswire/ -- The report "Paints & Coatings Market by Resin Type (Acrylic, Alkyd, Epoxy, Polyurethane, Fluoropolymer, Vinyl, Polyester), Technology(Waterborne Coatings, Solvent-borne Coatings, Powder Coatings), End Use (Architectural, Industrial), & Region - Global Forecast to 2027", size is estimated at USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%, between 2022 and 2027. The rapid growth of the housing & construction sector, increasing gross domestic product (GDP), growing urbanization, and increasing disposable income drive the paints & coatings market. Technological advancements in end-use industries such as automotive, marine, aerospace, wood, and general industrial also support growth. The paints and coating market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. China and India, among other countries, are leading the paints and coatings market globally.

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456 – Tables 
62 – Figures 
401 – Pages

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Waterborne coatings segment is expected to account for the largest share in 2022.

Waterborne paint, specifically, waterborne epoxy coatings provide a high-gloss finish with excellent corrosion protection products for the marine and agricultural segments. Waterborne coatings are based on emulsifying the binders, pigments, and additives with water. Single-component emulsion coatings are used to form films through the coalescence of the polymer particles as the water evaporates. Waterborne coatings are used widely in various end-use industries such as automotive, furniture, rail coatings, electrical & electronics, energy, and general industrial.

Acrylic segment is expected to account for the largest share in 2022.

Acrylic is the most widely used resin due to its strength, stiffness, excellent solvent resistance, flexibility, impact resistance, and hardness. Paints & coatings contain polymeric materials for decorative and protective purposes. They improve surface properties, such as appearance, adhesion, and wetting, and provide resistance to corrosion and scratching. The coating process involves the application of paints & coatings to a substrate of one or more layers of functional materials, in the form of liquids, gases, or solids.

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Asia Pacific is expected to account for the largest share in 2022.

Paints and Coatings market industry has been studied in North America, Europe, Asia Pacific, Middle East & Africa and South America. Asia Pacific dominated the global paints & coatings market. This dominance is attributed to the presence of major end use industries in the region. The demand for paints & coatings is growing, especially in the Asia Pacific region. The market in the region is expected to witness a high growth rate in comparison to other regions. The demand is attributed to the new infrastructure & construction projects and the continuous maintenance of the existing industrial systems. The demand for paints and coatings has increased in other Asia Pacific countries, such as South Korea, Singapore, India, Indonesia, as residential construction activities in these countries have risen. Rising income levels, shift toward nuclear families, affordable interest rates, and modern attitudes toward home ownership in several countries are responsible for a rapid increase in residential construction activities. These factors are positively influencing the paints & coatings market growth.

Market Players :

The key players profiled in the Paints & Coatings Market report are The Sherwin-Williams Company (US), PPG Industries, Inc (US), AkzoNobel N.V. (The Netherlands), BASF Coating GMBH (Germany), Jotun A/s (Norway), Asian Paints Limited (India), Kansai Paint Co., Ltd (Japan), Nippon Paint Holding Co., Ltd (Japan), RPM International, Inc (US), Axalta Coating Systems LLC (US), and others.

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