Market Overview:

Paints and coatings are widely used in industries for protecting machines and equipment from rusting and corrosion whereas decorative paints & coatings are used mainly applied on interior and exterior walls of residential and corporate buildings. Rising population and disposable income have been fuelling the demand for consumer goods and automotive, which in turn is boosting industrialization.

Statistics:

The market for global paints and coatings is forecast to surpass US$ 220 billion by 2027 witnessing a CAGR of 5.4% between 2020 and 2027.


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Market Dynamics:

The global paints and coatings market has witnessed significant growth in recent past years, owing to the rising emergence and rampant adoption of new coating technologies such as waterborne coatings, high-solids coatings, two-component systems, powder coatings, and radiation-curable coatings. This is expected to foster the demand for paints and coatings in the next few years.

Major players in the global paints and coatings market are increasing their investment in innovative product launchings, research & development, and marketing & promotional activities to capitalize on emerging trends in various end-use industries such as transportation, automotive, furniture, packaging, metal manufacturing, and others. This scenario is expected to fuel the market during the forecast period.

Market Drivers:

The growing demand for paints and coatings from the automotive industry is projected to fuel the market growth. The increasing production of automobiles around the globe is creating demand for paints and coatings. Also, various manufacturer is introducing paints to cater to rising demand from the automotive industry. Paint and coatings are applied to the component of the automobiles to create rust and corrosion-resistant component.

Growth in the construction and building industry due to increasing investment by the government is expected to drive the market growth of paints &coating. Rapid urbanization and industrialization around the globe coupled with the increasing population is also raising demand for building and infrastructure. Paints and coatings are widely used on the building to provide resistant to harsh weather conditions and rust. Thus, growth in the construction and building industry is expected to augment the market growth.


Detailed Segmentation:

Global Paints and coatings Market, By Product Type:

High solids/radiation cure

Powder coating

Waterborne coatings

Solvent-borne coatings

Others

Global Paints and Coatings Market, By Application:

Automotive & Aviation

Medical & healthcare

Residential

Commercial

Others



Major players operating in the global paints and coatings market include Akzo Nobel N.V., Asian Paints, Axalta Coating Systems, BASF SE, Berger Paints India Limited, Deutsche Amphibolin-Werke Von Robert Murjahn Stiftung & Company, Diamond Vogel Paints, Helios Group, KCC Corporation, Masco Corporation, Nippon Paint, and PPG Industries Inc.



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