Paints and Coatings Market Trends, Industry Growth, Global Report 2023-2028

How Big is The Paints and Coatings Industry?

IMARC Group, a leading market research company, has recently releases report titled “Paints and Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global paints and coatings market size reached US$ 168.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 231.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

What is paints and coatings?

Paints are liquid substances that form a thin film on surfaces, while coatings encompass varnishes, lacquers, and protective layers. They are essential components in various industries, playing a pivotal role in preserving and enhancing the appearance and durability of surfaces. These chemical formulations are designed to provide protection against corrosion, weathering, and wear and tear, making them indispensable in sectors, such as construction, automotive, aerospace and marine. The significance of paints and coatings lies not only in their aesthetic appeal but also in their ability to safeguard structures and assets, thereby extending their lifespan.

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What are the growth prospects and trends in the Paints and Coatings Industry:

The thriving construction industry resurgence due to rapid urbanization and infrastructure development represents one of the key factors supporting the growth of the market. With the growing number of buildings, bridges, and infrastructure projects worldwide, the demand for protective coatings to safeguard these structures from environmental stressors is increasing. Moreover, high-performance coatings that offer resistance to scratches, ultraviolet (UV) rays, and chemical exposure are becoming imperative in the automotive industry, where durability and aesthetics are paramount. In addition, the increasing awareness about the adverse environmental impact of traditional solvent-based coatings is leading to a shift towards water-based and eco-friendly alternatives. Key manufacturers are investing in research and development (R&D) activities to create coatings with reduced volatile organic compounds (VOCs) and lower environmental footprints. This shift aligns with global sustainability goals and regulatory initiatives, which is bolstering the growth of the market. Furthermore, nanotechnology is opening up new possibilities by allowing the development of coatings with enhanced properties, such as self-cleaning surfaces and improved adhesion. These innovations are driving adoption across various sectors where specialized coatings are required for unique applications. Apart from this, the increasing utilization of paints and coatings to enhance the appearance and protect wooden surfaces, such as furniture and decks, is strengthening the growth of the market.

Who are The Key Players Operating in The Industry?

Akzo Nobel N.V.
Asian Paints Ltd.
Axalta Coating Systems Ltd.
Berger Paints India Limited
Indigo Paints Limited
Jotun A/S
Kansai Paint Co. Ltd.
National Paints Factories Co. Ltd.
PPG Industries Inc.
RPM International Inc.
The Sherwin-Williams Company and Tiger Coatings GmbH & Co. KG.

The report has segmented the market on the basis of product, material and application.

Breakup by Product:

Waterborne Coatings
Solvent-borne Coatings
Powder Coatings
High Solids/Radiation Curing
Others

Breakup by Material:

Acrylic
Alkyd
Polyurethane
Epoxy
Polyester
Others

Breakup by Application:

Architectural and Decorative
Non-Architectural
- Automotive and Transportation
- Wood coating
- General Industrial
- Marine
- Protective
- Others

Breakup by Region:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Tags: Paints and Coatings Market