As environmental awareness grows, so does the demand for sustainable solutions. Solvent-free coatings, with their reduced emissions and eco-friendly properties, have become a focal point in the paint and coatings industry
BOSTON, July 17, 2024 /PRNewswire/ — ‘According to the latest BCC Research study, the demand for ‘Global Markets and Advanced Technologies for Paints and Coatings‘ is expected to grow from $203.8 billion in 2024 and should reach $263.2 billion by 2029, at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029.’
The global paints and coatings market is segmented by technology, chemistry, and end-use, with a comprehensive analysis at both global and regional levels. The base year for this analysis is 2023, with market estimates and forecasts provided from 2024 through 2029 in terms of revenue (U.S. dollars, million). By technology, the market is divided into water-borne, solvent-borne, powder coatings, UV cure, and emerging technologies such as nano-coatings/smart coatings, vapor permeation technology, thermal barrier technology, and others. Chemically, the market includes acrylic, epoxy, polyurethane, alkyd, polyester, vinyl, and others like silicone, urea-formaldehyde, and phenolic resins. End-use segments consist of architectural and industrial coatings.
The following factors drive the global market for paints and coatings:
Automotive Industry Demand: The automotive sector drives the demand for paints and coatings due to the need for enhanced vehicle aesthetics, corrosion protection, and customization. High-quality coatings improve vehicle appearance, protect against rust, and allow for personalized finishes. They also improve performance by reducing drag and enhancing fuel efficiency, while reflective coatings increase safety by enhancing visibility at night. Stricter environmental regulations encourage the development of eco-friendly coatings, and the rise of electric vehicles (EVs) necessitates specialized coatings for battery protection and thermal management.
Architectural Coatings Demand: Architectural coatings are essential for buildings, homes, and infrastructure, driven by the construction boom, which increases the need for coatings. These coatings enhance aesthetics, protect surfaces, and extend their lifespan by providing weather resistance. They also contribute to energy efficiency through cool roof coatings and improve indoor air quality with low-VOC paints. The demand for sustainable coatings aligns with green building certifications, and coatings are vital for building renovations and maintenance, ensuring continued protection and appeal.
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Report Synopsis
|
Report Metrics |
Details |
|
Base year considered |
2023 |
|
Forecast Period considered |
2024-2029 |
|
Base year market size |
$194.0 Billion |
|
Market Size Forecast |
$263.2 Billion |
|
Growth rate |
CAGR of 5.2% from 2024 to 2029 |
|
Segment Covered |
By Technology, Chemistry, End-Use, and Region |
|
Regions covered |
North America, Europe, Asia-Pacific, and the Rest of the World (the Middle East and Africa and South America) |
|
Key Market Drivers |
• Increasing demand from the automotive industry • Increasing demand for architectural coatings |
Key Interesting Facts About the global market for paints and coatings:
Scratch Resistance: Nanoparticles reinforce coatings, making them more resistant to scratches and abrasions.
UV Protection: Nanocoating’s can block harmful UV rays, preserving the underlying material.
Self-Cleaning: Nanostructures create hydrophobic or superhydrophobic surfaces, allowing dirt and water to roll off easily.
The global market for paints and coatings report includes in-depth data and analysis addressing the following important queries:
- What is the projected market size and growth rate of the market?The global paints and coatings market is projected to grow from $194.0 billion in 2023 to $263.2 billion in 2029 at a compound annual growth rate (CAGR) of 5.2% during the forecast period.
- What are the key factors driving the growth of the market?The key factors driving the growth of the paints and coatings market include:• Increasing demand from the automotive industry.
• Increasing demand for architectural coating. - What segments are covered in the market?The paints and coatings market are segmented based on technology, chemistry, end-use, and region.
- By technology, which segment will dominate the market by the end of 2029?The water-borne coatings segment will dominate the market by the end of 2029 in terms of value.
- Which region has the highest market share in the market?Asia-Pacific holds the highest share of the market by value. A few of the main factors propelling the Asia-Pacific market are several domestic and foreign companies producing paints and coatings, technological advancements, and increasing construction and automotive industries’ growth across several countries in Asia-Pacific.
Some of the Key Market Players Are:
- Akzo Nobel N.V.
- Asian Paints
- Axalta
- BASF SE
- Nippon Paint Holdings Co. Ltd.
- PPG Industries Inc.
- The Sherwin Williams Co.
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