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(EstateNewsWire.com, April 30, 2024 ) 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" The Paints and Coatings market is projected to grow from USD 190.1 billion in 2022 to USD 223.6 billion by 2027, at a CAGR of 3.3%.
Browse in-depth TOC on "Paints & Coatings Market”
456 - Market Data Tables
62 - Figures
419 - Pages
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Based on Technology, powder coating segment is estimated to account for the largest market share of the Paints and Coatings market
A powder coating is a dry finishing process in which the finely grounded particles of pigments and resins are electrostatically charged and sprayed on to electrically grounded parts. The powder-based industrial coatings offer low VOC emission, providing superior performance and cost efficiency for applications that require maximum abrasion resistance and hardness. Powder coatings contain 100% of solid components (binders, pigments, and additives) in the form of finely atomized powder. They do not contain solvents. There are two types of powder coatings, thermoplastic and thermosetting. They can be used in a variety of commercial and industrial applications such as in mailboxes, bathroom fixtures, ornamental fencing, vacuum cleaners, aluminum extrusions microwave ovens, garbage disposals, kitchen appliances, fans, dishwashers, desk accessories, wheelchairs, gasoline pumps, vending/ice-making machines, and toolboxes.
Based on application, Architectural, segment is anticipated to dominate the market
Architectural paints & coatings, also known as decorative paints & coatings or building paints, are applied to the interior and exterior walls of all residential, commercial, industrial, and institutional buildings. Apart from their decorative features, architectural paints & coatings also possess some protective features. For instance, exterior architectural paints & coatings protect a building from extreme rain, sunlight, and wind. These are applied by building contractors or by direct customers. Architectural coatings also find use in decorative interiors such as furniture, wood flooring, wall paintings, and sculptures. An increase in environmental awareness among consumers and manufacturers has led to technological innovations in the coating industry to provide affordable quality products that possess value-added features and meet global trends. Similarly, growing safety standards will raise the demand for waterproof and fireproof coatings for buildings.
By platform, the residential segment of the Paints and Coatings market is projected to witness the highest CAGR during the forecast period.
Paints & coatings are widely used in the residential sector to reduce the shrinkage and cracks in concrete and to improve its aesthetic quality and workability. The primary factor determining a finishing coating's durability is crack resistance. Significant shrinkage deformations that take place both during operation and the hardening of finishing coats are the primary causes of cracks. Economic growth and higher incomes have resulted in the growth of construction activity/new houses and remodeling. Architectural paints and coatings for residential construction include new paint and repainting. Architectural paints and coatings are used in both interior and exterior applications in the residential sector. Repainting gives a new look to a construction's old or worn-out interior and exterior.
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The Asia Pacific market is projected to contribute the largest share for the paints and coatings market.
Asia Pacific is expected to lead the paints and coatings market in 2022. According to the IMF and World Economic Outlook, China and Japan were the world’s second- and third-largest economies, respectively, in 2022. The United Nations Population Fund states that Asia Pacific accounts for 60% of the world’s population, which is 4.7 billion people. The region includes the world’s most populous countries, China and India. This is projected to become an increasingly important driver of the global construction industry over the next two decades. The market will also be fueled by the rapidly rising household income and the fast-growing demand from smaller towns and rural areas because of increased customer awareness.
Paints & Coatings Market Key Players
The paints and coatings market is dominated by a few globally established players such as 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), Masco Corporation (US), among others, are the key manufacturers. Major focus was given to the contracts and new product development due to the changing requirements of commercial, and residential users across the world.
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