coatings refer to materials with properties such as adhesion, wettability, and
corrosion resistance that are applied to a surface in order to protect it from
oxidization, corrosion, rusting, exposure, and erosion that can lead to surface
spoilage. These materials are used in a variety of industries that include
construction, automotive, real estate, and others. These can be decorative and
protective based on the application and the impact of external factors on the
surface. Paints &
Coatings report by xResearch provides market analysis of this industry
including market drivers, key players, industry structure and dynamics, business
strategies for success, and threats or opportunities.
The global paints & coatings market is anticipated
to reach USD 196.3 million by 2030, at a CAGR of 4.7% during the forecast
The major factors contributing to the growth of the
market include the high demand from end-use industries, the expanding
residential sector in the developing countries, surging product consumption in
several industries, rapid urbanization & industrialization, increasing spending
on aesthetical appearance for residential as well as and commercial purposes
across the globe, and the proliferating demand for powder coatings in
shipbuilding and pipeline industries.
Moreover, the increasing trade of iron and steel
worldwide, the rising demand for automobiles, and the burgeoning demand for
high-performance coatings also significantly aid in the expansion of the
Based on technology, the global paints & coatings
market is segmented into waterborne, solventborne, powder coatings, ultraviolet
(UV), and others. The waterborne segment is anticipated to lead the market over
the forecast period of 2022-2030.
Based on resin, the global paints & coatings market
is segmented into, acrylic, alkyd, epoxy, polyester, polyurethane, vinyl, fluoropolymer,
and others. The acrylic segment held the largest share of the market in 2021.
The segment is predicted to maintain its lead over the forecast period.
Based on end-use industry, the market is segmented into
architectural, industrial, and others. The architectural segment led the market
in 2021, followed by the industrial segment. The trend is expected to continue
over the forecast period.
The Asia Pacific
region is expected to showcase highest growth in
regional market for paints & coatings during
the forecast period.
The growing construction activities, surging demand
from the automotive sector in the developing countries, including China, India,
Japan, and Southeast Asia, increasing number of manufacturing facilities, the
fast-paced development of building and transportation projects, especially in
China, and the increasing shift in consumer preference from traditional
whitewash to enhanced quality paints are the key factors driving market growth
in this region.
In 2021, China was the largest market for paints &
coatings in the Asia Pacific region. The regional dominance is projected to
continue over the forecast period of 2022-2030.
Over the last
few years, various innovative manufacturing processes & technologies have
been introduced in the global paints & coatings market to cater to the
growing new & diverse consumer demands. Some of the key recent innovations
introduced into the market include low-VOC content coats, anticorrosive
protection, and nanocoatings. These products are highly resistant to scratch,
mar wear, and are capable of self-healing, conducting electricity, and
exhibiting UV protective.
players operating in the market are also emphasizing on developing eco-friendly
coatings, such as water- and powder-based, to reduce their ecological
footprints. Such advancements in technology and the introduction of new &
innovative products are predicted to bolster the growth of the market over the
adoption of smart coatings has been growing tremendously in commercial
applications across the globe. This is primarily because of the self-cleaning,
self-healing, and self-stratifying properties of smart coatings. These coatings
also have the ability to change their properties according to an external
stimulus, such as temperature and electric fields. The increasing adoption and
willingness among consumers to pay premium prices for them is anticipated to
add to the growth of the market in the upcoming years.