Paints And Coatings Market size is set to grow by USD 38.25 bn from 2024-2028, growing real estate and construction industry to boost the market growth, Technavio

NEW YORK, May 14, 2024 /PRNewswire/ -- The global paints and coatings market  size is estimated to grow by USD 38.25 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 4.02%  during the forecast period. 

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Key Market Trends Fueling Growth

The paints and coatings market encompasses a wide range of products, including exterior and interior wall paints, wood finishes, enamels, marine coatings, architectural paints and coatings, and various types of resin-based coatings such as acrylic, alkyd, epoxy, polyurethane, polyester, and solvent borne or waterborne. Additionally, high-performance coatings like fluoropolymers, thermoplastic, thermosetting, corrosion protection, hardness, friction, high-tech, and ceramic coatings are utilized in industries like aircraft turbine engines, sustainability, commercial and residential construction, urbanization, low-cost housing, and general industries. UV coatings, a subset of this market, offer quick assembly-line benefits and high performance, with a focus on R&D for scratch and mar resistance. Key players like BASF SE contribute to this sector through the manufacturing of multi-functional polyol intermediates for UV-curable coatings. Despite a nominal market share, UV coatings are projected to increase in use due to the growing adoption by automotive OEMs. 

Market Challenges

• The paints and coatings market encompasses various industries, including high-tech coatings, aerospace, and automotive sectors. Volatile Organic Compounds (VOCs), found in solvent-borne coatings, are a concern due to their release causing air pollution and smog. Regulations, such as the US EPA's limits on vapor pressure and carbon atom content, and Europe's Solvent Emissions Directive (SED), set thresholds for VOCs in paints, coatings, adhesives, and sealants. Key product types include vegetable resin, acrylic, alkyd, epoxy, polyurethane, and polyester resins, used in architectural, industrial, marine, and automotive applications. Additionally, waterborne, powder, and UV coatings, as well as protective, packaging, oil industry, and pigmented coatings, are subject to VOC regulations for commercial and residential construction, urbanization, low-cost housing, commercial construction, healthcare facilities, electric car sales, and oil consumption.

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Segment Overview 

This paints and coatings market report extensively covers market segmentation by

1. Technology 
• 1.1 Water-based
• 1.2 Solvent-based
• 1.3 High-solid paints and others
2. Resin Type
• 2.1 Acrylic resins
• 2.2 Epoxy resins
• 2.3 Polyurethane resins
• 2.4 Alkyd resins
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Water-based-  The paints and coatings market encompasses a wide range of applications, from healthcare facilities to electric car sales, with significant impacts on oil consumption, environmental sustainability, and technological advancements. Pigments, binders, and additives are essential components, with polymerization playing a crucial role in the production process. Evaporation of solvents, such as alcohols and glycol ethers, is a key factor in the application and drying of exterior wall paints, interior wall paints, wood finishes, enamels, marine coatings, and high-tech coatings. Fluoropolymers, including Polyvinylidene difluoride (PVDF), and thermoplastic and thermosetting resins, such as acrylic resin, alkyd resin, epoxy resin, polyurethane (PU) resin, and polyester resin, offer various levels of protection, reflection absorption, and hardness. Solvent borne coatings, waterborne coatings, and powder coatings cater to diverse industries, including architectural paints and coatings, aircraft turbine engines, and high performance ceramics. The sustainability aspect is increasingly important, with vegetable resins and other eco-friendly alternatives gaining popularity. The market continues to evolve, driven by advancements in corrosion protection, friction, and high-tech coatings, as well as the reduction of volatile organic compounds. The future of the paints and coatings industry lies in innovation and the pursuit of sustainable, high-performance solutions.

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Research Analysis

The paints and coatings market encompasses a wide range of products used in various industries for diverse applications. High-performance ceramics find use in aircraft turbine engines for sustainability, while acrylic resin, alkyd resin, and epoxy resin are commonly used in architectural coatings, industrial wood coatings, marine coatings, automotive OEM coatings, automotive refinish coatings, and general industries coatings. Coil coatings and packaging coatings are essential in low-cost housing and commercial construction. Pigments, binders, and additives are integral components of these coatings. Evaporation rates influence the choice of exterior wall paints and interior wall paints. Wood finishes, enamels, and marine protection use fluoropolymers and polyvinylidene difluoride (PVDF), while thermoplastic and thermosetting resins are used in high-tech coatings. Vegetable resin, polyurethane (PU) resin, and polyester resin are other key raw materials in this market. Reflection absorption, corrosion protection, hardness, friction, and other properties are crucial factors in the selection of coatings.

The Paints and Coatings Market encompasses a wide range of products, including those with water-based and polyurethane formulations. These coatings are essential for various industries, such as automotive, construction, and consumer goods. The market is driven by factors like increasing urbanization, growing demand for eco-friendly coatings, and technological advancements. Architectural coatings, automotive coatings, industrial coatings, and special purpose coatings are the major segments. Key players in this market focus on research and development to create innovative, high-performance coatings that cater to diverse applications. The use of advanced technologies like nanoscience and biotechnology is transforming the industry, offering new opportunities for growth. The global paints and coatings market is projected to expand significantly in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology
• Water-based
• Solvent-based
• High-solid Paints And Others
• Resin Type
• Acrylic Resins
• Epoxy Resins
• Polyurethane Resins
• Alkyd Resins
• Others
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio